Neo Performance Materials inks deal to acquire Hudson Resources’ rare earths project in Greenland

Neo Performance Materials (TSX: NEO) will acquire an exploration licence from Hudson Resources (TSXV: HUD) for its Sarfartoq Carbonatite Complex in southwest Greenland, under a binding agreement announced Monday.  
 
The licence will cover Sarfartoq, which hosts Hudson’s ST1 rare earths project and the Nukittooq niobium-tantalum project, Neo, a Toronto-based metals manufacturer said in a news release. 
 
Both of Hudson’s projects have a “high ratio” of neodymium and praseodymium at 25%-40% total rare earth oxides that comprise an NI 43 101-compliant resource of 27 million kg of neodymium oxide and 8 million kilograms of praseodymium oxide, according to its preliminary economic assessment published in 2011. 

That study outlined an inferred open pit resource of 14.1 million tonnes grading 1.51% total rare earth oxides in the ST1 Zone, using a 0.8% cut-off grade, and 40.6 million kilograms of neodymium oxide. 
 
About 3 km east of STI is the ST40 high grade zone that hosts a 45% ratio of neodymium oxide to total rare earth oxide, which Neo calls “one of the rare earth industry’s highest-known ratios.”