Australian Mines (ASX:AUZ) has uncovered a second exploration target that is considered prospective for niobium and rare earths at the Jequie Rare Earth Project within the Bahia state, Brazil.
The $19.21 million market capitalisation company reports an airborne radiometric thorium anomaly, contained within the licences, is 12km in length and 2.5km in width.
Rock chip and soil samples have been collected from different outcrops and areas that lie on the Jequie project area and will be analysed with a Laser Induced Breakdown Spectroscopy (LIBS) device.
The samples, which have been above-background results for rare earths, will be sent to a commercial laboratory for assaying. Results are expected to be returned in about 40 to 60 days.
Australian Mines says given the ‘encouraging’ results from the initial reconnaissance program so far, the company is progressing surface soil and outcrop rock chip sampling to prioritise this target to a drill-ready status.
Chief Executive Officer (CEO) Andrew Nesbitt says: “The target has the geological setting to potentially host significant rare earth element mineralisation, and we are looking forward to the next phase of exploration.”
Today (21 February 2024), Australian Mines’ share price spiked 35.29% to $0.023 as of 11.55am AEDT.
Australian Mines is a mineral explorer focused on battery and critical minerals in Australia.
As of 31 December 2023, the company had $3.861 million cash and cash equivalents at hand, according to its latest quarterly report. These amounts do not include the second tranche placement of $934,892 which was received in January 2024.
Write to Aaliyah Rogan at Mining.com.au
Images: Australian Mines
