REG - Harvest Minerals Ltd - Agreement to Further Advance REE at Arapua

Harvest MineralsAnnouncement

16/09/2024 07:00

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RNS Number : 2315E  Harvest Minerals Limited  16 September 2024

Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector: Mining

 

16 September 2024

 

Harvest Minerals Limited ('Harvest' or the 'Company')

 

Agreement Signed With Rare Earth Specialist PVW Resources For The Arapuá
Project, Brazil

 

Potential to add value beyond established low-cost, high-margin fertiliser
business

 

Harvest Minerals Limited (AIM: HMI), a producer of organic fertiliser, is
pleased to announce that it has signed a Technical Cooperation Agreement
("TCA") with PVW Resources Limited (ASX: PVW) ("PVW"), an Australian company
specialising in the advancement of Rare Earth Element ("REE") projects in
Brazil and elsewhere. This collaboration aims to unlock the REE potential at
Harvest's 100%-owned Arapuá Project ("Arapuá" or "the Project"), with the
intention of progressing a transaction on the asset if results of the fully
funded work programmes continue to be favourable.

 

HIGHLIGHTS

·    PVW to assist with the provision of technical expertise for the
evaluation of the REE potential of Arapuá, where previous studies have
highlighted its prospectivity.

·    PVW's proven and highly experienced team to assist in reviewing
historical data, identifying new targets for resource potential.

·    Results to date have been favourable (see RNS dated 10 April 2024),
with the next batch due in October 2024.  The data from these results will
inform the next stages of the TCA and the potential for the parties to
negotiate a transaction to unlock the Project's REE potential for mutual
benefit.

·    Harvest continues to advance the fertilizer potential of the Project,
which is not impacted by the TCA.

 

Brian McMaster, Chairman of Harvest, said: "With the REE prospectivity of
Arapuá already well documented, we are thrilled to collaborate with a team of
PVW's calibre and expertise. This partnership opens the door to realising the
REE potential of Arapuá, adding further value beyond our established
low-cost, high-margin fertiliser business.  Brazil has emerged as a major
player in the international REE space and PVW is already making inroads into
that space.  We are extremely fortunate that they have seen the potential at
Arapuá and agreed to team with us."

 

Alistair Stephens, CEO of PVW, added: "Brazil represents an exciting
opportunity for Rare Earths exploration, supported by a favourable mining
environment. The data emerging from Arapuá is highly promising, and we are
keen to explore the Project with Harvest to further build our REE portfolio
and activities in Brazil."

 

DETAILS

Under the terms of the TCA, PVW will evaluate the REE prospects of Harvest's
100% owned Arapuá Project in Brazil and give guidance on any further required
development steps to maximise value. If ongoing results remain positive, the
parties anticipate negotiating a transaction to unlock the Project's REE
potential for mutual benefit.

 

Previous studies at Arapuá have highlighted its potential, with rock samples
showing total rare earth oxide ("TREO") levels ranging from 1,176 ppm to 1,860
ppm, and historical laboratory analyses indicating TREO concentrations between
1,837 ppm and 4,117 ppm. These encouraging figures, coupled with the two-phase
work programme currently underway, reinforce confidence in the Project's
resource potential.

 

PVW's team brings significant experience to the table, having been involved in
the discovery and development of globally recognised REE projects such as
Browns Range (Western Australia), Nolans (Northern Territory), and Kangankunde
(Malawi). Its expertise extends from greenfield exploration to production,
including leadership at Northern Minerals. Initial analysis of Arapuá's
existing data by PVW, who already have a strong operational presence and
technical team in Brazil, led to the signing of the TCA, which will remain in
effect for two years.

 

The ongoing, fully funded REE work programme at Arapuá includes re-assaying a
large set of rock samples and drilling data to further detail the
mineralisation and potential association of REEs. PVW's team will assist in
reviewing historical data, targeting new auger drill holes to clarify
resources, and planning additional drilling for resource expansion. It will
also lend its expertise in evaluating processing methods and beneficiation
processes for REEs to substantiate the preliminary findings.

 

Brazil is emerging as a significant player in the global REE landscape, with
several high-quality projects being developed by companies including Meteoric
Resources, Brazilian Rare Earths, and Viridis Mining and Minerals, Resourceco
and PVW.

 

**ENDS**

 

For further information, please visit www.harvestminerals.net
(http://www.harvestminerals.net/)  or contact:

 

 Harvest Minerals Limited                                   Tel: +44 (0) 203 940 6625

 Brian McMaster, Chairman

 Strand Hanson Limited, Nominated & Financial Adviser       Tel: +44 (0) 20 7409 3494

 Ritchie Balmer, James Spinney

 Tavira Financial, Broker                                   Tel: +44 (0) 20 3192 1733

 Jonathan Evans

 

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