Cavan’s Buckingham property is 1.7km north of Walker graphite mine and has 24 claims attached to the northern boundary of Caribou’s project.
Samples on Cavan’s claims have yielded as high as 86.5% Cg with flakes over 5mm in diameter.
Caribou King Resources president Mike England said: "This LOI is a first step for Caribou in our goal to consolidate land in this very rich graphite region."
The definitive agreement terms will be subject to pending assay results from a mini bulk sample, which will be collected in the coming week.
Covering 480 hectares, the Buckingham property is currently comprised of eight claim blocks in southwestern Quebec.
