Voyageur Pharmaceuticals Ltd. (TSX-V: VM) announced the submission of a Multi-Year Area-Based Notice of Work application to the British Columbia Ministry of Mining and Critical Minerals for its Frances Creek barite project. The application, covering a 76.8-hectare area within mineral claims 571267, 1054177, and 1031568, seeks authorization for a five-year advanced exploration program that includes trenching, access trail development, processing area construction, and a mine rock storage facility.
The proposed Year 1 program involves extracting 2,000 tonnes of high-grade barite ore (specific gravity 4.5) hosted in dolomite, with 1,000 tonnes from the A Zone and 1,000 tonnes from the B Zone. This extraction falls within the annual limit of 1,000 tonnes per cell under the Mineral Tenure Act regulations. The barite will be processed on site using dry densimetric technology to produce an initial concentrate, which will be shipped to Voyageur's future facility for USP barium upgrading.
The MYAB framework allows for further exploration sampling in subsequent years, up to 1,000 tonnes per cell per year, subject to regulatory conditions. The application also includes a geotechnical drilling program designed to provide rock mechanics and slope stability data needed to finalize quarry pit wall designs and waste rock storage configurations. This data is the primary remaining requirement to complete an NI 43-101 Final Feasibility Study, building on the company's 2022 Preliminary Economic Assessment and the Pre-Feasibility Study currently in progress.
Brent Willis, CEO of Voyageur Pharmaceuticals, stated: "This Notice of Work submission is a significant de-risking milestone. The Year 1 test extraction will generate the material required to advance process development and validation at our pilot plant in support of a future full-scale pharmaceutical API facility. The accompanying geotechnical program will enable us to progress the project to Final Feasibility Study level."
The project hosts an indicated and inferred mineral resource of 132,000 tonnes of pharmaceutical-grade barium sulfate, with recent testing confirming an average grade of 98.8% BaSO4, exceeding the 97.5% pharmaceutical grade threshold (see news release dated March 3, 2026). The 2022 PEA outlined an initial 10-year project horizon with total capital of $36 million, a 24-month equipment delivery and installation period, an 11-month payback period after start of production, and average operating gross margins of ~75%.
Voyageur's strategy focuses on vertically integrating the barium and iodine contrast markets, aiming to become a secure North American supplier of pharmaceutical barium contrast products. The company owns a 100% interest in the Frances Creek barite project and has developed five barium contrast products with Health Canada licenses. By controlling all primary input costs from raw material sourcing to final production, Voyageur intends to ensure quality and cost efficiency in the radiology contrast media drug market.
All proposed activities will be conducted in accordance with the Mines Act, the Health, Safety and Reclamation Code for Mines in British Columbia, and applicable provisions of the Mineral Tenure Act regulations. The program is designed to be low-impact, with progressive reclamation planned upon completion of exploration activities.
