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Meryllion Resources Corporation (CSE: MYR) is a premier rare earth exploration company based in Vancouver, British Columbia. The company recently made an option exercise payment for rare earth exploration leases in Tasmania, highlighting its commitment to expanding its presence in the rare earth sector. Meryllion's flagship iREE project in north-east Tasmania has been granted permits for exploration drilling, with significant potential for economic rare earth magnet metals. The company's focus on ionic adsorption clay (IAC) deposits sets it apart from traditional rare earth mining methods, offering rapid development and lower production costs.
Meryllion Resources has announced the granting of exploration permits for its maiden drilling program targeting neodymium-rich ionic rare earth clays in north-east Tasmania. The permits are for the EL20/2022 area, where three preliminary exploration drilling locations have been identified. Field reconnaissance by Meryllion's geologists yielded promising results, with neodymium concentrations reaching up to 533ppm. The company has secured a specialized drilling team and plans to commence the drilling campaign post-winter season. The project is strategically located near known ionic rare earth resources, promising lower-cost, rapid development due to the shallow depth and simpler extraction process of ionic adsorption clay deposits.
Meryllion Resources has announced a CAD$50,000 loan from Croesus Mining, a company controlled by director David Steinepreis. This unsecured, interest-free loan is due by May 14, 2025. The transaction is a related party deal under MI 61-101 but exempt from valuation and minority shareholder approval requirements due to the company's market capitalization. The agreement received approval from all independent directors. For more details, contact CEO Richard Revelins or Investor Relations.