Tasmania Rare Earth

Tasmania REE Projects

The projects are hosted in highly sought rare earth-rich ionic adsorption clay-hosted deposits comprising Jurassic dolerites and basalts and provide significant upside potential for economic rare earth magnet metals.

Globally, most rare earths are sourced from hard-rock mines. These typically require large, costly processing plants and a significant lead time to reach production. A less common source of rare earths is ionic adsorption clay (IAC) deposits. Historically, these have only been mined in southern China. A major advantage of IAC deposits is that the rare earths can be extracted from the clay via a simple leaching process. Secondly, they often exist at shallow depth. These advantages enable a project to be developed rapidly and at lower cost. Furthermore, IAC deposits are relatively richer in the rare earths needed for permanent magnets, and they typically contain low concentrations of radioactive elements such as uranium and thorium.

For details on transaction please refer to news release dated July 20, 2023 Meryllion Enters into Option and Earn-In Agreement with Tasmanian Strategic Green Metals | Meryllion Resources Corporation

Westbury + TSGM hold 852km²  of highly prospective ionic adsorption clay hosted rare earth project areas.

DEAL STRUCTURE

• DD completed and option exercised January 24, 2023

• Earning 50% by;

  • i) spending AUD $300,000 (CAD $267,480) on exploration w/n 180 days of exercise

  • ii) Commit to spend further AUD $200,000 (CAD $178,320) w/n further 90 days

  • iii) Paying W/T seed investors AUD $100,000 (CAD $89,160)

  • iv) Allotting W/T seed investors $100,000 (CAD $89,160) in shares

• Earning on a staged basis additional 30% by;

  • i) Spending AUD $1,200,000 (CAD $1,044,000)

  • ii) Paying W/T  AUD $600,000 (CAD $522,000) cash

  • iii) Allot W/T  AUD $480,000 (CAD $348,000) in shares

• Right to acquire remaining 20% (100% in total) at Decision To Mine (DTM) stage at independent valuation