Rare Earth Minerals (LON:REM), David Lenigas’ latest vehicle, is to acquire interests in five claims in Saskatchewan, Canada.
REM has paid US$50,000 to a group called the Cup Lake Syndicated and agreed to spend US$30,000 on exploration in the next three months to earn a 51 per cent interest in the properties.
The claims are situated in the Mudjatik Domain and total 4,855 hectares. They are between five and 16 kilometres from the nearest highway and power facilities.
In the 1950s the area was the target for uranium exploration, while the following decade saw an upsurge in prospecting for base metals.
It was during this search for other minerals that this part of Saskatchewan revealed its potential as a host for rare earth elements, used today in all sorts of high-tech gadgetry.
Monazite and allanite bearing porphyry dykes have previously been discovered - both have the potential for hosting heavy rare earths.
Meanwhile, historic drill and assay results targeting uranium and base metals also reported niobium and tantalum mineralisation.
REM chief executive Lenigas said: "The Cup Lake REE deal is the first of a number of investment opportunities that the company is assessing.
"Historically this area has received considerable attention for base metals and uranium, but never in terms of the exploiting rare earth potential.
"Current day technology has facilitated a tremendous demand for these elements and we are eager to commence exploration focused exclusively uncovering the rare earths of this prospective area."