RE: Rare Earths4 Aug 2019 20:04
The two companies seemed pretty chummy to me
'This co-operation agreement between REM and GMEL will see an accelerated exploration programme commence on REM’s licenses within a month, utilising GMELs extensive in-country skills and exploration knowhow. These Licenses are seen as being potentially prospective for both rare earth elements and gold. The initial areas of focus for the upcoming exploration programme will be on:License 2013/20 – This 21 km2 license directly abuts western flank the world class Kvanefjeld deposit, which is owned by GMEL. A detailed surface exploration programme will focus on identifying possible extensions to the Kvanefjeld deposit.License 2012/15 – This 334 km2 license covers the majority of one of the significant crustal shear zones in Greenland (Saarloq Shear Zone). This type of shear is commonly prospective for gold mineralisation. The license area is approximately 30 km north-west of the Vagar Project, part of Nuna Minerals A/S flagship South Greenland Gold Project, which has returned grades from drilling on the Discovery drillhole of 79 metres at 0.96 g/t gold (including 23.3 metres at 2.47 g/t gold) and surface chanel sampling up to 13 metres at 70.1 g/t gold and rock samples up to 2,533 g/t gold. Lineament analysis has already been carried out using satellite imagery and has confirmed the presence of a large scale structural feature. REM has now commissioned SRK Exploration (“SRK”) to carry out a detailed structural interpretation of the area. This will form the basis of the exploration programme to be carried out over the coming months.The terms of the Co-Operation Agreement with GMEL, are summarised as follows:
GMEL will take immediate day-to-day management control of REM’s four Greenland Licenses 2012/13, 2012/14, 2012/15 and 2013/20 for the 2014 exploration season.
REM will pay all costs associated with the 2014 exploration programme.
GMEL are to be immediately issued 20 million ordinary shares in REM as a one off consideration (the “Consideration Shares”) for GMEL providing important Governmental, technical, administrative and management assistance in Greenland.'
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