Canada-based junior mining exploration company Torch River Resources has signed a binding agreement to acquire the past producing Walker lump graphite mine in Quebec.
The latest deal follows an arm’s length agreement signed by the company in May 2013, and is subject to the approval of the TSX Venture Exchange.
The proposed acquisition is in line with Torch’s strategy to acquire a series of lump graphite properties with aim to transform into a 100% pure play lump graphite mining firm.
Walker lump graphite mine, which operated from 1890 through to 1920, is located in the Central Metasedimentary Belt of the Grenville geological province in Quebec, between Montreal and Ottawa.
About 816 tons of lump graphite was extracted from the mine between 1876 and 1920.