Locksley Resources Limited (ASX:LKY) has entered into an agreement to acquire 100% of a highly prospective rare-earth elements (REE) exploration project located right beside the largest REE mine in the USA.
The company has been presented with the opportunity to acquire (subject to satisfaction of certain conditions precedent) 100% of the issued capital of Enigma Strategic Minerals Holdings Pty Ltd (ESM) which, through its wholly owned subsidiaries, owns 201 mineral claims making up the North Block and South Block of the Mojave Project located in the Mojave Desert, California, USA and has the option to acquire an additional five mineral claims making up the El Campo Prospect area.
“The deal gives Locksley Resources shareholders exposure to the burgeoning Rare Earths sector in a location within eyesight of one of the world’s richest Rare Earth deposits known as Mountain Pass in the United States of America,” Managing Director, Steve Woodham, said.
“ESM own a group of exploration tenements surrounding the Mountain Pass Mine in California USA. Mountain Pass currently supplies a significant proportion of global demand for Rare Earth Elements which are included on the critical minerals list. Mountain Pass is the only producer of REE in North America.
“This transaction brings together highly skilled teams both in Australia and the USA with a view to expanding on existing strong exploration targets. Multiple high grade carbonatite veins have been identified and will be followed up as part of the imminent exploration programme.
|The directors of the company are of the view that the proposed transaction will create a significant opportunity to expose shareholders to an underexplored and highly prospective region with a proven history of REE production.”
The Mojave Project is positioned next to one of the highest-grade REE mines in the world and multiple significant carbonatite REE veins have been identified. 13 targets, 19 interpreted geophysical features and four REE mineral prospects have been identified for field review.
ESM has also entered into an option agreement pursuant to which it has the option to acquire 100% of five mining claims totalling 0.34sq. km which comprise the El Campo Prospect. The El Campo Prospect has produced high grade samples with five of the twenty-five rock-chip samples collected, returning TREO results with assays up to 9.49%.
These samples were collected from outcrops of syenite, shonkinite and carbonatite comprising a 6m wide mineralized zone.
For further information please visit: https://locksleyresources.com.au/
