Pearl Gull Iron (ASX: $PLG) to acquire Huemul Holdings Pty Ltd and explore La Marigen Project in Chile

Pearl Gull Iron Limited (ASX: $PLG) has entered into a binding agreement to acquire Huemul Holdings Pty Ltd, enabling the company to explore the La Marigen Project in Chile. The project, covering a combined area of approximately 22,800ha, is highly prospective for Ionic Adsorption Clay (IAC) Rare Earth Elements (REEs).

Chairman Russell Clark's perspective on the La Marigen Project

Chairman Russell Clark expressed that the farm-in to the La Marigen Project provides the company with an opportunity to potentially acquire an interest in an emerging ionic adsorption clay rare earth elements region, known to host high grades. He highlighted the project's proximity to Concepción, a major industrial city on the coast of Chile, and the promising results of the limited surface sampling program within the project area.

Outlook for Pearl Gull Iron and the La Marigen Project

Pearl Gull Iron's acquisition of Huemul Holdings Pty Ltd and the subsequent farm-in to the La Marigen Project marks a significant step in the company's strategic expansion into the rare earth sector. The La Marigen Project, with its highly prospective areas for IAC REEs, presents an exciting opportunity for Pearl Gull Iron to leverage its network in the resources industry and provide new opportunities for its shareholders. The company aims to conduct an exploration program at the La Marigen Project to identify priority areas for potential further exploration, with a focus on geological mapping, geochemical sampling, and metallurgical studies. Additionally, the company plans to assess further complementary mineral exploration opportunities in the region to realize value accretive opportunities in this IAC REE district. The proposed addition of experienced rare earth industry executive Dr. John Mair to the board further underlines the company's commitment to the success of the project and its ambitions in the rare earth sector.