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Broken Hill Prospecting establishes subsidiary for rare earth acquisition

Yesterday the company revealed it was acquiring the advanced La Paz Rare Earth Project in the US.

Broken Hill Prospecting Ltd - Broken Hill Prospecting establishes subsidiary for rare earth acquisition
The project host a large tonnage, bulk deposit comprising high value, light rare earths (LREE)

Broken Hill Prospecting Ltd (ASX:BPL) has established a 100% owned US-based subsidiary called La Paz Rare Earth LLC to acquire and develop the La Paz Rare Earth project in Arizona.

The subsidiary lodged title applications for processing with both the Bureau of Land Management (BLM) and State of Arizona Land Department.

More than 890 hectares comprising 107 unpatented lode mining claims have been staked on federally controlled land along with a prospecting permit over one 259-hectare section of Arizona State Trust land.

BPL expects the granting of these titles in coming weeks.

Deposit is exposed at surface and open at depth

During 2011, Australian American Mining Corporation Ltd drilled 195 percussion holes for 5,120 metres, which supported a maiden resource estimate for La Paz under independent NI 43-101 guidelines.

The resource totals 16.2 million tonnes grading 373.4ppm rare earth elements (REE) for 12.1 million pounds of REE.

The entire deposit is exposed at surface, or lightly concealed by alluvial cover. It is open at depth and is currently defined to 30 metres below surface.

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on 10/10/20

2 min read