Written by 11:50 am Business News, Canada, Featured Business News, SLIDER

Meryllion Resources: Pioneering REE Exploration for EV Technology with IAC Hosted REE Deposits

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The electric vehicle (EV) landscape is evolving rapidly, marked by groundbreaking advancements in battery tech, charging infrastructure, and growing consumer adoption. As global governments prioritize clean energy, EVs are set to become more accessible and affordable, reducing dependence on fossil fuels. Simultaneously, rare earth metals, pivotal in EV motor and battery manufacturing, are vital in driving this electrification revolution. Meryllion Resources actively contributes to this shift through rare earth element (REE) projects, positioning itself at the forefront of supporting the global EV industry’s future. Rare earth elements (REE) are not limited to the electric vehicle (EV) industry. They also have huge demand in other sectors, as shown in Fig.1

Figure 1: Rare Earth Elements (REE) Applications

Meryllion Resources Corporation (CSE: MYR | OTCQB: MYRLF) (Meryllion Resources or the Company) is engaged in the exploration of Ionic Adsorption Clay (IAC) deposits hosted rare earth elements (REE) in Tasmania, Australia. Meryllion Resources sustainably explores and develops critical mineral assets to support the transition to a low-carbon economy.

Meryllion Resources Corporation

Figure 2: Meryllion Resources Corporation

Tasmania Rare Earth Elements Project

The Tasmania Rare Earth Element (REE) Project is located northeast of Tasmania, Australia. The granted license encompasses five (5) non-contiguous regions, amounting to 833 square kilometers. Westbury Resources Pty Ltd owns the licenses for the Tasmanian REE Project (EL20/2022), while Tasmanian Strategic Green Metals Pty Ltd. (“TSGM”), a private Australian exploration company, has pegged additioanl license applications. Meryllion recently exercised its option which allows the Company to earn up to 100% of the project.

The Company recently unveiled its NI 43-101 compliant technical report for the Tasmanian REE project. The report emphasizes the prospective nature of Jurassic dolerite and basalt lithologies characteristic of northeastern Tasmania. Due to extensive weathering, these formations have resulted in an ideal environment well-suited for iREE mineralization. Meryllion’s focus, however, extends beyond in-situ iREE systems, encompassing broader areas of depositional accumulation due to post-formational redistribution.

The Tasmanian rare earth project encapsulates Meryllion’s commitment to environmentally sustainable and economically viable mining practices. IAC deposits offer a paradigm shift from conventional hard rock mines. Hard rock demands large processing plants and substantial lead times for production. In contrast, IAC deposits, historically mined predominantly in southern China, offer a simplified leaching process. Recoveries of up to 70% through an environmentally friendly ammonium sulphate leach make these deposits economically attractive.

Highly Prospective Ionic Adsorption Clay Hosted Rare Earth Project Areas In Tasmania

Figure 3: Highly Prospective Ionic Adsorption Clay Hosted Rare Earth Project Areas In Tasmania

Hard rock deposits often involve hundreds of millions of dollars in capital expenditure, usually high acid consumption and complex environmental challenges. Meryllion’s emphasis on the low environmental impact of ammonium sulphate leaching, with its quick and affordable 70% recovery rate, aligns with Tasmania’s commitment to preserving its pristine landscape.

Meryllion’s proposed drilling initiative is equally groundbreaking. Unlike hard rock REE deposits IAC hosted REE mineralization generally exists at, or close to, surface to a depth of 10 to 12 meters. Meryllion plans to drill up to 500 meters, resulting in approximately 70 drill holes at an average depth of 5 to 10 meters and at a cost below $200,000. This cost-effective approach showcases Meryllion’s commitment to innovation and positions it as a leader in efficient and economical exploration.

Project Highlights

  • IAC deposits are less capital-intensive and cost-effective deposits to produce rare earth
  • Environment-friendly mining methods to be adopted
  • The Project has a strategic location, accessible by road, with proximity to rail and power infrastructure and access to a significant deep-sea port
  • One of the four tenements spans 372 square kilometres within a corridor extending beyond 50 kilometres in the Devonport area
  • Field evidence from 2,800 ppm up to 4,000 ppm TREO, including high-grade Neodymium in Project Areas
  • Early metallurgical studies suggest sample recovery up to 70% using Ammonium Sulfate at pH 4
  • Targets at shallow depth, typically surface down to 12 meters
  • The consolidated projects are well positioned to make the next significant iREE discovery

Tasmania Rare Earth Elements Project Timeline 

Figure 4: Tasmania Rare Earth Elements Project Timeline

What makes Tasmania special?

