Corcel PLC has provided an update on its Mt. Weld rare earth element project in Western Australia. The company's partner, Riversgold Limited, has withdrawn from the Mt. Weld earn-in agreement, leaving Corcel with an 80% interest in the project, with the remaining 20% held by Extraction Srl. Corcel's Executive Chairman, Antoine Karam, expressed gratitude to Riversgold for their efforts in advancing the project and stated that the company is now assessing its options and next steps for the project's development.
The Mt. Weld REE Project, located near Lynas Rare Earths Limited's Mt. Weld REE Mine, covers 171 hectares and features four discrete undrilled magnetic features that warrant further investigation. With the withdrawal of Riversgold, Corcel now has ultimate control over the project's next steps and is evaluating its development options.
This update provides clarity on the project's ownership and the company's future plans for its development. Corcel's Executive Chairman emphasized the company's gratitude towards its former partner and highlighted the potential for further investigation of the project's magnetic features. For further information, interested parties can contact Corcel PLC directly.