Corcel plc has signed an exclusive 45-day option to acquire 100% of the rare earth element (REE) project within P38/4489, or Mt Weld, near Laverton in Western Australia.
FEATURES
The granted mineral tenement lies 1.4km (0.9 miles) west-north-west of Lynas Rare Earths Ltd’s Mt Weld mine.
The project covers 171 hectares and the mine access road to Lynas’s Mt Weld mine.
Corcel said that the tenement was predominantly covered by recent transported sediments obscuring the underlying geology.
“Four discrete undrilled magnetic features, potentially representing carbonatite intrusive complexes have been interpreted from open file high resolution magnetic surveys and warrant further investigation.”
Corcel will pay the vendors a non-refundable option payment of £15,000 and has started due diligence work.
On acquisition, the company will issue to the vendors, Peter Romeo Gianni, Geonomics Australia Pty Ltd and David Anthony Lenigas, 50,000,000 new ordinary shares at a deemed issue price of 0.4p, equating to a total £200,000.
POTENTIAL DRILL
Corcel chief executive Scott Kaintz added that the four undercover targets were “amenable to immediate drilling”.
“The tenement is fully granted, and existing access is excellent, which bodes well for a quick option assessment and potential drill programme.
“Immediate plans are to complete our due diligence during the exclusive option period, which will include reprocessing the existing geophysics to refine priority targets.
“Should these targets prove to be carbonatites, similar to Lynas’s Mt Weld, we believe we will have a very exciting new project for Corcel’s exploration portfolio.”