Australian Strategic Materials (ASM) is pleased to advise that it has executed an exclusive option agreement with Caspin Resources Limited (Caspin) (ASX:CPN) to enter into a joint venture agreement to earn up to 75% of the rare earth element (REE) rights in Caspin’s Mount Squires Project, located in the West Musgrave region of Western Australia.
Highlights:
- Consistent with its mine to metals strategy, ASM has identified a potential supplementary rare earth supply, that includes a significant proportion of high value heavy rare earths
- Subject to metallurgical testing and drilling, this source may be suitable for processing at ASM’s planned separation and refining facility at the Dubbo Project
- Agreement to provide ASM with an option to earn up to 75% of the REE rights in Caspin’s Mount Squires Project through staged earn in rights
- REE metallurgical testwork and drilling to be undertaken at the Mount Squires Project over the next 3-9 months prior to ASM deciding whether to exercise its option to enter into a joint venture agreement with Caspin