Tasmania is a strategic and well-thought-out decision by Meryllion Resources. The island, known for its untouched wilderness and geological diversity, offers a potent canvas for rare earth exploration. Tasmanian rare earths, particularly in IAC, are noticeably different from traditional hard rock deposits. Secondly, these deposits are frequently found at shallow depths, allowing for swift and cost-effective exploration and project development.

Globally, the majority of rare earths are extracted from hard-rock mines. Typically, hard rock REE mines are capital and cost-intensive. IAC deposits are less common outside of southern China; rare earths can be extracted from the clay via a simple leaching process, a distinctive cost and timing advantage Meryllion aims to leverage.

Meryllion Resources’ Deal to Acquire Interest in Four Rare Earth Exploration Leases

On July 20th, 2023, Meryllion Resources Corporation entered into an Option and Earn-In Agreement with Tasmanian Strategic Green Metals Pty Ltd. (“TSGM”) to acquire a stake in four rare earth exploration leases situated in northeast Tasmania, amounting to approximately 833 square kilometres. The Company subsequently entered into a secondary agreement with Westbury Pty Ltd (“Westbury”) and amended the original option agreement.

Current Deal Structure

  • Right to acquire the remaining 20% (100% in total) at the Decision To Mine (DTM) stage at an independent valuation

Meryllion Resources’ Alignment with Tasmanian Government‘s Employment Roadmap

In collaboration with the Tasmanian Government, the Tasmanian Minerals and Energy Council (TMEC) has unveiled a blueprint and roadmap. The aim is to promote greater diversity within the minerals sector, focusing mainly on women and individuals from culturally diverse backgrounds. This initiative aims to ensure the industry is well-positioned with a diverse workforce to harness future opportunities in critical minerals.

TMEC has recognized the need for 20,000 workers in the minerals, processing, manufacturing, and energy sectors by 2040. Meryllion Resources’ Tasmania Rare Earth Element Project will contribute toward the regional government’s initiative.

Mr. Richard Revelins, Meryllion Resources’s CEO and Director

Mr Richard Revelins, Meryllion Resources Corporation CEO and Director

Figure 5: Mr Richard Revelins, Meryllion Resources Corporation CEO and Director

Mr. Richard Revelins, CEO and Director of Meryllion Resources Corporation, is a luminary in international investment banking specializing in corporate finance and corporate advice, predominantly in the mining and natural resources industry, with a career spanning over 35 years. Revelins’ leadership played a pivotal role in the success stories of companies like Atlas Iron Limited and Gold Road Resources Limited, which experienced substantial growth in market capitalization.

Besides these accomplishments, Revelins’ part in the ASX listing of De Grey Mining Limited and his executive directorship at Mintails Limited further underscore his ability to navigate complexities in the mining sector. He is a visionary leader capable of steering Meryllion toward unprecedented success. With a CEO of Mr. Revelins’ caliber, a highly experienced board, outstanding geological team and a commitment to maximizing shareholder value, Meryllion Resources is all set to lead the charge in redefining rare earth mining.

Demand Drivers of Rare Earth Elements (REE)

Rare earth elements are the game changer in the future of the electric vehicle (EVs) industry; hence, the EVs industry is a driver for such metal demand. As per Argue Media, approximately 26 KTPA of rare earth elements (REE) supply deficit is expected by 2030.

Electric Vehicles (EVs) Global Future Demand

Figure 6: Electric Vehicles (EVs) Global Future Demand

The Tasmania Rare Earth Elements Project aligns well with the future demand for rare earth elements. Meryllion Resources’ well targeted and cost effective approach to drilling and environment-friendly mining methods make the Company a lucrative investment. As the world continues to seek sustainable sources of rare earths, Meryllion Resources is emerging as a core player to contribute to the industry.

Market Outlook

  • Meryllion Resources’ concentration on IAC deposits aligns with the global shift towards environmentally friendly mining practices
  • Their focus on mining AIC hosted REEs demonstrates its obvious economic advantages over traditional hard rock mining
  • The Company’s cost-effective extraction methods secure its position in the world of sustainable and economically viable mining
  • Meryllion Resources’ stock was trading at CAD 0.08 per share as of January 22, 2024, with a 52-week range of CAD 0.08 to CAD 0.01


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