Corcel plc said its partner in the Mt. Weld rare earth element project has withdrawn from the earn-in agreement.
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Riversgold Ltd, which could have spent A$500,000 to earn a 50% stake, made its decision as part of “a much larger tenement rationalisation process.”
In December 2022, Corcel acquired the 171ha licence, situated near Laverton in Western Australia, which contains four discrete magnetic features, potentially representing carbonatite intrusive complexes.
The company retains 80% of P38/4489, with 20% held by Italian company Extraction Srl, of which Corcel executive chairman, Antoine Karam, owns 45%.
Corcel added it was assessing its options and next steps to develop the project further.
“We thank our partners at Riversgold for driving Mt. Weld forward over the past year, including management of the initial drilling campaign at the project,” said Mr Karam.
“While it is clear Riversgold’s significant project rationalisation effort moves them to focus on other avenues, primarily lithium, it leaves Corcel with ultimate control of the project’s next steps.”