Meryllion Begins Drilling at Tasmanian Rare Earth Project, Eyes Nevada Permitting

Meryllion Resources ( (TSE:MYR) ) has issued an announcement.

Meryllion Resources has begun drilling at its ionic adsorption clay-hosted rare earth project in northeastern Tasmania, following earlier surface sampling that returned total rare earth grades of up to roughly 3,500 ppm with elevated dysprosium and terbium and low radioactive elements. The company is conducting about 400 metres of wide-spaced reconnaissance RAB drilling to shallow depths across multiple target areas, with samples to be analyzed by ALS Chemex and assay results expected within about 60 days, which could clarify the scale and quality of its rare earths potential near existing ABx Group discoveries.

In parallel, Meryllion plans to start the permitting process in the first quarter of 2026 for drilling at its Makenzie project in Nye County, Nevada, described as one of the largest untested antimony, gold and silver projects in the state. Advancing both the Tasmanian rare earths program and the Nevada polymetallic project underscores the company’s strategy to build a portfolio of critical and precious metal assets, which, if exploration is successful, could enhance its standing in the rare earths and strategic metals sectors and attract increased interest from investors and downstream users.

The most recent analyst rating on (TSE:MYR) stock is a Hold with a C$0.05 price target. To see the full list of analyst forecasts on Meryllion Resources stock, see the TSE:MYR Stock Forecast page.

Spark’s Take on TSE:MYR Stock

According to Spark, TipRanks’ AI Analyst, TSE:MYR is a Neutral.

The score is primarily constrained by very weak financial performance (no revenue, ongoing losses, and persistent cash burn, alongside rising leverage). Technicals provide some support with price modestly above key moving averages and broadly neutral momentum, while valuation is not supportive because the negative P/E reflects continued losses and there is no dividend yield.

To see Spark’s full report on TSE:MYR stock, click here.

More about Meryllion Resources

Meryllion Resources Corporation is an exploration-stage mining company listed on the Canadian Securities Exchange, focused on rare earth elements and precious and specialty metals. The company holds lease and option rights over the Makenzie antimony, gold and silver project in central Nevada, considered one of the largest untested anomalies of its kind in the state, and it can acquire up to 100% of the Westbury and Tasmanian Green Metals IAC rare earth projects in northeast Tasmania. Its Tasmanian tenements, spanning about 800 square kilometres along strike or adjacent to ABx Group’s discoveries, target ionic adsorption clay-hosted rare earths with notable dysprosium and terbium potential, positioning Meryllion in the emerging green metals supply chain.

Average Trading Volume: 103,608

Technical Sentiment Signal: Buy

Current Market Cap: C$4.15M

See more data about MYR stock on TipRanks’ Stock Analysis page.