Renegade Exploration (ASX:RNX) has signed a lease and option agreement granting it exclusive rights to explore and potentially acquire the Rooster Hill Monazite Project near Sheridan, Wyoming, as part of its strategy to expand its US footprint.
The 1.54km2 project area, historically explored in the 1950s by the US Bureau of Mines for thorium, has demonstrated significant rare earth element potential, with surface sampling in 2011 revealing high concentrations of lighter REEs in thorium-bearing monazite.
Under the agreement, Renegade can acquire the project for US$80,000 before 1 January 2029, while conducting exclusive exploration activities.
Renegade's Chairman, Robert Kirtlan, highlighted the strategic value of REEs in defense and technology applications and noted that the US government is actively supporting domestic REE production through incentives and streamlined permitting.
The company plans to re-drill the site to define a JORC-compliant mineral resource, building on historical data that indicate monazite concentrations and potential additional discoveries in the surrounding Flathead Sandstone region.