NexOptic Technology Corp and Selten Metal Corp Enter Definitive Agreement on NexOptic’s THOR Heavy & Light Rare Earth Element Project, Nevada
NexOptic Technology Corp. has entered a Definitive Agreement with Selten Metal Corp. granting them an option to earn up to a 100% interest in the THOR Heavy & Light Rare Earth Element Project in Nevada. The project spans approximately 2,184 hectares and is located near the historically significant Mountain Pass REE mine. Selten must pay $1,100,000 and issue shares to acquire a 75% interest, with further options available. The project holds potential with recent assays indicating up to 2.4% TREO, and NexOptic aims to leverage this asset with minimal financial risk.
- Definitive Agreement with Selten Metal Corp. potentially increases asset value.
- Recent assays at THOR Project show up to 2.4% TREO, indicating mineral potential.
- Minimal financial risk for NexOptic shareholders as Selten takes operational lead.
- Historical data may not guarantee future results; reliance on unverified past exploration.
- Potential for the initial option to terminate if Selten does not achieve a listing within 24 months.
VANCOUVER, British Columbia, Dec. 16, 2021 (GLOBE NEWSWIRE) -- Rich Geruson on behalf of NexOptic Technology Corp. (“NexOptic”) (TSX VENTURE: NXO) (OTCQB: NXOPF) (FSE: E3O1) and Jenny-Claire Ganasi on behalf of Selten Metal Corp. (“Selten Metal,” and together with NexOptic, the “Companies'') jointly announce today that they have entered a Definitive Agreement (the “Agreement”) whereby NexOptic has granted to Selten Metal the option to earn up to a
Consisting of approximately 2184 hectares, 1280 of which were recently staked by NexOptic, the THOR Project is situated 120km from Las Vegas in an active mining region in Southern Nevada, 27km from what was once the largest rare-earth element (“REE”) mine in the world (1952), Mountain Pass. In 2017 Mountain Pass reopened as the largest REE mine in the Western Hemisphere, and the only REE mine in North America (MP Materials).
“The merits of the project and its ideal location has us excited to continue working to fully unlock THOR’s significant potential,” said Selten Metal Corp. CEO, Jenny-Claire Ganasi. “Selten Metal is comprised of a growing team of rare earth geological experts, and other industry professionals.”
“With today’s announcement, we’re able to leverage an otherwise unutilized asset for the benefit of all NexOptic shareholders without financial risk,” said NexOptic Chairman, Richard Geruson. “The quality of Selten Metal’s management, the diversity and depth of their rare earth geological expertise and, equally as important to us, their commitment to the environment, is what gives me full confidence that we’ve optioned THOR to a highly qualified and responsible partner.”
Then, Now & to Come: Exploration & Drilling of THOR
In 2016, Elissa Resources Ltd., a Canadian mineral exploration company operating solely in the United States in the pursuit of critical metals, completed a change of business in accordance with the policies of the TSX Venture Exchange and changed its name to NexOptic Technology Corp. (see NexOptic news release February 19, 2016). NexOptic subsequently kept the THOR Project in good financial standing with Nevada’s Bureau of Land Management (BLM) while it pursued its new focus, the advancement of technologies for optical performance.
NexOptic recently commissioned a 43-101 report on its THOR Project, and in so doing, sampled a small number of project areas. Returned assays ranged from anomalous up to
A drilled REE discovery in 2010 on a section of the project called the Lopez Trend had the project operators at the time hypothesising that the Lopez Trend could possibly represent part of the eastern limb of a very large, perhaps overturned fold. This would leave the nose and similarly sized western limb of the fold, known as the Santos Trend, largely concealed by shallow alluvial cover. If so, the total strike length of units equivalent to the REE-bearing host exposed along the Lopez Trend could be 6km or more (please see Elissa Resources news release, February 14, 2013).
The reader is cautioned that all data on the THOR Project referenced herein is historical in nature. Selten has not undertaken any independent investigation of the drilling, nor has it independently analyzed the results of the historical exploration work in order to verify the results. Selten considers these historical results relevant as Selten will use this data as a guide to plan future exploration programs. Selten also considers the data to be reliable for these purposes; however, the company's future exploration work will include verification of the data through drilling.
All scientific and technical information in this news release has been prepared by, or approved by Jim Guilinger, PGeo. Mr. Guilinger is a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on the THOR Project.
About Rare Earths
Critical to the climate economy including electric vehicles and wind power, rare earth elements are increasingly used in the manufacturing of countless everyday products like smartphones and other electronics and medical devices that we all benefit from daily.
Known as the lanthanide series on the periodic table, there are 15 naturally occurring and chemically related minerals, collectively called rare earths. Although these rare earth elements can be found broadly dissipated all over the world, what makes them “rare” is finding them in enough concentration within a single location to make their extraction economically viable. China dominates the rare earth supply chain, from the mining to separation and refining and all the way through to the processing of rare earth elements. Other countries are realizing the importance of securing their own domestic and regional sources of these critical rare earth elements.
According to Adamas Intelligence, the value of global rare earth oxide consumption is expected to rise five-fold by 2030, from US
The Terms of the Transaction
Pursuant to the Definitive Agreement NexOptic has granted to Selten Metal options to acquire up to a
Upon the exercise of the initial option, Selten will be granted the further option to acquire the remaining
In the event Selten fails to exercise the second option as provided above, Selten and NexOptic will form a joint venture on the THOR Project with the initial participating interests being
In connection with the execution of the Definitive Agreement, Paul McKenzie, NexOptic’s CEO is joining the board of directors of Selten.
THOR is subject to a
What You Need to Know About Selten Metal Corp
German for “rare,” the word “Selten” represents the Company’s desire to become a leading producer of heavy and light rare earth elements in the United States—as US sourced rare earths are becoming increasingly critical to the climate economy, and for global geopolitical stability. For more information visit www.seltenmetal.com
What You Need to Know About NexOptic
NexOptic is an innovative imaging AI company headquartered in Vancouver, Canada with operations in Seoul, South Korea, offering world-leading patented and patent pending AI solutions for imaging known as ALIIS™ (All Light Intelligent Imaging Solutions). NexOptic simultaneously influences the imaging and AI industries and is a Preferred Partner in the NVIDIA Partner Network, a member of the Arm® AI Partner Program, and a member of the Qualcomm® Platform Solutions Ecosystem. For more information, visit www.nexoptic.com
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans,” “expects,” “estimates,” “intends,” “anticipates,” “believes” or variations of such words, or statements that certain actions, events or results “may,” “could,” “would,” “might,” “will be taken,” “occur,” or “be achieved.” Forward-looking statements in this news release include, without limitation, statements respecting the Definitive Agreement, expectations regarding demand for REE, and the plans regarding exploration on the THOR Project. Forward-looking statements involve risks, uncertainties and other factors disclosed under the heading “Risk Factors” and elsewhere in NexOptic’s filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although NexOptic believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether because of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For further information please contact:
NexOptic
Tel: +1 (604) 669-7330 x 202
Email: look@nexoptic.com
Selten Metal Corp
Email: invest@seltenmetal.com
FAQ
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