EQN sets sights on REE drilling at Mata da Corda

Drilling access granted across Patos de Minas and Lago Formosa prospects
Auger activity will be conducted prior to the mobilisation of RC drill rigs to test targeted areas
Additional surface sample results are expected from the original surface sampling program in late July

Special report: With land access secured at the Patos de Minas and Lagoa Formosa prospects, Equinox Resources is set to begin drilling at the Mata da Corda project in Brazil.

Brazil is picking up steam as the new hotspot of rare earth discoveries, with super high grades being unearthed across the South American country.

Equinox (ASX:EQN) itself has assembled a huge 1760km2 landholding in the emerging Bahia State’s Rocha da Rocha rare earths district for its Campo Grande project and also owns 974.98km2 of prospective ground at the Mata de Corda project.

Mata de Corda sits within the Alto Paranaíba Alkaline province in Minas Gerais State and represents a rich, early-stage ionic clay hosted rare earth opportunity.

Over 30km2 of the project area has been sampled to date, returning >2,000ppm total rare earth oxides (TREO) in clays at surface including up to 5,024ppm TREO.

Further progress has been made towards firing up the company’s own auger drill rigs for use across the Patos de Minas and Lago Formosa prospects after obtaining an environmental licensing waiver from the secretary of State for Environment and Sustainable Development of Minas Gerais.

Drill ready targets represent highest-grade sample areas

EQN purchased its own rigs to optimise costs, reduce wait times and allow speed to market with results.

Drilling targets have been prepared based on the highest-grade surface sample areas across the Mata da Corda Formation with additional surface sample results expected from the laboratory in late July.

Equinox Resources (ASX:EQN) — TREO sample results at Mata de Corda. Pic: Equinox Resources

It is expected the results may highlight additional high-grade drill targets across the landholding.

The company is now also working on a blanket waiver for drilling across the entire project area.

Fast-tracking drilling campaign

“We are transitioning from strategic planning to the verge of commencing drilling operations at our district-scale Mata da Corda Project,” EQN managing director Zac Komur says.

“The outstanding results achieved from our surface sampling program of up to 5,024ppm TREO and with an area of over 30km2 with results greater than 2,000ppm TERO outlined the need to fast-track a target drilling campaign.

“We have purchased our own auger drill rigs which not only provides us with greater flexibility but also significantly reduces our costs, wait and operating times,” he says.

“Our commitment to speed is equally matched by our dedication to excellence and doing things the right way.”

Drilling plan

EQN’s Phase 1 drilling campaign involves drilling priority areas up to a depth of 20 metres, with the aim of achieving rapid sample turnaround to substantiate the high-grade surface samples at depth.

This activity will be conducted prior to the mobilisation of the RC drill rigs.

Phase 2 is in the final stages of securing a drilling contractor in the region to initiate a maiden RC drill campaign across our high-grade prospects, covering a total area of approximately 43.20km2.

Drilling program will be spaced at 400 x 400 metres, with additional holes added over high-grade surface sample results exceeding 3000ppm.

This phase of the drilling program aims to achieve depths of up to 60m.

This article was developed in collaboration with Equinox Resources, 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.