https://www.miningweekly.com

Zenith sells US rare earth project

6th August 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed American Rare Earths has struck a share purchase agreement with fellow listed Zenith Minerals over its Laramie rare earths project, in Wyoming.

Under the terms of the agreement, American Rare Earths will acquire Zenith’s 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 told shareholders 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.

“The acquisition of the Laramie rare earths project continues the company’s strategic focus on American rare earths,” said chairperson Creagh O’Connor.

“Wyoming is home to several major mining operations. The project area has excellent road and rail infrastructure. Wyoming is historically known to host rare earths. The project area shows some similarities and should complement our La Paz rare earths project,” said O’Connor.

He said that the company’s immediate focus would be on further mapping, surface sampling and geophysical surveying to establish the overall extent of the mineralised zones and target highest grade areas for drill testing, along with further mineralogical and beneficiation studies.

Zenith, for its part, told shareholders that the divestment of Laramie would allow the company to focus on its core gold and copper projects in Queensland and Western Australia.

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION