Meryllion Resources Corporation (CSE:MYR, OTC:MYRLF) has announced that an independent assessment of the rare earth elements (REE) licenses it plans to exercise its option on in Tasmania, Australia, backs up its own findings.
The company said the NI 43-101 compliant technical report by geologist Louis Bucci found that the “geological setting of the licenses is favorable for the formation of iREE (ion-adsorption rare earth elements) mineralization similar to those that contribute to the majority of the world's REE in southern China.”
The report concluded that the discoveries demonstrate the potential for this mineralization style in northeastern Tasmania over mafic volcanic and extrusive rocks.
“We are pleased that the independent expert has reached a similar conclusion to our exploration team,” Meryllion CEO Richard Revelins commented in a statement.
While there are presently no ionic adsorption clay (IAC) REE projects in production outside of China, Revelins noted that a number of significant discoveries are being made in favorable geological settings around the world.
“The company believes these types of deposits will rapidly gain attention as companies begin to better understand and develop geological models and come to appreciate the relative cost/benefit advantages of IAC hosted deposits,” he added.
Meryllion is acquiring the option for the REE licenses from Tasmania Strategic Green Metals (TSGM) and Westbury Resources.