A small Quebec company says it has uncovered one of the world's most significant deposits of neodymium reports the Montreal Gazette. GeoMegA Resources believes its Montviel property about 500 kilometres northwest of Quebec City, has a huge potential for quick development thanks to the size of the deposit and closeness to infrastructure.
Two other companies are active in the region with Commerce Resources announcing significant discoveries on Thursday following its winter drill program at its Eldor rare earth project (pictured) at what it says is ranked as one of the largest REE deposits outside of China. On Friday Vancouver-based Canada Rare Earths announced it acquired a 69.55 km2 rare earth property 350 kilometers south of Montviel adding to its assets adjacent to that of GeoMegA.
The Montreal Gazette spoke to GeoMegA CEO Simon Britt who noted the nearby town of Lebel sur Quévillon, which has been struggling for the past five years due to the declining forestry industry, has access roads, hydroelectric services and rail networks. The ore is a well-known deposit of carbonatite, an unusual igneous rock formation, but it was never previously mined for rare earth minerals.
"Drilling at Eldor continues to support management's view that the Ashram Rare Earth Deposit represents a very large, near surface resource of uniquely distributed rare earth elements," said David Hodge, Commerce Resource's President in a statement released Thursday adding that the company has some $14 million in cash to complete all of its development and exploration plans.
Canada Rare Earths announced Wednesday that it has received all requisite drill permits to commence drilling on its 100% owned Goeland Rare Earth Exploration Project, located at Montviel adding that final road preparations for drill site access are nearly complete.
Image of Aurora Borealis at the Eldor Rare Earth Project Camp courtesy of Mathieu Jalbert | Commerce Resources.