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| Australian Rare Earths |
100% Ownership of EL6678 Strengthens Strategic Minerals Portfolio
Australian Rare Earths (ASX:AR3) has finalized its farm-in and sale agreement with Sheer Gold, securing full ownership of exploration licence EL6678. This milestone expands the Overland Uranium Project in South Australia by 990km², reinforcing the company's commitment to critical minerals exploration.
Australian Rare Earths completed the required $200,000 exploration expenditure, fulfilling all conditions under the agreement. The formal licence transfer process is expected to be finalized by 30 April 2025, pending application approval by the Department for Energy and Mining.
Strong Early Results Point to Uranium Potential
CEO Travis Beinke emphasized the significance of achieving 100% ownership, noting it grants direct control over a highly prospective uranium area. Early drilling results have revealed encouraging signs of both near-surface and deeper uranium mineralization.
"This achievement underscores our commitment to strategically expanding our critical minerals portfolio," Beinke said. "We aim to deliver shareholder value through district-scale exploration across our 4,800km² Overland Uranium Project."
Overland Project Positioned for Growth in Clean Energy Materials
Located in the Murray Basin of South Australia, the Overland Project targets paleochannel sediments within the Renmark and Murray Groups. These sediments share geological characteristics with the Eyre Formation, the host rock for Boss Energy’s (ASX:BOE) uranium operations.
Australian Rare Earths continues to focus on minerals vital for clean energy technologies, including rare earths and uranium, supporting global efforts toward a sustainable energy future.
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