Meryllion Resources Corporation (CSE:MYR, OTC:MYRLF) announced that it has been granted permits for its maiden drill program at its ionic rare earth element (iREE) project in northeast Tasmania, Australia.
Meryllion’s Tasmania rare earths project is hosted in rare earth-rich ionic adsorption clay-hosted deposits comprising Jurassic dolerites and basalts which provide significant upside potential for economic rare earth magnet metals.
The company said three locations have been identified for preliminary exploration drilling at the project.
Drilling will target potential extensions of known iREE occurrences where ground samples produced elevated results of up to 533 parts per million neodymium and 36.8 parts per million terbidium.
The company said its geologists are working with the drilling team to prepare for the upcoming campaign which will commence after the winter season.
Additionally, the company announced that it has borrowed C$50,000 from Croesus Mining, a company controlled by company director David Steinepreis.
It said the loan is unsecured, bears no interest, and is repayable in full on or before May 14, 2025.