Nexcel Earns Initial 29.58% Interest in the Burnt Hill Tungsten Project

Core Insights - Nexcel Metals Corp. has earned an initial 29.58% interest in the Burnt Hill Tungsten Project located in New Brunswick, Canada, as part of an option agreement with Cadillac Ventures Inc. and a minority owner [1][3]. Financial Details - The initial 29.58% Property Interest was acquired through a payment of $170,000 in cash and the issuance of $330,000 in common shares, totaling 355,775 shares at a deemed price of $0.78 per share [2]. - The company can earn an additional 28.42% interest, bringing the total to 58%, by paying $250,000 in cash and issuing $600,000 in common shares [3]. Project Overview - The Burnt Hill Project covers approximately 1540 hectares and includes a historical mineral resource estimate (MRE) of 1,761,000 tonnes with an average grade of 0.292% WO3, 0.007% MoS2, and 0.008% SnO2 [6][7]. - The project also has an inferred resource of 1,520,000 tonnes averaging 0.263% WO3, 0.008% MoS2, and 0.005% SnO2 [7]. Strategic Importance - Tungsten is recognized as a critical mineral due to its unique properties and increasing demand in high-tech and defense applications, making projects like Burnt Hill strategically important for securing domestic sources [14][16].