Aclara Resources Inc (TSX:ARA, OTC:ARAAF) has announced that it has secured 100% of the mining rights at the Carina Module in central Brazil.
Development-stage rare earth mineral firm Aclara said on Monday that the rights to the module’s 8,490 hectares had been secured after a second tranche of an earn-in agreement was fulfilled.
“This significant milestone is a result of how quickly we have been able to drill the property and obtain favorable results,” CEO Ramon Barua commented.
Some 4,000 meters have now been drilled at the site, with a total of US$3 million having been invested and US$500,000 paid for ownership rights.
Aclara had previously gained 51% of the mining rights at the module and has the right to buy out of a royalty agreement with the previous owner.
“We continue to advance the project on several fronts, including an ongoing reverse-circulation drilling campaign to increase mineral resources at depth, the initiation of the environmental and social baseline studies and the evaluation of several proposals from world-class engineering companies to prepare a pre-feasibility study,” Barua added.