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Drill Results Routine +

Meryllion Resources Announces Promising Rare Earth Assay Drill Results in Tasmania

Shallow REE drill results confirm geological theory, but severe liquidity constraints and a going concern warning dominate the investment thesis.

By The Northwire Desk — AI Analysis Jun 23, 2026 · 07:31 MYR · 0.03 Meryllion Resources Corporation
Executive Summary
  • Meryllion Resources announced promising assay results from its initial shallow scout drilling program at the Russell's Plains ionic adsorption clay (IAC) hosted rare earths project in northeastern Tasmania.
  • Drilling highlights include intercepts up to 879 ppm TREO, with five of twelve holes exceeding the >350 ppm TREO-CeO2 cut-off grade typical for Australian IAC deposits.
  • Scandium mineralization was identified in several holes, with a maximum grade of 164 ppm Sc2O3.
  • The company plans a follow-up deeper drilling program at Russell's Plains and adjacent untested targets, sourcing a new drill rig for deeper ground penetration.
  • Adjacent ABx Group holds a JORC compliant resource of 89Mt @ 844 ppm TREO, providing regional geological context.
Material Impact
  • The results validate the company's geological theories and confirm the presence of a targeted REE system at Russell's Plains.
  • However, the company is in an exploration-stage with zero revenue, a net loss of $640,335 for the six months ended March 31, 2026, and critically low cash reserves.
  • The June 1, 2026 financing closed for $1.017M, providing immediate operational runway, but the going concern warning remains active.
  • The news is incremental to the exploration phase and does not alter the fundamental capital structure or near-term survival risk. It confirms prior expectations rather than introducing a transformative catalyst.
MYR · Price
Company Overview
  • Meryllion Resources Corp. is an exploration-stage junior focused on ionic adsorption clay (IAC) hosted rare earths in Tasmania and gold/antimony/silver in Nevada.
  • The company relies entirely on equity financing to fund exploration activities and general working capital.
  • No revenue has been generated, and the business model is purely speculative, dependent on successful resource definition and future capital markets.
Read the original news release →

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