Rare Earth Minerals has applied for a strategic 38 sq km mineral exploration licence to explore for an area in Greenland around 500m from the Kvanefjeld rare earth element, uranium and zinc deposit.
The company will be searching for rare earth minerals in the region and the company says it sees the acquisition opportunity as a strategic move to potentially own exclusive mineral exploration rights on the acreage immediately to the west of the Kvanefjeld Deposit.
The site abuts the licence area covering the Kvanefield deposit, which is owned by Greenland Minerals and Energy. Kvanefjeld (plus two other of Freenland Minerals' associated deposits in the Ilimaussaq Complex) have JORC compliant inferred and indicated resources that total 956m tonnes at 1.08% total rare earth oxides. The project is currently undergoing a feasibility study for the Kvanefjeld deposit.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
David Lenigas, REM's Executive Chairman said: "This is a very strategic block in Greenland as it immediately abuts the world class Kvanefjeld rare earth/uranium/zinc deposit. We have been active in Greenland for some time securing acreage around the Greenland Minerals rare earth oxides deposits."
"We see this whole regional play as becoming more valuable as Greenland Minerals and Energy gets closer to completing their feasibility study."
The share price rose 11.76% to 0.095p by 09:24.
NR
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
-
Why undersea cables are under threat – and how to protect themUndersea cables power the internet and are vital to modern economies. They are now vulnerable
