Pinnacle project has seen over $2 million in partner-funded exploration.

Assay results include a 2.3-kg outcrop sample grading 51.1 g/t gold and 165 g/t silver.

The latest study suggests a 23-year open pit operation, with a staged development for the British Columbia asset.

EPI, which measures the relative change in precious and base metals prices, weighted by the percentage of overall exploration spending for each metal as a proxy of its relative importance to the industry, was at 135.9, weighting to gold and the positive gold price performance in the quarter, S&P reports.

The option agreement would nearly double the company's tenement footprint in the Iron Quadrangle region.

Located in northern Quebec, Ashram is one of the largest rare earth deposits in the world with a fluorspar component.