Reward Minerals has expanded its international footprint, signing a binding letter of intent to acquire 100 per cent of the Mountain Pond gold project in Newfoundland, Canada.
The move marks a significant diversification for the company, securing an underexplored but highly prospective eight square kilometre landholding in a region known for its rich mining heritage. The project is located approximately 112 kilometres from Reward’s existing Copper Lance project and just seven kilometres from the regional service hub of Springdale.
The centrepiece of the acquisition is the Jackpot Prospect, featuring an outcropping quartz vein and a carbonate-chlorite shear zone. Despite its visible high-grade potential, the prospect has never been drill-tested, presenting a walk-up target for the Reward technical team.
The area boasts a compelling exploration history. Previous surveys conducted by Inco Exploration in the late 1980s returned staggering results, including a till sample containing 74 delicate gold grains and an assay of 114 grams per tonne of gold.
Reward aims to succeed where historic explorers left off by using modern geophysics to pinpoint the source of these anomalies.
Reward CEO Lorry Hughes said the acquisition boosts the company’s pipeline of drill targets.
“This acquisition strengthens our pipeline of quality drill targets for testing this year, and we believe the Mountain Pond Project has the potential to host a new high‑grade gold discovery.
“It is remarkable that the project has not previously been drill tested for gold or base metals, despite the presence of high‑grade outcrop samples and anomalous soil and till results.”
Under the terms of the binding LOI with vendor Christopher Pilgrim, Reward has already paid an initial C$20,000 cash deposit. The staged acquisition includes total cash payments of CA$125,000 over two years, the issuance of 850,000 fully paid ordinary shares in Reward Minerals and a 1 per cent Net Smelter Return (NSR) royalty retained by the vendor, which Reward holds the right to buy back for C$1 million.
Reward Minerals is wasting no time, with plans to compile geophysical data and commence confirmation sampling at Jackpot over the next two quarters.
The company is currently generating a priority target list with the goal of commencing drilling later in 2026.