Perpetual Resources Finds High-Grade Rare Earth Elements at Brazil Project; Shares Up 13%

Perpetual Resources (ASX:PEC) discovered high-grade rare earth elements at surface and subsurface at the Raptor project in Brazil, indicating potential for ionic absorption clay-hosted deposits, according to a Friday filing with the Australian Securities Exchange.

The company's initial shallow due diligence drilling program revealed high-grade total rare earth oxide intersections of up to five meters at 5,591 parts per million total rare earth oxides, with neodymium-praseodymium oxides accounting for up to 35% of the total TREO assemblage across multiple project areas, the filing said.

Planning is underway for a data review across the project as well as a follow-up drill program, according to the filing.

Shares rose nearly 13% in morning trade.

Price (AUD): $0.01, Change: $+0.00100, Percent Change: +12.50%