Neotech Metals expands its REE portfolio with Hecla-Kilmer acquisition, plans extensive drilling and exploration activities in 2024.

The Hecla-Kilmer rare earth elements (REE) and niobium project, found in northwest Ontario, Canada, has been purchased by Neotech Metals from VR Resources. Four million common shares and a cash payment of $1 million (C$1.38 million) were given to VR Resources as part of the transaction, which was finalized in March 2024.

Permanent-magnet rare earth oxides, such as neodymium, praseodymium, dysprosium, and terbium, are rich in the Hecla-Kilmer project. These essential metals are primarily found in pyrochlore and apatites that are formed by volcanic eruptions, where they are hosted in an intrusive system of syenite and carbonatite.

Hecla-Kilmer has key logistical advantages because it is located around 25 kilometers from essential infrastructure such as the 180MW Otter Rapids Hydroelectric Power Generation Facility, highways, and an active railway.

Initially drilling at Hecla-Kilmer has given beneficial findings, with considerable mineralization detected spanning a 3km x 2km area, as confirmed by magnetic and gravity studies. Neotech Metals intends to start a diamond drilling program in 2024 in order to better define and investigate the mineralization's extent.

Neotech Metals' CEO and director, Reagan Glazier, highlighted the acquisition's strategic importance while stressing Neotech's vigorous exploration and development efforts, which have established the business as a significant participant in the REE and critical metals sectors.