Perpetual Resources Acquires Rare Earth Option In Minas Gerais, Brazil

Perpetual Resources Ltd (ASX: PEC) shares have surged after signing a deal to acquire a low-cost option over the Raptor Project in Minas Gerais, Brazil.

The option includes rare earth element (REE), niobium and scandium mineral rights within a strategic tenement package in the prolific Tier 1 Caldeira Rare Earth complex.

The Raptor Project covers an area of 380 hectares near Meteoric Resources’ (ASX:MEI) Tier 1 Caldeira ionic clay REE project.

Caldeira boasts a resource of 545 million tonnes at 2,561ppm TREO comprising 24.1% MREO.

Nearology play

Perpetual Executive Chairman Julian Babarczy said: “This agreement represents a highly strategic move for Perpetual, securing for us, at an extremely low cost, the mineral rights to such a prospective tenement package in an area which is highly sought after for rare earth exploration.

“The success of the nearby Meteoric Resources ionic clay REE project demonstrates the geological prospectivity of the mineral rights and we look forward to commencing due diligence immediately.”

Next steps

The Raptor Project’s optioned region hosts various minerals, including rare earth elements.

Perpetual will start due diligence immediately, with plans to undertake sampling and drilling activities after an initial reconnaissance program in May.

The company intends to undertake an aggressive exploration campaign should the option exercise be completed.

 

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