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Neotech Metals Announces Strategic Option of the Thor REE Project
Vancouver, British Columbia--(Newsfile Corp. - December 15, 2023) - Neotech Metals Corp. (CSE: NTMC) (OTCQB: NTMFF) (FSE: V690) ("Neotech" or the "Company") is
About this update from Neotech Metals Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - December 15, 2023) - Neotech Metals Corp. (CSE: NTMC) (OTCQB: NTMFF) (FSE: V690) (\"Neotech\" or the \"Company\") is pleased to announce it has entered into an option agreement (the \"Option Agreement\") with Willoughby & Associates PLLC (the \"Vendor\"), dated December 13, 2023, pursuant to which, the Vendor has granted the Company the right, at its option, to acquire a 100% interest in 22 mining claims comprising the Thor Rare Earth Elements (\"Thor REE\") Project, a mid-stage exploration property located in the eastern Mojave Desert Region, approximately 119 kilometers south of Las Vegas. The Thor REE Project, previously under the ownership of Elissa Resources Ltd., comprises contiguous unpatented lode mining claims staked between late 2009 and 2010. This acquisition marks a significant step in Neotech's ongoing commitment to securing and developing a portfolio of rare earth element (\"REE\") projects. Key Highlights of the Thor REE Project: Proximity to REE Deposit: The project is strategically located near one of North America's significant REE deposits - the Mountain Pass Mine, currently owned by MP Materials Corp. (\"MP Materials\"), approximately 30 kilometers away. Based on the 2021 Technical Report Summary Pre-Feasibility Study of the Mountain Pass Mine, (the \"MP Technical Report\", which may be accessed on MP Materials' EDGAR profile) the operation returns an after-tax net present value (NPV) with a 6% discount of US$2.6 billion. According to MP Materials*, the mine accounts for approximately 15% of the global rare earth supply, with a long-term focus on Neodymium-Praseodymium (Nd-Pr). Historical Context: The area has a history of exploration, with earlier programs targeting precious metals, turquoise, and uranium. REE-thorium (Th) occurrences identified during the 1950s uranium rush highlight the area's favorable geology for prospecting, growth, and development. Geological Advantage: The region is characterized by Precambrian age rocks known for hosting significant REE deposits. The Thor REE Project area's principal mineralization is monazite-apatite-xenotime vein systems. Findings: The primary REE mineralization zone, known as the Lopez Trend, stretches over an area that is 2500 meters long. Initial exploration and grab sample assays have returned significant ...