![]() ![]() Indeed, it is the critical nature of the rare earth element suite which has triggered action in the United States and beyond. As such, applications continue to expand, REE's will undoubtedly see an increased role intrinsic to advanced economies worldwide.įigure 1: Silver King vein sample showing carbonatite (grey) with rare earth mineralisation (orange-brown) REE's have thus become critical components of clean energy, information technology, communication systems, electric vehicles, as well as many other defence and industrial applications. The elements' unique magnetic and electrochemical properties have led to a proliferation of applications. While the elements themselves are not technically rare, ore bodies containing sufficient concentrations to make processing economically viable are exceedingly rare, thus making the North Fork opportunity particularly appealing. REE's are fundamental facets of the modern economy. The company is actively investigating REE potential in Ethiopia as it progresses its gold exploration." In addition, Megado remains committed to its Ethiopian portfolio. We are excited that Megado will benefit from the accommodating political climate, the welcoming Idaho jurisdiction, an existing strong US investor base, and obvious drill-ready targets to commence exploration upon finalisation of the North Fork acquisition. Importantly, historical exploration, sampling mineralised outcropping veins, indicated extremely high-grade total rare earth oxides in excess of 20%, including significant returns of "critical rare earths".Īustralian Registered Address 12/197 St Georges Terrace PERTH WA 6000 AustraliaĮ W The US government has designated rare earth elements as strategically critical and thus made domestic production integral to its clean energy transition and national security. The incorporation of a high-grade rare earth element project in an extremely receptive mining jurisdiction is an incredible addition to the Company's portfolio. "The North Fork Rare Earth project is a tremendous opportunity for Megado. Megado Gold CEO and Managing Director, Michael Gumbley, commented Company to complete a placement to raise $2.4 million to fund initial exploration program at North Fork expected to commence at completion of the acquisition. Located in Idaho, USA: ranked best mining policy jurisdiction in the world in 2020 by Fraser Institute. Walk-up drill targets have been delineated by historic exploration activities that included geological mapping, channel sampling, and geophysical surveys. ![]() Marta Ortiz will step down from the Board. It is proposed that Mr Schifrin will join Megado's Board upon acquisition completion. Operational team in USA is headed by Greg Schifrin, former President of US Rare Earths and Colorado Rare Earth Minerals. REE mineralisation displayed at North Fork is high-grade and enriched in critical rare earths (CREE), (typically: Nd, Pr, Dy, Tb, Y). O Monazite Queen Prospect: 0.91m 21% TREO and 3m 2.16% TREO 1.2% Critical Rare Earth Oxides (CREO) and 2m 5.8% TREO and 1.52m 17.7% TREO O Silver King Prospect: 2m 10.3% Total Rare Earth Oxides (TREO) incl. Previous exploration has returned exceptional grades in channel samples: North Fork contains multiple carbonatite-hosted, high-grade, REE mineralised veins that have been observed at surface across numerous prospects over 10km along strike. North Fork consists of up to 499 claims (granted and in application), covering approximately 10,309 acres (42km 2 ) with outcropping, high-grade, rare earth element (REE) mineralised rock. FSM, through its wholly owned subsidiary, Felix Strategic Minerals LLC, holds the contractual rights to acquire 100% of the rights, title and interest in the North Fork Rare Earth Project (' North Fork' ), located in the mining-friendly Idaho Cobalt Belt region of Idaho, USA. ![]() Megado Gold Limited (ASX: MEG) (the 'Company' or ' Megado ') is pleased to announce it has entered into a definitive agreement with Felix Strategic Minerals Pty Ltd (' FSM' ) to acquire 100% of the issued share capital in FSM. ![]()
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