Ark Mines (ASX:AHK) has acquired the "highly prospective" Sandy Mitchell rare earths project in far north Queensland, 230km west of Cairns.

Ark Mines says the project is relatively advanced and contained in sands that hosts both light and heavy rare earths, including multiple high value heavy rare earths including concentrates of 18.4%, 17.4%, 15.8%, and 15.3% TREO grades.

It also says extensive historical work was undertaken in 2010 including particle mineral analysis, pan concentrates, and over 100 augur drill holes that were completed by other parties.

Ark Mines says the rare earths are amenable to panning a concentrate with a planned low-cost, fast start-up, straightfoward beneficiation by gravity processing.