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Highlights:
- Australian miner, Narryer has signed an agreement to secure 100% ownership of the Rare Earth Elements project, Rocky Gull, in Western Australia.
- This project includes two granted exploration licenses.
- Backed by this update, Narryer’s share price surged by more than 8% on ASX as of 11:57 AM AEST.
Australian mining and exploration company Narryer Metals Limited (ASX:NYM), on 19 September 2022, announced that it has signed an agreement for 100% ownership of the Rocky Gull Rare Earth Element project in western Albany Frazer Belt, Western Australia.
Followed by this update, Narryer’s share price gained significantly by 8.571% on ASX to AU$0.190 per share as of 11:57 AM AEST today (19 September 2022).
During the last one year, Narryer’s share price declined by more than 36% on ASX. On a YTD basis, Narryer’s share price has fallen by 36.21% on ASX (as of 11:57 AM AEST today).
Details of Narryer’s agreement:
In its latest update, Narryer has informed that it has secured an option to purchase 100% of Rocky Gully Exploration Pty Ltd (RGE). The sole asset in RGE is the Rocky Gully Project which includes two granted exploration licences, E70/5037 and E70/6140.
Here are the important terms of the agreement:
- The duration of the option is of nine months, during which the company is supposed to complete due diligence, followed by assuming all responsibility to maintain the tenements in proper condition.
- As per the terms, Narryer paid a non-refundable option fee worth AU$20,000 excluding GST on signing the option.
- Upon exercising the option, the vendor will receive a fee of AU$80,000 in cash, with an additional AU$140,000 in either cash and/or shares at Narryer Metals’ discretion.
- Furthermore, the vendor is also supposed to receive a 1.5% NSR royalty on any mineral produced.
Narryer shared that the historic exploration drilling at the Rocky Gull project has shown significant REE mineralisation in saprolite with geological logging and geochemistry. Therefore, historical drilling at Rocky Gull has proven the potential for ionic absorbed clay-hosted REE mineralisation. Previous exploration work of the area has also shown good prospects for both magmatic and lateritic Ni-Cu-Co mineralisation.
What did the management of Narryer say:
Gavin England, Managing Director, Narryer Metals Limited, said:
