Strategic Minerals PLC (LON:SML) managing director John Peters caught up with Proactive following the news they’d agreed to inject A$250,000 into its joint venture company, Central Australia Rare Earths Pty Ltd (CARE).
Some of the cash will be used to fund the drilling of CARE’s Mount Weld prospect.
Peters said: ”Mount Weld is exciting for us because it’s prospective for gold as well as rare earths and it’s in a well-known gold belt, so we actually believe we’re onto some really good potential deposits here and all we’re doing is making sure the money is there to move the projects along in the time that they should be.”
The 250 [thousand Australian dollars] referred to is actually the maximum we’d have to chip in depending on what happens internally, and also our joint venture partner might chip in. If they don’t we’ve got it ready to make sure we don’t miss our beat and we can continue on with our program. If they don’t we’ll obviously take up a greater percentage of what’s involved”, Peters added.
Story by ProactiveInvestors