www.gwmg.ca
Great Western Minerals Group Ltd. is a Canadian-based company with six rare earth exploration and development properties in North America with an option on a sizable additional property in South Africa. In addition, as part of the Company’s strategy to pursue a vertically-integrated business model, the Company's wholly-owned subsidiaries of Less Common Metals Limited located in Birkenhead UK, and Great Western Technologies Inc., located in Troy, Michigan, produce a variety of specialty alloys for use in the battery, magnet and aerospace industries. These "designer" alloys include those containing copper, nickel, cobalt and the rare earth elements.
Great Western to invest $1.5m in exploration program at Steenkampskraal mine
Great Western Minerals Group (CVE: GWG, OTCQX: GWMGF) said Wednesday it will invest at least C$1.5 million into an exploration program at the company's rare earth Steenkampskraal mine in South Africa.
The exploratory program will be completed in conjuction with the ongoing feasibility work being carried out at the site by SRK Consulting.
The exploration work, which will include diamond drilling, is due to begin once the company receives approval from the National Nuclear Regulator - expected sometime within the first quarter.
Steenkampskraal is a former producer of monazite concentrate, a rare earth-bearing phosphate mineral that has been commercially processed around the world for years. When mining of Steenkampskraal was stopped due to market conditions, the deposit had only been mined to a depth of approximately 100 metres, having been the subject of limited exploration work.
Great Western recently purchased a database of information on the mine from its previous operators, Anglo American, which the company expects will help identify target areas for additional resources.
"Historical data suggests there is an opportunity to significantly expand on the potential of the Steenkampskraal deposit," said president and CEO Jim Engdahl.
"The commitment to launch an exploration program, at the same time we are completing our feasibility work, is indicative of the focus that GMWG is placing on Steenkampskraal as a vital component of our company's plans to be a vertically integrated Rare Earths producer."
Steenkampskraal is located roughly 350 kilometers northwest of Cape Town in the Western Cape Province of South Africa.
Great Western produces specialty rare earth alloys that are used in the battery, magnet and aerospace industries.
Last year, the company acquired a 70.2% stake in Rare Earth Extraction Co., the owner of the Steenkampskraal mine. Great Western also signed a deal for 100% of the rare earth elements produced at the South African site.
