• Extensive depth potential of drill targets in 3D magnetics models
  • Independent study uncovers 13 new drill targets at BIM’s Schryburt Lake REE-Nb project
  • The project has striking similarities to Canada’s only niobium mine, Niobec
  • Seven targets will be prioritised for an upcoming maiden drilling program


An independent targeting study at Bindi Metals’ Schryburt Lake rare earths and niobium project in Canada has flagged the large-scale potential of drill targets at Blue Jay, Goldfinch and Starling – and identified 13 new ones.

Niobium is a super metal. According to the owner of Canada’s only operating niobium mine, Niobec, integrating $9 worth of niobium in a car can reduce its weight by 100kg and increase fuel efficiency by as much as 5%.

Shryburt Lake is shaping up to be very similar to Niobec, which is one of only three global producers of the metal also found in superconducting magnets, rockets, turbines, and medical instruments.

Bindi Metals (ASX:BIM) only acquired Schryburt Lake in August, and has already identified five new anomalies and expanded the existing Blue Jay, Starling and Goldfinch anomalies as part of a radiometric survey searching for thorium – a high percentage element in monazite minerals that are an excellent indicator of REE-niobium mineralisation.

Today, Bindi reported that specialist geophysical and geological consultants Resources Potentials – the same company instrumental in drill targeting for WA1 Resources’ (ASX:WA1) Luni discovery in WA – have undertaken an independent drill targeting exercise which found 13 new anomalies to test at Schryburt Lake.


Priority drill targets at depth

Using data from the recently acquired 50m spaced magnetics-radiometrics data, surface geochemistry and hyperspectral survey, Resources Potentials generated a 3D inversion of detailed magnetics to help understand the structure of the carbonatite and potential mineralisation at depth.

3D magnetic inversion demonstrated extensive depth potential to over 1,000m of the priority drill targets defined that are associated with surface anomalies over 500-1,000m of strike.

The results generated 17 drill targets (of which 13 are new) with seven high-priority drill targets including the  Blue Jay, Starling, Goldfinch and Blackbird targets.

“Results of the independent work have highlighted the scale of drill targets and the potential to host globally significant REE-niobium deposits,” BIM executive director Henry Renou said.

“The 3D model has provided Bindi geologists with a clear picture of structure of the carbonatite and the potentially mineralised zones at depth.

“The review has enhanced our confidence in the drill targets with the priority zones to be tested in the upcoming drill program as well as many new drill targets highlighted within the review.”


Potential for a large-scale deposit

3D inversion models are an excellent tool to provide a clear picture at depth of the structure of carbonatite intrusions and the potential feeder zones of surface mineralisation.

The modelling showed mineralisation recently identified at Blue Jay, Goldfinch, Starling and Blackbird hold large depth extents – which is characteristic of large REE-niobium deposits at Schryburt. The Niobec niobium mine in Quebec has a similar footprint to Bindi’s targets with the resource defined at surface over 600m and at depth over 800 m.

Blue Jay is a magnetic low anomaly modelled to 1,000m depth and open, coincident with an 800m wide surface thorium radiometric anomaly and rock chips sampling up to 3.6% TREO.

Goldfinch is a magnetic high anomaly modelled to 850m depth and open, coincident with a 600m wide surface thorium radiometric anomaly and rocks chips grading up to 1.8 % Nb2O5.

Starling is a magnetic low anomaly modelled to 600m depth. Previous shallow historical drilling on the prospect returned a single selected REE assay (while targeting phosphate) of 1.5m @ 5.7% TREO that remains open.

Lastly, Blackbird is a magnetic high anomaly modelled to 800m depth (open) on a rim of carbonatite intrusion, coincident with a 500m wide surface thorium radiometric anomaly and rock chips sampling up to 0.4% TREO and 0.3% Nb2O5.


Bindi Metals ASX BIM
Magnetic TMI/RTP HP100 image with new drill targets generated from data review. NB extensive zone of priority targets defined in new area within the core of the carbonatite complex. Source: BIM.


New anomalies added to maiden drill program

Eight of the new targets are from within the core of the carbonatite complex, which represents a newly identified and highly prospective area of the system.

Three high priority drill targets have been recommended for drilling from the core, along with four drill targets within the outcropping zones at Blue Jay, Goldfinch and Starling for the upcoming maiden drill program.

Bindi has now applied for the 4th round of the Ontario Junior Exploration Program (OJEP) which provides provincial government support to exploration companies to help fund critical minerals exploration.

If granted, this funding will be used for the upcoming drill program with a maximum amount of CAD$200,000 applied for.

In the meantime, drill permitting is ongoing with discussions between the company, First Nations and the Ontario Mines Department for drilling access which is progressing well.



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.