Renegade Exploration (ASX:RNX) has entered into a lease and option agreement with Amador Mining to acquire the Rooster Hill Monazite Project in north central Wyoming for a total consideration of US$80,000 ($121,131).
The company has until 1 January 2029 to exercise its option, with exclusive rights to conduct exploration activities at the project during the option period. The annual assessment work period will begin at the project on 1 September, during which Renegade is required to pay for unpatented mining claims at the project.
Should the company wish to go through with the acquisition of Rooster Hill, it will be required to make quarterly payments of US$5,000 over the three year period in order to fulfill the total consideration price.
Renegade will be required to exercise its option in order to begin construction or mine development on the property.
The vendor will retain a 1.5% net smelter return royalty over future production and sale of minerals from the project area upon exercise of the option.
Renegade Chairman Robert Kirtlan says there are few mining jurisdictions that are able to rival the US for adding value to projects.
“We are focusing on the US as right now gold, silver, and rare earth elements (REEs) are in demand and comprise a major percentage of our expanding North American portfolio,” Kirtlan says.
“REEs are critical inputs in defence systems and have numerous applications in technology and other everyday uses. The US Government is actively favouring REE projects, including providing subsidiaries, grants, tax credits, streamlined permitting, and federal offtake contracts, as it ramps up industrial policies to reduce dependence on foreign sources of supply.
“Rooster Hill represents a value-for-money opportunity for Renegade with the project’s high REE prospectivity being demonstrated by a considerable library of exploration data and a project area that hasn’t been drilled since the 1950s.”
The Rooster Hill Project comprises an area of 1.54km2 prospective to be a primary source of lighter REEs such as cerium, lanthanum, neodymium, and praseodymium.
Write to Maddison Elliott at Mining.com.au
Images: Renegade Exploration & Amador Mining
