- Ausmon Resources’ (AOA) application for a rare earth element (REE) exploration licence gets approved by the SA Government
- The exploration licence covers a total of 998 square kilometres over two non-contiguous sections named Parrakie and Wolseley
- The company plans to conduct exploration work across these areas to test their potential for REEs
- On market close, Ausmon was down 11.1 per cent and trading at 0.8 cents per share
Ausmon Resources’ (AOA) application for a rare earth element (REE) exploration licence has been approved.
ELA 2021/00082 was approved by the Government of South Australia, Department of Energy and Mining. which allows the company to proceed with exploring for REEs.
The exploration licence covers a total of 998 square kilometres over two non-contiguous sections named Parrakie and Wolseley. They’re located on the Limestone Coast in the southeast of South Australia within the Loxton Sands of the Murray Basin.
Notably, the tenements are located in the region where ASX-listed Australian Rare Earths (AR3) has recently announced a JORC inferred mineral resource of 39.9 million tonnes at 725 parts per million of total rare earth oxides at the Koppamurra Project.
“Subject to grant of the tenements, completion of landholder access agreements and government approval, orientation fine fraction sampling and analysis of the strandlines will be carried out ahead of shallow aircore drilling to test for the clay fraction,” the company said.
REEs are critical minerals and are key components for manufacturing electric vehicles, wind turbines and many electronic devices.
On market close, Ausmon was down 11.1 per cent and trading at 0.8 cents per share.