08:46 AM EDT, 04/05/2024 (MT Newswires) -- Voyageur Mineral Explorers Corp. ( CPEFF ) said Friday that it granted African Energy Metals Inc. ( NDENF ) an option to acquire the Mink Narrows project in Manitoba.

Under the terms, African Energy would pay $55,000 over five years, including $10,000 upon TSX Venture Exchange approval of the Option, and issue the greater of 1,800,000 shares of AEM or $300,000 worth of shares in AEM over four years.

African Energy must also complete exploration expenditures totaling $1 million, including $300,000 in year one. Voyageur will receive a 2% net smelter royalty upon the exercise of the option.

Prior to the agreement, Voyageur said it terminated its previous deal with Laser Gold Resources Inc. over Mink Narrows.

"We are pleased to enter into this option for the Mink Narrows project with African Energy Metals ( NDENF )," Voyageur President and CEO Fraser Laschinger said.

"We wish them success and look forward to following the advancement of the project, which is highly prospective for a number of critical minerals," Laschinger added.