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Clancy Exploration secures option to acquire Cummins Range rare earth project

Clancy Exploration Ltd. is securing a 100% acquisition option over the Cummins Range rare earth project in Western Australia.

The company said Aug. 2 that it entered into a conditional agreement to acquire 100% of RareX Pty. Ltd., which holds an exclusive option to acquire the project from Element 25 Ltd.

Clancy paid RareX A$25,000 for a 14-day exclusivity period and will issue 60.0 million shares before Sept. 13. Element 25 granted RareX a 90-day exclusive option in early July to acquire Cummins Range for up to A$3.0 million. The option will expire Oct. 3.

If the deal goes through, the company plans to undertake a reverse circulation drill program of up to 5,000 meters to estimate a maiden JORC 2012-compliant mineral resource.

Meanwhile, Clancy said it received binding commitments for a placement to raise A$1.2 million by issuing 67,647,069 new shares at 1.7 Australian cents apiece.