Reward Minerals (ASX:RWD) has bolstered its Canadian portfolio by executing a binding letter of intent to acquire a strategic mineral licence adjoining the Mountain Pond Gold Project in Newfoundland.
The acquisition marks a pivotal moment for the company, consolidating ground on both sides of the highly prospective Sullivan Pond Fault for the first time in fifteen years.
By unifying this tenure, Reward secures the potential strike and dip extensions of the high-grade Jackpot prospect, an area where historic rock-chip sampling has yielded assays of up to 23.77 g/t Au and 7.48% Cu from outcropping quartz-sulphide veins.
The technical merits of the expansion are supported by historic soil sampling that identified strong multi-element anomalies—including gold, copper, zinc, arsenic, and cobalt—within a demagnetised zone along the fault line.
Despite these promising indicators and the presence of a hydrothermal alteration zone, the combined area has not undergone systematic exploration since 2010 and, remarkably, has never been drill tested.
Reward CEO Lorry Hughes emphasised that the acquisition provides an "exceptional discovery opportunity" by clearing the path for the first-ever modern drilling campaign on the consolidated ground.
The exploration initiative is scheduled to commence during the 2026 field season.