Magnetic eyes potential new rare earths province at Trayning
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Magnetic Resources reckons its Trayning tenements in the wheatbelt region of Western Australia could potentially be a new rare earths elements (REE) region, after their latest batch of assays.
The company has intersected ‘significant’ thicknesses of very anomalous shallow clay hosted REE with thicker intersections of total rare earths oxides (TREO) including:
Light rare earths (LREO3) predominate over heavy rare earths (HREO4) in the anomalous zones and about 20% of the TREO are composed of the high value magnet rare earths (MREO5), particularly neodymium and praseodymium, which are used in high intensity magnets in electric motors.
Plus, critical rare earth oxides (CREO6) are present in similar amounts.
As a result of these highly anomalous results and recognising the potential for the Trayning region to be within a new REE province, Magnetic Resources (ASX:MAU) has applied for two extra tenements.
“These initial AC results and extra assays are very positive considering the broad spacing used,” MD George Sakalidis said.
“Most of these intersections are thick and start from shallow depths and are open to the East and West.
“The recognition of these prominent EW aeromagnetic highs associated with shallow clay zones within a new potential REE region has allowed Magnetic to apply for two extra tenements (198km2) with total size of the tenements being 523km2.”
The company says these early results are “very encouraging and compare favourably” with other clay hosted REE mineralisation currently being explored by Australian explorers, like:
“The thicknesses are substantial, and the grades compare favourably with existing REE ASX companies, including 52m at 1343ppm TREO from 12m in MTRAC013,” Sakalidis said.
Further drilling is planned when cropping of this farmland is complete, towards the end of the calendar year.
In addition, Magnetic is planning preliminary test work on drill samples to examine the leaching characteristics and mineralogy of the REE enrichments.
This article was developed in collaboration with Magnetic 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.