DeSoto Resources Clarifies Previous Announcements on Rare Earths Project and Exploration
DESOTO RESOURCES LIMITED (DES) Share Update July 2024 Tuesday 9th
DeSoto Resources Issues Correction to Previous Announcements
DeSoto Resources Limited (ASX:DES) has issued important corrections to its recent announcements concerning its high-grade rare earths project and the 2024 exploration season in the Northern Territory.
Instant Summary:
- Retraction of cautionary statement regarding Spectrum REE-Au-Ag mineralisation.
- Clarification that no new exploration results were reported on 1 July 2024.
- Historical results from 29 May 2024 are considered accurate.
Correction Details
DeSoto Resources Limited (ASX:DES), a company focused on rare earths and mineral exploration, has issued corrections to its previous announcements. The first correction pertains to the announcement made on 29 May 2024 titled 'Acquisition of High-Grade Rare Earths Project in the NT'. The company has retracted the last sentence under the header 'Cautionary Statement' on page 15, which stated that the results were not guaranteed to be representative of the Spectrum REE-Au-Ag mineralisation until further drilling and sampling were conducted.
DeSoto Resources now adopts the historical results reported as accurate and advises investors not to rely on the retracted cautionary statement for their investment decisions.
Exploration Season Clarification
The second correction addresses the announcement made on 1 July 2024 titled '2024 Exploration Season Underway in the Northern Territory'. The company clarifies that no new exploration results were reported in this announcement, and it is not aware of any new information. All historical results were previously reported on 29 May 2024.
Competent Persons Statement
The information in these reports related to exploration results is based on and fairly represents information prepared by Ms. Bianca Manzi, an employee of DeSoto Resources and a member of the Australian Institute of Geoscientists. Ms. Manzi has sufficient experience relevant to the styles of mineralisation and types of deposits under consideration to qualify as a Competent Person as defined in the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves. She consents to the inclusion of this information in the form and context in which it appears.
The corrections issued by DeSoto Resources are crucial for maintaining transparency and investor trust. The retraction of the cautionary statement regarding the Spectrum REE-Au-Ag mineralisation could positively impact investor confidence, as the historical results are now considered accurate. However, the clarification that no new exploration results were reported might temper expectations for immediate new findings.
Investor Reaction:
Initial reactions from investors and analysts have been mixed. Some appreciate the transparency and correction of previous statements, while others are cautious about the lack of new exploration results. The overall sentiment appears to lean towards a wait-and-see approach as the company progresses with its exploration activities.
Conclusion:
Investors should continue to monitor DeSoto Resources' announcements closely for any new developments in their exploration projects. The company's commitment to transparency and accuracy in reporting is a positive sign, but the lack of new exploration results may require a cautious approach.