SYDNEY, AUSTRALIA: Perpetual Resources has signed a binding Term Sheet to secure a low-cost option on the Raptor project, which holds mineral rights for Rare Earth Elements (REE), Niobium, and Scandium.
This project is part of a strategic tenement package situated in the renowned Tier 1 Caldeira Rare Earth complex in Minas Gerais, Brazil.
The option agreement includes four licenses covering a total area of 380 hectares, strategically located near Meteoric Resources’ (ASX:MEI) Tier 1 Caldeira ionic clay REE project. The latter is known for its impressive JORC Mineral Resource Estimate, which stands at 545 million tonnes with an average of 2,561 ppm TREO, including a significant 24.1% MREO.
Several of the Raptor Project licenses are already active in mining rights, showcasing ongoing near-surface bauxite mining operations. Notably, these operations are conducted outside of any environmental protection zones, ensuring compliance with environmental standards.
Perpetual is set to immediately begin due diligence processes and has scheduled sampling and drilling activities following an initial reconnaissance program slated for May. The company is poised to launch an aggressive exploration campaign, contingent upon the successful completion of the option exercise.
The tenements’ proximity to established infrastructure, water sources, and ongoing mining activities adds to the strategic value of the acquisition. Perpetual’s decision to enter into this option agreement is a testament to its strategic approach, further solidifying its multi-commodity presence that now includes Lithium and Rare Earths. This move comes at a time when the region is attracting heightened interest from exploration companies eager to tap into critical minerals projects.
Executive Chairman of Perpetual, Mr. Julian Babarczy, commented: “This agreement represents a highly strategic move for Perpetual, securing for us, at an extremely low cost, the mineral rights to such a prospective tenement package in an area which is highly sought after for rare earth exploration. The success of the nearby Meteoric Resources ionic clay REE project demonstrates the geological prospectivity of the mineral rights and we look forward to commencing due diligence immediately.
This agreement also represents a further extension of our now considerable exploration activities in the prolific Minas Gerais region of Brazil, which hosts an increasing number of Tier 1 orebodies spanning rare earth and lithium in a highly supportive regulatory environment for mining exploration companies”.
In line with its expansion strategy, Perpetual continues to engage in discussions with other landowners to enhance its already promising critical minerals portfolio in Brazil.