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 Meryllion Enters into Option and Earn-In Agreement with Tasmanian Strategic Green Metals | Meryllion Resources Corporation