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.
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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.
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