- Ausmon Resources (AOA) steps closer to receiving three exploration licences in South Australia
- The company has received notifications of proposals for the grants from the Department of Energy and Mining provided Ausmon pays an annual regulation and administration fee
- The licences, named Parrakie, Mt Rough and Kingstone, together cover an area of around 2563 square kilometres on the Limestone Coast
- Ausmon plans to explore for rare earth elements (REE) at the licence areas, which it says it believes are found within the fine clay fraction of Tertiary Strandlines in the region
- AOA shares are trading grey at 0.9 cents each at 12:59 pm AEST
Ausmon Resources (AOA) has stepped closer to receiving the grants of three exploration licences in South Australia.
The company today said had received notifications of proposals for the grants from the Department of Energy and Mining contingent on the company paying an annual regulation fee for the first year of the licence term and the annual administration fee for the project.
If granted, the licences will last for six years.
The licences, named Parrakie, Mt Rough and Kingstone, together cover an area of around 2563 square kilometres on the Limestone Coast in southeast SA.
The company said planned to explore for rare earth elements (REE) at the licence areas, which it believed could be found within the fine clay fraction of Tertiary Strandlines in the region.
Rare earth elements have a range of important uses, including in permanent magnets for electric vehicles, wind turbines and various electronic devices.
Ausmon will now review all historic exploration across the three tenements and meet with local councils to obtain permission for roadside auger drilling.
AOA shares were trading grey at 0.9 cents at 12:59 pm AEST.