Harvest Minerals surges as it begins rare earth exploration
Published: 10:36 16 Jul 2024 BST
Harvest Minerals Ltd (AIM:HMI, OTC:HMIFF), the mining group, saw its shares tick close to 5% higher this morning after it announced the commencement of exploration for rare earths at its project in Brazil.
A two-phased fully funded rare earth elements (REE) exploration programme has begun at Harvest’s Arpuá fertiliser project after it closed out a recent round of funding.
In the first stage of exploration, the company will evaluate the nature of the REE and its main elements through analysing historical data.
After this, the group will drill seven new holes using an auger, aimed at providing resource clarification and confirmation.
Chairman Brian McMaster said: “The second stage will focus on extensive new drilling for resource expansion and a more comprehensive analysis of potential processing methods for REE to substantiate preliminary assessment of the REE opportunity.
“The first phase work programme is expected to be concluded within the next four months, after which our team will be able to finalise the intended broader drilling programme and subsequent steps.”
Earlier this month, Harvest’s shares crashed by 45% after it raised £425,000 at 1p per share while also paying off £575,000 owed to directors through new equity.
New cash was raised to help fund the work announced today, while providing working capital for sales of KP Fertil, its fertiliser product.
