News of Secured Permit for Rare Earth Drill Program Moving Shares Higher

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, May 21, 2024

Shares of this natural resource company are trading up on the announcement of a project that unlocks valuable rare earth metals using a faster, cheaper method, and three locations have been identified for preliminary exploration. Unlike traditional hard-rock mines, this rare earth source requires less processing and can be brought to production quicker.

Meryllion Resources Corporation (CSE: MYR) announced in a press release today that it was granted permits for its maiden ionic rare earth drilling campaign in northeast Tasmania, which are required for the exploration drilling on EL20/2022.

Three locations have been identified for preliminary exploration drilling, which will target potential extensions of known rare earth elements occurrences and where ground samples produced elevated results up to 533ppm Neodymium and 36.8ppm Terbidium. A specialized drilling team has been secured for the exploration drilling and is expected to begin this winter. Shares of the firm were trading up at $0.02 in afternoon trade.

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