Greenland Minerals and Energy Limited (ASX:GGG) its final agreement to acquire 39% of the exploration license (EL 2010/02) over the northern Ilimaussaq Complex in Greenland.
The press release is quoted as saying:
Kvanefjeld’s significance is underpinned by the world’s largest JORC-code or NI 43-101 compliant resource of rare earth oxides with substantial resources of uranium and zinc (contained metal inventory of 6.6 Mt total rare earth oxide, 350 Mlbs U3O8, 3 Blbs zinc). Three drill rigs are currently operating on the recently discovered satellite deposits, with the program anticipated to lead to a substantial increase in the project’s overall resource base.
Greenland Minerals’ Managing Director, Roderick McIllree says:
“Securing 100% ownership of the Kvanefjeld project is an important step and comes at a time when the Company is making major technical advances in process development that will strengthen Kvanefjeld’s great potential, and the environment and social impact assessments are progressing on schedule in close consultation with Greenlandic stakeholders. In the context of our future development, we believe the time is now right to secure 100% of what is clearly a tier 1 mining asset.”