Reach Resources

EV Vision Enhanced

Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) is pleased to announce it has entered into a binding tenement sale agreement to acquire tenement E09/2543 from Firebird Metals (ASX: FRB). The tenement acquisition consolidates ground already held by Reach in an area highly prospective for manganese and rare earths. The low cost acquisition (A$110,000) is payable via the issue of ordinary shares in Reach Resources.


HIGHLIGHTS

  • Reach acquires tenement E09/2543 from Firebird Metals (ASX: FRB).
  • Tenement E09/2543 adjoins existing Reach tenure and expands the manganese and rare earth prospectivity of the Company’s assets by ~25%.
  • Reach continues to acquire ground focused on the growing battery market.
  • High-grade rock chips up to 18% MnO2 at neighbouring Reach tenement E09/25391.
  • Significant land holding now held by Reach, right in the middle of Hastings and FMG.
  • Low cost acquisition payable entirely in Reach shares (A$110k).

Figure 1: Location of newly acquired tenement E09/2543

1 ASX Announcement 13 February 2023

Manganese is recognised as a critical mineral by the Office of the Chief Economist (Australian Government Department of Industry, Innovation and Science). Further, a White House document (June 2021) states that manganese use in battery cathodes may result in the metals preferred element emergence in next generation battery cells, due to its ‘relative saftey’ and ‘having by far the most stability’.

Figure 2: Manganese outcropping – Tenement E09/2543

Jeremy Bower CEO commented:

“Whilst primarily used in the steel industry as an alloying agent to improve hardness, strength and resitence to corrosion, the Electric Vehicle revolution is here and manganese is a key component in the production of lithium-ion batteries. The Company remains entirely focused on our Morrissey Hill lithium project, but it’s important that we continue to consolidate our tenure in highly prospective areas, with a focus on the EV market. This low cost acquisition is right in between some big players in Hastings and FMG and we are very interested in manganese generally and the role it will play over the coming years.”


Click here for the full ASX Release

This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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