- Ausmon Resources (AOA) is granted three new exploration licences for rare earth exploration in South Australia
- The six-year grants are from the Department of Energy and Mining of South Australia and are in place until July 2, 2028
- The three licences cover a combined area of 2562 square kilometres located southeast of Adelaide on the Limestone Coast
- Ausmon plans to explore the fine clay fraction reportedly existing in the region
- AOA shares are up 30 per cent to trade at 0.7 cents each at market close
Ausmon Resources (AOA) has been granted three new exploration licences for rare earth exploration in South Australia.
The six-year grants are from the Department of Energy and Mining of South Australia and are in place until July 2, 2028.
The three licences cover a total of 2562 square kilometres located south east of Adelaide on the Limestone Coast.
The company said it is planning to explore the fine clay fraction reportedly existing in the region.
Australian Rare Earths (AR3) has a large area in the region and two weeks ago saw a 104 per cent increase to the mineral resource at Koppamurra project.
Koppamurra mineral resource now sits at 81.4 million tonnes at 785 parts per million total rare earth oxide.
Rare earths elements have been labelled a critical mineral by Australia, Europe, United Stated Geological Survey, and International Energy Agency.
Ausmon has developed an exploration strategy for selected sites within the tenements to be visited and collect bulk samples to identify any clay fraction.
On the market, AOA shares were up 30 per cent to trade at 0.7 cents each at market close.