Riversgold Limited (ASX: RGL) has entered into a Farm-in and Joint Venture agreement with London listed Corcel Plc to earn up to a 70% interest in their Mt Weld Rare Earth Elements Project, located near Laverton in Western Australia.
The Project covers 171 hectares and is close to Lynas Rare Earths Limited's Mt Weld REO Mine.
Riversgold plans to commence drilling this quarter.
The key terms of the transaction are a non-refundable payment of A$30,000, and sole funding of A$500,000 to earn 50% of the Project.
At the conclusion of the first earning period, Riversgold may choose to either sole fund a further A$1,000,000 to earn an additional 20% interest or enter into a joint venture agreement.
Following the announcement, shares of Riversgold (ASX:RGL) were unchanged at $0.028.