WAR EAGLE MINING COMPANY INC. : http://www.wareaglemining.com/ : QwikReport
MAC Tantalum Property, NWT, Canada
MAC Project, NWT, Canada (minerals - tin (Sn), tantalum (Ta), lithium (Li))
War Eagle acquired a 100% interest in the MAC property subject to 2% net smelter royalty. The MAC property is located in the southwest Northwest Territories 40 kilometres northwest of the Cantung mine and consists of seven contiguous claims (4,473 hectares). These claims are located within the Selwyn Mountains and were staked between August 2000 and September 2001. The claims were staked to cover the Little Nahanni Pegmatite Group (LNPG), a rare type of geological formation referred to as an albite-spodumene pegmatite of the lithium-cesium-tantalum rare element pegmatite class. According to Cerný (1989a), this type of pegmatite is one of the world's most important sources of tantalum and an important source of tin, lithium, other rare metals and gemstones.
In 2007, the Company entered into an option agreement with Eagle Hill Exploration Corporation ("Eagle Hill") whereby Eagle Hill could earn up to a 70% interest in the MAC property. In 2009, the Company and Eagle Hill entered into a mutual release agreement terminating Eagle Hill's option to acquire the Mac Property.
In August 2009, the Company entered into an agreement with VM Exploration Ltd. to grant VM Exploration the option to earn up to an 80% interest in the MAC property in consideration of incurring expenditures of up to a total of $2,000,000. The Company will maintain a carried interest on the MAC property until a bankable feasibility study is complete.