Drilling will resume at the Mia prospect, one of 11 prospects at the project, shortly with 7,500m planned before Christmas. Pic via Getty Images
Mining
New assays confirm the continuity of high-grade (>700ppm TREO) clay-hosted rare earth element (REE) mineralisation at the Mia prospect, with more drilling on the way.
Mount Ridley’s (ASX:MRD) namesake project in WA’s Fraser Range sub-basin, initially acquired for its nickel and copper sulphide potential, is now recognised as being prospective for clay REE deposits.
The 3,400km2 project is in a region shown to have high percentages of high value neodymium and praseodymium (NdPr) dysprosium and terbium, which are used in the production of permanent magnets for electric vehicles and wind turbines.
Mount Ridley’s focus has been the 9km long, 4km wide Central Mia prospect – one of 11 at the project – which it has been drilling since the July quarter.
New drill results confirm the continuity of thick, high grade and magnet REE rich mineralisation between previously announced drilling, which was drilled on 400m spacings.
These 157 new holes, drilled at tighter 100m spacings, pulled up intervals with grades frequently exceeding 1,200ppm TREO and mineralisation ranging between 6m and 41m true thickness at an average of 12m.
Best intersections include:
Mount Ridley chairman Peter Christie says these results tick another important box as the company advances the project.
“The results confirm mineralisation continuity between the drill holes,” he says.
“Other highlights achieved this year include the many high grade, thick intersections of REE mineralisation at Mia, a projected grade upgrade of approximately 160% through screening of Mia samples, and the efficacy of HCl to leach REE’s into solution.
“Drilling will resume at Mia shortly and 7,500m is planned before Christmas, with holes drilled on a 400m x 400m grid.”
Meanwhile, the company has engaged with South Australian process engineering group WGA, a company which has expertise with clay-hosted REE mineralisation.
WGA is tasked with proposing a flow sheet, test work for each of the stages, and capital and operating cost estimates for each stage.
This article was developed in collaboration with Mount Ridley Mines, 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.
