Neotech Metals Corp. (OTC:NTMFF) Stock Rallies Following Strategic Option of the Thor REE Project
Last Friday, Neotech Metals Corp. (OTC:NTMFF) was one of the companies to come on the radars of investors in a big way after it made a major new announcement. The company announced that it had entered into an option agreement with the firm Willoughby & Associates PLC on December 13, 2023.
As per the provisions of that agreement, the company had been provided with an option to acquire 100% interest in as many as 22 mining claims. The claims would include the Thor Rare Earth Elements Project, located in the eastern Mojave Desert area and around 119 kilometers from South Las Vegas.
The Thor Rare Earth Elements Project had previously been under the ownership of Elissa Resources Ltd. The project is mainly made up of unpatented contiguous lode mining claims that were staked in the latter part of 2009 and then in 2010. The acquisition was a major new step for Neotech Metals Corp.’s current focus on the acquisition and development of a number of rare earth element projects.
It was also noted in the news release that there were certain key factors in favor of Thor Rare Earth that investors ought to know about. The company stated that the project was located strategically near the Mountain Pass Mine, one of the more important rare earth element deposits in North America.
Another significant factor was that the area also had a history of exploration, and some of the earlier exploration programs targeted it for uranium, turquoise, and precious metals. The area was also known for having a geological advantage since it was known for Precambrian-age rocks, which were known for holding considerable rare earth element deposits. The mining claims targeted by Neotech Metals Corp. are easily accessible by road. The terrain and climate also make it possible to work around the year.
