A Utah-based company has uncovered a colossal deposit of critical minerals, described as potentially one of North America’s most significant finds to date. Ionic Minerals Technology reports that assays from its Silicon Ridge project near Provo confirm the presence of 16 critical minerals, including germanium and gallium, within a halloysite-hosted ion-adsorption clay (IAC) system. This geological setup is generally easier to mine compared to traditional hard-rock methods.
The site sits less than 20 miles south of Utah’s Silicon Slopes and is notable for supplying more than 70% of the world’s heavy rare earth elements through IAC deposits, with 35-40% of China’s total rare earth production also linked to this formation. In addition to rare earths, the deposit contains lithium, rubidium, scandium, cesium, tungsten, vanadium, and niobium.
Ionic MT founder and CEO Andre Zeitoun states that mining permits are already in place and will be complemented by a 74,000-square-foot processing facility at the company’s Provo headquarters, enabling rapid development.
“The first-ever domestic, shovel-ready source for a full spectrum of critical minerals exists here, and it can be extracted with a faster, cleaner process than conventional hard rock mining,” Zeitoun said in a press release.
Initial exploratory results, conducted by ALS Chemex laboratories (ISO-certified), indicate a mix of rare earths and critical metals at a concentration of roughly 2,700 parts per million (ppm), or about 0.27%. Ionic MT notes that this grade compares favorably with Chinese IAC deposits, which typically range from 500 to 2,000 ppm. Yet the project’s confirmed critical minerals grade covers only 11% of the total resource area at a depth not exceeding 100 feet, signaling strong potential for growth.
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In recent years, the United States has repeatedly surfaced with notable critical mineral discoveries. The U.S. Geological Survey (USGS) and state-level analyses identified a vast lithium reserve in the Smackover Formation—believed to exceed nine times the IEA’s projected global lithium demand for 2030. This ancient-sea limestone formation underpins parts of Arkansas, Louisiana, Texas, Alabama, Mississippi, and Florida and could hold between 5 and 19 million tons of lithium reserves. Estimates also suggest enough lithium in surface and waste streams in southern Arkansas to cover current U.S. consumption, while the U.S. still imports more than a quarter of its lithium.
Government support and fast-tracking
Ionic MT aims to accelerate development and commercialization of this latest REE discovery. The timing aligns with a broader push by the U.S. administration to strengthen domestic rare earth supply chains through direct government investment, loans, and international agreements, reducing reliance on China. The government has already taken notable equity positions in several domestic companies involved in different segments of the rare earth supply chain.
For example, in March, the Export-Import Bank (EXIM) signaled strong interest in providing up to $553 million in financing for Rare Element Resources’ Bear Lodge Project in Wyoming, issuing a non-binding LOI. A more concrete move followed in July 2025, when the Department of Defense announced a major partnership with Nevada-based MP Materials Corp. (NYSE: MP), including a $400 million preferred stock purchase for a 15% stake and support for heavy rare earth magnet production. The arrangement also established a 10-year price floor/offtake agreement for NdPr, fueling expansion of MP’s magnet production to secure domestic defense and commercial supply chains.
Additionally, in October the U.S. government acquired a 10% equity stake in Canada’s Trilogy Metals (NYSE: TMQ) for $35.6 million, with warrants for an extra 7.5% stake. Trilogy holds half of the Upper Kobuk Mineral Projects in Alaska, containing copper and other critical minerals. The government also finalized a deal with Lithium Americas Corp. (NYSE: LAC), involving a 5% equity stake in the Thacker Pass mine in return for releasing the first $435 million of a $2.23 billion loan.
In early December, Vulcan Elements, a rare-earth magnet startup, secured a $620 million loan from the Department of Defense as part of a broader effort to boost domestic magnet production. The loan supports a planned 10,000-ton magnet facility, with the DOD receiving warrants in the company.
By Alex Kimani for Oilprice.com
