Great Northern Minerals (ASX:GNM) has completed an acquisition of the Catalyst Ridge Rare Earth-Antimony Project in the US.
The Catalyst Ridge Project is made up of four separate claim areas comprising 214 lode mining claims, totalling 18km in the Mojave Desert, California.
Non-executive Chairman Eddie King says this deal comes at a time of unprecedented alignment between the US and Australia on the future of critical minerals.
“The newly signed bilateral framework agreement includes commitments from both governments of over US$1 billion each to support a US$8.5 billion pipeline of projects,” King says.
“We believe the Catalyst Ridge area is highly prospective for rare earth elements, antimony, and potentially gold, and is well positioned to contribute meaningfully to the secure and diversified supply of critical minerals.”
Great Northern, which has a market capitalisation of $14 million, intends to conduct exploration at the project over the coming months. Results from initial sampling are expected in mid-November.
On 21 October, the US and Australia reached an understanding on a common policy framework for mining and processing critical minerals and rare earths. The nations intend to support the supply of raw and processed critical minerals and rare earths crucial to the commercial and defence industries of the US and Australia.
Both federal governments will provide at least $1 billion in financing to projects located in the nations, expected to generate end products for delivery to buyers.
Great Northern Minerals is focused on developing primarily gold and antimony prospective projects in North Queensland, as well as the US.
Write to Aaliyah Rogan at Mining.com.au
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