Zenith Minerals sells Laramie rare earths project to American Rare Earths
2020-08-07 11:45:22 [Print]
American Rare Earths has struck a share purchase agreement with Zenith Minerals over its Laramie rare earths project, in Wyoming.
Under the terms of the agreement, American Rare Earths will acquire Zenith Minerals' wholly owned subsidiary Wyoming Rare for 2.5-million of its own shares, along with A$50,000 in cash, subject to the satisfaction of a number of conditions, including the conversion of exploration permits to mineral leases, which is expected in November.
The purchase will include all data, including samples and maps associated with the Laramie project, and exploration permits, which are precursors to mineral leases.
American Rare Earths noted that the acquisition provides the company with the opportunity to define a very large-scale exploration target, once initial follow-up work has been completed.
American Rare Earths' immediate focus would be on further mapping, surface sampling and geophysical surveying to establish the overall extent of the mineralized zones and target highest grade areas for drill testing, along with further mineralogical and beneficiation studies.
Under the terms of the agreement, American Rare Earths will acquire Zenith Minerals' wholly owned subsidiary Wyoming Rare for 2.5-million of its own shares, along with A$50,000 in cash, subject to the satisfaction of a number of conditions, including the conversion of exploration permits to mineral leases, which is expected in November.
The purchase will include all data, including samples and maps associated with the Laramie project, and exploration permits, which are precursors to mineral leases.
American Rare Earths noted that the acquisition provides the company with the opportunity to define a very large-scale exploration target, once initial follow-up work has been completed.
American Rare Earths' immediate focus would be on further mapping, surface sampling and geophysical surveying to establish the overall extent of the mineralized zones and target highest grade areas for drill testing, along with further mineralogical and beneficiation studies.
