Meryllion Resources Corp. announce that the maiden ionic rare earth drilling campaign in north-east Tasmania has been granted permits required for the exploration drilling on EL20/2022. MYR's flagship iREE project comprises a series of strategic tenements that are immediately adjacent the currently identified ionic rare earth resources.

MYR Geologists have undertaken exploration reconnaissance programs to assist in developing targets for the drilling program. Samples from the easternmost tenement (WS008 series) were selected for ALS analysis using lithium borate fusion Inductively Coupled Plasma Mass Spectrometry (ICP-MS) (ALS Code ME-MS81). MYR Geologists are currently working with the drilling team to prepare for the upcoming Drilling Campaign which will be ready to commence after the Winter Season.

The Project is hosted in highly sought rare earth-rich ionic adsorption clay hosted deposits comprising Jurassic Dolerites and Basalts and provide significant upside potential for economic rare earth magnet metals. Globally, most rare-earths are sourced from hard-rock mines. These typically require large, costly processing plants and a significant lead time to reach production.

A less common source of rare earths is ionic adsorption clay (IAC) deposits. Historically, these have only been mined in southern China. A major advantage of IAC deposits is that the rare earths can be extracted from the clay via a simple leaching process.

Secondly, they often exist at shallow depth. These advantages enable a project to be developed rapidly and at lower cost. Furthermore, IAC deposits are relatively richer in the rare earths needed for permanent magnets, and they typically contain low concentrations of radioactive elements such as uranium and thorium.