Highlights:
NeoRe holds 4 granted tenements and is the applicant pursuant to tenement applications that are considered to be highly prospective for IAC REEs, collectively covering a surface area of ~22,800ha and which comprise the La Marigen Project. Further details are provided in the Tenement Schedule in Appendix 5.
In parallel with the Acquisition, experienced Rare Earth industry executive Dr John Mair will join the Board of Pearl Gull and will provide guidance and oversight to the exploration activities in relation to the La Marigen Project.
The NeoRe in-country exploration team is highly credentialed and has extensive knowledge and experience operating in the region. They have a robust track record of delineating and developing REE resources and following this transaction will be well positioned to progress the La Marigen Project.
The Acquisition and proposed farm-in to the La Marigen Project would further strengthen the asset portfolio of Pearl Gull with the Company seeking to leverage its network in the resources industry to provide new opportunities for its shareholders while still seeking to realise value from the Cockatoo Island Project, located on Cockatoo Island, situated off the Northwest coast of Western Australia.
Chairman Russell Clark commented:
“The farm-in to the La Marigen Project provides the Company with an opportunity to potentially acquire an interest in an emerging ionic adsorption clay rare earth elements region, known to host high grades. Importantly the project area is located in close proximity to Concepción, which is a major industrial city on the coast of Chile.
The limited surface sampling programme within the project area returned results commensurate with reported occurrences of IAC REE deposits in the region. Additionally, our partners at NeoRe conducted (un-certified) bulk sample testing (200kg sample) at the University of Concepción, which returned preliminary results suggesting that the project areas are reasonably likely to host disorbable IAC REE.
This demonstrates the potential that the region is prospective to host IAC REE and provides the Company with an exciting opportunity within an emerging region.”
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