The company, which floated last March off the Mt Weary and Monal gold and Rawlins copper-gold projects, has been running the ruler over additional opportunities in Australia and internationally over the past several months.

 

That process has led it to option the early-stage Odyssey REE project within the Red Wine intrusion complex, Central Labrador province for A$40,000 cash, 300,000 shares and a promise to spend at least $25,000 on exploration.

 

It can trigger the option once it has spent $150,000 by paying the vendors - Sans Peur Exploration Services and its principal, geologist Tyrell Sutherland - a further $40,000 and issuing another 1.2 million shares. 

 

MPG executive chair Travis Schwertfeger said MPG's team had 'significant ' North American experience, and was attracted to Odyssey's extensive but untested surface anomalism that has returned up to 9.3% total rare earth oxide.

 

Prior work has defined two trends: the circa 2.6km-long Mann 2 and the 1.2km-long Michelin corridor some 2km to the north.

 

Sampling has confirmed the presence of neodymium-praseodymium at up to 1.4% at Mann 2.

 

The Red Wine district is also known to host niobium and beryllium, with a Canadian resource at Two Tom, 20km from Odyssey, of 30.6Mt at 1.18% TREO and 0.26% niobium.

 

Schwertfeger said Odyssey offered walk-up drill targets with bulk tonnage potential.

 

MPG aims to review satellite imagery and complete channel sampling and rock chip sampling to refine drilling locations. 

 

The junior has around $4 million cash remaining from its $5.5 million initial public offer, and described Odyssey as ‘complimentary' to its existing Australian assets.

 

It has completed a maiden drilling campaign at Mt Weary, and geophysical and geochemical surveys elsewhere.

 

MPG, which raised at 20c, has seen its shares trade at 15.5-57c over the past year.

 

The stock was up 20% this morning at 30.5c, valuing it at $12 million.