ASX-listed gold explorer Codrus Minerals has entered into a farm-in and joint venture agreement with Talgomine Minerals to earn up to a 90 per cent interest in the Karloning
Rare Earth Element (REE) project.
Located 30km north of the regional town of Mukinbudin 260km north-east of Perth, the site provides Codrus with an opportunity to explore for the high-value REEs used in the manufacture of high-strength permanent magnets: praseodymium, neodymium, terbium and dysprosium.
While the REEs were the key high-grade values returned in the grab samples, significant grades of other rare earths, tantalum and niobium, were also observed.
Codrus managing director, Shannan Bamforth, said this was an exceptional opportunity for the company to secure a majority interest in a highly prospective REE project in a Tier 1 location close to Perth.
“We secured this opportunity as part of our ongoing business development activities to add further depth to our existing portfolio of gold projects in Australia and the USA,” he said.
“The Karloning pegmatite is located in an existing quarry, providing us with a unique opportunity to see the geology and make a rapid assessment of the exploration potential. We believe the pegmatite has significant scale.
“This is a walk-up exploration opportunity, and we are looking forward to getting on the ground as soon as possible to commence initial exploration activities with a view to firming up targets for drilling in early 2023.”