Frontier Rare Earths Limited (TSE:FRO) announced that it has been granted a new prospecting right by the South African Department of Mineral Resources for rare earths and other related minerals in South Africa.
The press release is quoted as saying:
The new prospecting right covers an area of approximately 75,000 hectares in the Namaqualand region of the Northern Cape Province of South Africa (the “Prospecting Right”). Frontier’s exploration team has extensive knowledge and experience in the Namaqualand region and the area covered by the Prospecting Right is considered by the Company to be prospective for rare earth mineralisation. The Prospecting Right is located approximately 80km northeast of Frontier’s world class Zandkopsdrift rare earth deposit where the Company is currently conducting a preliminary economic assessment, the results of which are expected to be made available in Q4 2011.
Frontier Rare Earths’ Chief Executive Officer, James Kenny stated:
“We are very pleased to have been awarded a prospecting right over an area that we believe to be highly prospective for rare earth mineralisation. There are already two significant rare earth deposits being evaluated in the Namaqualand region of South Africa, including Frontier’s world class Zandkopsdrift deposit, and we believe that the region has the potential for further rare earth discoveries to be made.”