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Nimy uncovers highly promising Mt Weld rare earths look-alike in WA
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Nimy Resources (NIM) has set investors’ hearts a flutter with the revelation that it has identified a highly promising rare earths feature on its large land holding in WA.
Fresh from announcing strong drilling results from its nickel and copper exploration program at its Mons Project in WA, Nimy has released details of a nearby rare earths target which it says has key similarities to the lucrative Mt Weld rare earths deposit being mined by Lynas (LYC).
The highly prospective geological feature which has sent pulses racing at Nimy is known as a carbonatite. Put simply, this is a type of rock which can contain deposits of rare earth elements (REE) as well as a suite of other minerals such as niobium and phosphate.
Rare earths are currently rivalling lithium for investor attention, with news of exploration success sending shares in the sector through the roof.
The surging interest reflects the crucial role of rare earths in the permanent magnets which are at the heart of electric motors and wind turbines.
Investor appetite for these vital elements also stems from the fact that they are currently caught in the midst of the geo-political tug of war between the US and China, which dominates the supply of rare earths.
The push among western countries, led by the US, to establish non-Chinese sources of rare earths has provided another impetus to the explorers in the sector.
The key line for investors in Nimy’s statement on the rare earths potential at Mons is: “The Nimy Resources Mons Project carbonatite presents geophysically as similar to the Mt Weld carbonatite, a world-class producer of REEs.
“Geophysics indicate a magnetic low presenting as a core (possibly a dike) within a circular magnetic high. There are no other interpreted magnetic anomalies high or low in the vicinity”.
And Nimy Chairman Simon Lill, who is also Chairman of booming WA gold developer De Grey Mining (DEG), is well-placed to recognise rare earths potential.
He and Nimy geologist Fergus Jockel worked together at Mt Weld in the early days, when they were involved in two drilling programs.
“I was initially attracted to the feature to the west of Nimy’s tenure due to its geophysical similarities to Mt Weld,” Mr Lill said.
“To find that the ground was available and underexplored demanded that Nimy take the opportunity to pick it up. We look forward to finding out what other similarities to Mt Weld that it may contain.”
Given the potential of the carbonatite at Mt Weld and the strong investor interest in the sector, Nimy is wasting no time is ramping up exploration.
Soil sampling is already underway and samples have been sent for assaying while drilling is expected to start as soon as the work permits are in place.
This article was developed in collaboration with Nimy 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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