Asra Minerals (ASX:ASR) has uncovered a ‘high-value’ rare earth element (REE)-dominant deposit from drilling at the Yttria discovery within its flagship Mt Stirling Project in Western Australia.
The discovery, which follows the completion of 74 reverse circulation (RC) holes in the area, highlights the presence of the deposit over the first 2.5km strike length at Mt Stirling. Drilling results have also returned ‘exceptional’ heavy rare earth-rich intervals averaging a 57% HREO/TREO (heavy rare earth oxdie/total rare earth oxide) ratio.
These results represent the final batch of assays to be returned from the drilling program.
Asra reports that the results returned to date also demonstrate ‘outstanding’ near-surface grades up to 2,714 parts per million (ppm) TREO so far over a 2km width, with mineralisation remaining open in all directions.
The company notes results highlight pervasive scandium (Sc2O3) enrichment throughout the Yttria profile, averaging 65ppm Sc2O3 and mineralised to end of hole, with numerous thick intersections above 100ppm Sc2O3.
Additionally, the REE corridor at Mt Stirling demonstrates ‘extensive’ areas yet to be drill-tested along a further 20km strike.
Meanwhile, Asra flagged a standout REE basket price of US$161/kg on Yttria mineralised zones greater than 200ppm TREYO.
New REE results include hole MSC0449 with 11m @ 581ppm TREO from 17m; hole MSC0423 with 7m @ 533ppm TREO from 12m; hole MSC0409 with 7m @ 520ppm TREO from 2m; and hole MSC0400 with 13m @ 451ppm TREO from 15m.
All up, the drilling work comprised 384 RC holes for 9,542m and was conducted on 100m x 50m spacing, providing the opportunity to categorise much of the mineral resource into the ‘high-value’ indicated and measured JORC code categories.
With final assays received, Asra Minerals announces it will aim to accelerate the evaluation of the Yttria Rare Earth deposit, as these rare earth metals are currently in high demand due to the rapidly expanding electric vehicle (EV) and wind turbine-driven magnet economy.
Asra announces it has also begun orebody modelling and REE resource evaluation ahead of metallurgical testwork scheduled to begin in July.
Addressing the results, Asra Minerals Managing Director Rob Longley says: “We’re thrilled that these consistent near-surface results of high-value rare earth oxides and scandium are further raising Yttria’s potential value. Our database now includes geochemical ratio flags, enabling us to identify and prioritise ionic portions of the system for Metallurgical testwork.
With nearly 400 drillholes completed across Yttria on 100x50m and 50x50m centres, the data and met work will provide a very comprehensive picture of the mineralisation, and we anticipate this will allow JORC classifications to be pushed up into the highest-value indicated and measured categories.
“We’re thrilled that these consistent near-surface results of high-value Rare Earth Oxides and Scandium are further raising Yttria’s potential value”
Modelling and met work are interactive and complementary processes. Key parameters derived from both will greatly assist our exploration team to identify extensions of the REE horizons across Mt Stirling and our new Kookynie West project to the south.”
Asra Minerals is an ASX-listed company actively developing gold, lithium, and REE projects within the Eastern Goldfields mining jurisdiction of Leonora, Western Australia.
The company’s Mt Stirling Project is located about 240km north of the township of Kalgoorlie in Western Australia and hosts the emerging Yttria clay-hosted rare earths regolith deposit.
Asra Minerals had $1.8 million cash on hand at the end of 31 March 2023, as stated in its latest quarterly report released on 28 April 2023. This is on top of a $1 million investment in Loyal Lithium (ASX:LLI).
Write to Adam Drought at Mining.com.au
Images: Asra Minerals Ltd
