Large Critical Minerals Deposit Discovered In Utah

Core Insights - A Utah company, Ionic Minerals Technology, has discovered a significant deposit of critical minerals, potentially one of North America's most important finds to date [1] - The Silicon Ridge project contains 16 critical minerals, including germanium and gallium, within a more easily extractable ion-adsorption clay (IAC) system [1][3] Company Overview - Ionic MT is based in Provo, Utah, and has mining permits in place for the Silicon Ridge project [3] - The company plans to utilize a 74,000-square-foot processing facility to facilitate rapid development of the mineral deposit [3] Geological Significance - The IAC geological formation in Utah supplies over 70% of the world's heavy rare earth elements and 35-40% of China's total rare earth production [2] - The deposit also includes lithium, rubidium, scandium, cesium, tungsten, vanadium, and niobium [2] Mineral Concentration - Initial assays indicate a concentration of approximately 2,700 parts per million (ppm) or 0.27% of rare earths and critical metals [4] - This concentration is favorable compared to Chinese IAC deposits, which typically range from 500 to 2,000 ppm [4] - The confirmed critical minerals grade is based on only 11% of the total resource area, suggesting significant potential for expansion [4] Industry Context - The U.S. has recently made notable discoveries in critical minerals, including a large lithium reserve in Arkansas, which could contain between 5 and 19 million tons of lithium [5] - The U.S. Geological Survey estimates that there is enough lithium in southern Arkansas to meet current U.S. consumption needs, highlighting the country's reliance on imports for over 25% of its lithium [5]