Rome Resources Expands Critical Minerals Strategy with New Exploration Projects in Canada

Rome Resources Signs Option to Acquire Tin and Tungsten Exploration Licences in New Brunswick

London-listed Rome Resources, which holds exploration assets in the Democratic Republic of Congo (DRC), has signed an option agreement to acquire working interests in early-stage mineral exploration licences in New Brunswick.

The licences are located near the historic Mount Pleasant Mine area and include the Three Lakes and Schoullar Mountain projects.

Together, the properties cover more than 109 km² of exploration ground east of Mount Pleasant, a former tungsten, molybdenum, tin, and indium mining project in southwestern New Brunswick near the United States border.

The exploration acreage lies approximately 40 kilometres from the deepwater Port of Saint John, offering logistical advantages for potential future development.

Two Key Exploration Areas

The licences are divided into two main areas:

Area 1 – Three Lakes
This area covers 75.3 km² of mining claims along the greisenised crest of the Mount Douglas Granite formation.

Numerous mineral occurrences have previously been identified here, particularly involving tin, tungsten, and indium.

According to Rome Resources, surface sampling has recorded tin grades of up to 1.4%, indicating promising exploration potential.

Area 2 – Schoullar Mountaint
This area consists of 33.8 km² of claims situated directly east of the Mount Pleasant mine. The licences lie along the southern margin of a volcanic caldera and granite complex known to host deposits containing tin, molybdenum, tungsten, and indium.

Despite its favourable geological setting, this zone has seen relatively limited exploration activity to date.

Planned Exploration Programme

Rome Resources plans to carry out additional exploration work across both projects. The programme will include:

• Surface geological sampling
• Geophysical surveys
• Core drilling to test mineralised structures

Within the Three Lakes project area are the Spruce Lake tin–tungsten–indium prospect and the Smith Lake tin prospect, both associated with the late-stage evolution of the Mount Douglas Granite.

The company says mineralization is linked to three major crustal-scale terrane boundary faults, which may have acted as long-term pathways for mineral-bearing fluids.

Geological studies have already identified several new greisen vein clusters within a core zone measuring approximately 3.5 km by 4.6 km.

The overall mineralised structure could extend for as much as 15 km along a southwest–northeast strike within the licence area.

Meanwhile, the Schoullar Mountain project lies directly along geological strike from the Mount Pleasant mine and may host similar mineral systems.

The site is considered particularly underexplored despite its location within a proven critical minerals district that includes rare elements such as indium.

Strategic Expansion into Canada

The investment comes as New Brunswick recently launched a new Critical Minerals Strategy aimed at accelerating resource development.

The initiative was announced earlier in March by Tim Hodgson, Canada’s Minister of Energy and Natural Resources, who said the plan is designed to “get shovels in the ground, bring new minerals to market, and create economic opportunities in the province.”

Rome Resources’ board considers the option agreement a low-cost entry point into a highly prospective critical minerals region, particularly for metals such as tin and tungsten, which are increasingly important for advanced technologies and the energy transition.

Terms of the Option Agreement

Under the agreement, Rome Resources will pay a total payment of C$300,000 over four years. This includes:

• C$250,000 in new ordinary shares of the company
• C$50,000 in cash

The company may choose to complete the payments earlier at its discretion.

During the option period, Rome will operate the licences and manage exploration activities. If the option is fully exercised, the company will obtain 100% ownership of the exploration licences and 97% of the net smelter return (NSR) from future mineral production. The original project vendors will retain a 3% NSR royalty.

Rome will also have the right of first refusal to purchase 50% of the vendors’ retained royalty for $1.5 million or an equivalent value in cash or shares.

Complementing the Company’s DRC Strategy

Rome Resources says the Canadian exploration initiative supports its broader strategy of building a diversified portfolio of critical minerals projects while maintaining its core focus on Africa.

The company’s flagship asset remains the Bisie North Project, where Rome is advancing tin and copper exploration.

According to the company, the Canadian programme has been structured to ensure that it does not divert resources from ongoing work in the DRC.

CEO Perspective

Paul Barrett, CEO of Rome Resources, said the move provides the company with low-cost access to a highly prospective critical minerals region in a stable mining jurisdiction.

He explained that the Three Lakes prospect shares geological similarities with the company’s Bisie North tin project in the DRC, but also offers additional potential for tungsten, bismuth, and indium mineralisation.

“Importantly, this opportunity complements Bisie North not only in the commodities it offers but also in timing,” Barrett said.

He added that exploration planning in Canada can proceed while the company awaits assay results from Bisie North, which will contribute to an updated mineral resource estimate for the Kalayi deposit.

“This approach allows us to maintain focus on our core project in the DRC while positioning Rome for long-term growth through diversification,” he said.

Rome Resources indicated that a detailed technical review of the newly acquired projects will be released in the near future.