Many Peaks Gold (ASX:MPG) has announced its entered into a binding agreement to secure an exclusive right to acquire a 100% interest in the Odyssey Rare Earth Element project in central Labrador, Canada.

Many Peaks Gold says Odyssey is host to extensive, untested high-grade REE occurrences with up to 9.3% total rare earth oxide (TREO) assay results at surface, highlighting drill-ready targets defined.

The company also says the results provide an exciting opportunity to gain exposure to the burgeoning critical minerals sector.

Many Peaks Gold says it has a strong cash balance of over $4M to aggressively work towards advancing key critical mineral projects complimentary to existing copper-gold assets in QLD.