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(Alliance News) - Rainbow Rare Earths Ltd said Friday it has acquired ten mining claims in northern Zimbabwe, covering a total of 12.6 square kilometres for an undisclosed sum.
The properties have not been historically explored for rare earths, but has been explored in the past for phosphate.
The licences will be wholly held by Rainbow's subsidiary Rainbow Zimbabwe, with no free carry for the government, in line with recent changes to the legal framework.
Rainbow will immediately start with an exploration program including geological mapping, sampling and assaying with the aim to finish an interpretation with a focus on rare earth mineral potential,namely sizes, grades and mineralogy.
"With our strategic intent for our licenses in Burundi well on track, the Company stabilised, I believe this is a great opportunity to diversify the portfolio, with low risk and minimal capital outlay," said Chief Executive Officer George Bennet.
Shares in Rainbow Rare Earths - which is headquartered in London - closed 18% higher at 2.70 pence on Friday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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