Air Core (AC) drilling at Indiana Resources’ Minos Rare Earth Element (REE) Prospect within its Central Gawler Craton Exploration Project (CGCP) in South Australia has flagged a new REE discovery extending 1.2km south from the Minos trend.

Notably REE clay hosted intersections include:

  • 23m at 1,373ppm TREO from 32m (LLAC081) including 8m at 638ppm MREO from 37m;
  • 17m at 1,619ppm Total Rare Earth Oxides (TREO) from 64m (LLAC082) including 14m at 509ppm Magnetic Rare Earth Oxides (MREO) from 67m; and
  • 23m at 734ppm TREO from 34m (LLAC080) including 3m at 1,047ppm TREO from 48m.

MREOs typically include neodymium, praseodymium, dysprosium and terbium, which are critical for permanent magnets used in electric vehicles and wind turbines.

Results from the remaining holes are expected in late February.

Potential for a material extension

The new zone’s high-grade MREO (>300ppm) horizontal layer is similar to the northwest end of Minos.

“I am delighted that these initial REE assay results have returned excellent grade clay hosted TREO within a 23m thick zone, demonstrating the potential for a material extension to Indiana’s Minos REE Prospect,” Indiana Resources (ASX:IDA) CEO Richard Maish said.

“The results also identify an additional, horizontal high grade MREO layer confirming REE remobilisation within the weathering profile.

“I look forward to receiving results from the remaining 69 holes which were designed to extend/infill drill Indiana’s Minos REE Prospect and provide material for initial metallurgical test work.”

The company plans to conduct Phase 2 AC drilling at Minos in late February/early March 2023.

 

 

 

This article was developed in collaboration with Indiana 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.

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