- Ely Gold Royalties Inc. (ELY) is pleased to report nine assayed samples of total rare earth oxides at its El Campo project
- El Campo encompasses five contiguous unpatented mining claims
- Mountain Pass is the only operating rare earth mine in the Western Hemisphere
- El Campo is located along strike and 3.2 miles southeast of Mountain Pass
- Ely Gold Royalties Inc. is up 3.26 per cent to C$0.95 per share
Ely Gold Royalties (ELY) is pleased to report nine assayed samples of total rare earth oxides at its El Campo project.
El Campo encompasses five contiguous unpatented mining claims that are surrounded by mining claims held by MP Materialswhich make up the Mountain Pass Mine property.
Mountain Pass is the only operating rare earth mine in the western hemisphere. El Campo is located along strike and 3.2 miles southeast of Mountain Pass. Ely Gold Acquired El Campo through staking.
Since acquiring El Campo, Ely Gold has collected and analyzed a total of nine bedrock samples which returned up to 8.60 per cent total Rare Earth Oxides (REO), similar in grade to Mountain Pass ore.
The REO mineralization is hosted by syenite and shokonite dikes. The mineralized zones sampled are carbonatite composed of calcite and or dolomite, barite and bastnasite and are up to 20 feet wide at surface.
El Campo’s REO content is made up of heavy rare earth elements Nd, Pr, La, Ce and Sm. The elevated higher-value elements, Neodymium-Praseodymium are important for producing permanent magnets used in electric vehicles and wind turbines while the Samarium is important for defense applications such as drones and cruise missiles. All nine samples returned REO values of 4 per cent or greater.
Trey Wasser, El Campo’s President and CEO said he’s excited with the impressive grades from the initial sampling that suggest the potential to outline a high-grade rare earth deposit at the El Campo Project.
“The proximity to the high-grade Mountain Pass Mine, North America’s only operating rare earth mine, makes this a very exciting project. El Campo will be placed in our ‘properties available for sale’ portfolio, The sale of El Campo will generate Ely Gold’s first rare earth royalty.”
Ely Gold Royalties Inc. is a Nevada focused gold royalty company. Its current portfolio includes royalties at Jerritt Canyon, Goldstrike and Marigold, three of Nevada’s largest gold mines, as well as the Fenelon mine in Quebec, operated by Wallbridge Mining.
Ely Gold Royalties Inc. is up 3.26 per cent to C$0.95 per share.