Bindi Metals claims its place as a critical minerals explorer with Canadian REE and niobium play
Bindi Metals listed last year with the Biloela copper project in Queensland but is now gearing up to become a critical minerals explorer with a recent rare earths and niobium acquisition in Canada.
The company picked up the Schryburt Lake project in May, which hosts a 4.5km diameter carbonatite pipe with historical drill assays of up to 5.65% Rare Earths Oxides (REO) from very limited REE sampling that is open in all directions.
Plus, up to 1.82% niobium was returned in outcrop and trench sampling returned zones of 7.6m at 0.3% niobium that is open in all directions.
Little to no exploration has occurred since the 1970s which is why Bindi Metals (ASX:BIM) executive director Henry Renou is so keen to kick off works – and even the Ontario Geological Survey has flagged Schryburt Lake as a priority project for REE and niobium exploration.
“The Schryburt Lake project has historical rare earth and niobium occurrences hosted in a carbonatite intrusion – which is very rare and quite difficult to get your hands on – so that was one of the main driving factors that we wanted to pursue the project,” he said.
“It’s located in a great jurisdiction, Ontario in Canada,” Renou added.
Bindi is ultimately hoping to follow in the footsteps of WA1 Resources (ASX:WA1), which has enjoyed a breathless rise from 13.5c tiddler to $5.75 market darling in a touch over eight months after its big find in the West Arunta region of WA.
For context, that’s a ~4,160% gain.
“While we’re a small cap company at the moment, we’re very tightly held, we’ve only got approximately 32 million shares on issue,” Renou said.
“We IPO’d in June last year and so all this really translates to; if we make a discovery the share price will rocket up.
“We’re really trying to emulate WA1, so if we make a similar discovery that’s where we’re headed.”
While the company is still working away at Biloela, Schryburt Lake is now the cornerstone project as it looks to establish itself as a critical minerals company.
A reconnaissance mapping and rock chip sampling survey, biogeochemical program, and heli-magnetics and radiometrics surveys have already been completed at the project, with results due in the coming weeks.
“We should have consistent news flow in the next few weeks as results come in from our completed surveys,” Renou said.
The next step will be planning a drilling program.
This article was developed in collaboration with Bindi Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.