Corcel plc has exercised its option to acquire 100% ownership of the Mt Weld rare earth elements project within licence P38/4489 near Laverton in Western Australia.
LICENCE
The project, covering 171 hectares, lies 1.4 km (0.9 miles) with the granted mineral tenement straddling the mine access road to Lynas Rare Earths Ltd’s Mt. Weld mine.
Corcel plans to work with its new technical partners on a high-impact drill campaign in early 2023.
Chief executive Scott Kaintz said that the acquisition signalled the expansion of Corcel’s primary battery metals exposure.
The purchase also follows the company’s agreement to restructure its nickel-cobalt interests in Papua New Guinea.
TERMS
Corcel will issue the vendors 50 million new ordinary shares at £0.004, equating to a total consideration of £200,000.