Redhill Resources completes purchase of Honey Comb Hills
Rare earths explorer Redhill Resources (CVE:RHR) said Tuesday it has closed its previously announced aquisition of the Honey Comb Hills project, located in Juab County, western Utah.
The two square kilometre property, which is still in an early exploration stage, shows highly anomalous rare earth elements, lithium, beryllium and rubidium, in an area of roughly 500 by 1000 metres.
Initial surface sampling at the site reported assays of up to 1043 ppm total rare earth oxides (TREO), 1690 ppm lithium, and greater than 1000 ppm beryllium and 1270 ppm rubidium.
Under the terms of the agreement, Redhill paid the vendor $250,000 in cash and issued 7.5 million common shares.
According to Redhill, Honey Comb Hills is in the same county, and hosts a similar geologic environment, to the nearby Spor Mountain Mine, which produces approximately 48,000 tonnes of beryllium ore annually, representing nearly 60% of world production.
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