Sagon Resources Ltd (ASX: SG1), formerly Clancy Exploration Limited (ASX: CLY), has treated the market with an update related to the Cummins Range Rare Earths Project, increasing its stock price by more than 10% on 23 August 2019. The company reported that it has engaged with key shareholders to progress the project.
At the project, first phase of the maiden drill program is planned to commence in the coming months, while the historical review of data and geological modelling have been completed. Sagon, which is amid the acquisition of RareX, has dispatched a notice of general meeting to complete shareholder approvals.
The company also provided insights into the rare earths market. It noted that the Australian Government is investing $200 billion in defence capabilities (according to a report published by the Australian Broadcasting Corporation), and rare earth metals are essential for the development.