The Government of Greenland has approved the transfer of a mineral exploration license for the Sarfartoq neodymium-praseodymium rare earths project to Greenland Mines Ltd (NASDAQ: GRML).
The approval, granted under Section 69(1) of the Greenland Mineral Activities Act, covers the MEL 2020-32 license and satisfies a regulatory condition for Greenland Mines' acquisition of the Sarfartoq project. The deposit, located in southwest Greenland, is part of the Sarfartoq Carbonatite Complex and contains a core ST1 zone with neodymium-praseodymium concentrations ranging from 25% to 40% of total rare earth oxides.
Greenland Mines operates both a mining division and a biotech division, with the former focused on the Skaergaard Project in southeast Greenland and the Sarfartoq project. The company has conducted over 15 years of exploration and more than 23,000 meters of drilling at Sarfartoq, supported by an existing 20-person camp and two drill rigs on site.
Dr. Bo Møller Stensgaard, President of Greenland Mines, stated that the approval represents a fundamental milestone for the company and the future of the Sarfartoq project. The mineral resources referenced are not mineral reserves and lack demonstrated economic viability, while historic estimates have not been verified by a current Qualified Person.
The approval follows Greenland Mines' previously announced plans to acquire the Sarfartoq project, a rare earths-focused asset in Greenland's mining sector.
