Sago Resources exploded by more than 2000% on the confirmation it is now the rightful owner of the Cummins Range Rare Earth Project. The company has completed the 100% acquisition of RareX Pty limited on the issuance of its 60 million shares to RareX shareholders.
Located 130km southwest of Halls Creek, the Cummins Range Project is one of the two known sites bearing rare earth carbonates in Australia. The site has already shown to have huge prospects for Neodymium and Praseodymium. The two rare earth metals continue to elicit strong demand, as they are integral in the development of electric vehicles as well as Military hardware and wind turbines.
The acquisition comes hot on the heels of the company completing a placement and consequently raising $1.17 million. While part of the funds will finance the purchase of the Cummins Range and Rare Earth’s Project, part of its will finance an exploration program at the project.
Located 130km southwest of Halls Creek, the Cummins Range Project is one of the two known sites bearing rare earth carbonates in Australia. The site has already shown to have huge prospects for Neodymium and Praseodymium. The two rare earth metals continue to elicit strong demand, as they are integral in the development of electric vehicles as well as Military hardware and wind turbines.
The acquisition comes hot on the heels of the company completing a placement and consequently raising $1.17 million. While part of the funds will finance the purchase of the Cummins Range and Rare Earth’s Project, part of its will finance an exploration program at the project.