Industrial minerals producer Mountain Minerals (TSE) will buy from Platinova A/S (TSE) a 25% interest in the Gardar project, otherwise known as Ilimaussag.
Situated in South Greenland, the Ilimaussag complex hosts one of the world’s recognized concentrations of rare-earth elements. To date, US$1.5 million has been spent exploring the project. The work identified a resource of 1.3 million tons containing about 43,000 tons of zirconium oxide and 1,800 tons of yttrium oxide.
The resource is believed to be amenable to open-pit mining, with a waste-to-mineralization ratio of 1-to-1. The property hosts other mineralized areas, as well.
Mountain Minerals holds a 34.7% controlling interest in Highwood Resources (TSE) which, in turn, owns the remaining 75% of the Gardar project.
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