Australian Mines (ASX:AUZ) has discovered rare earth anomalies in stream sediment sampling at the Resende Lithium Project in Minas Gerais, Brazil.
The company reports results of up to 2,893 parts per million (ppm) and 1,999ppm total rare earth oxides (TREO).
Australian Mines, which has a market capitalisation of $12.58 million, says these drainage basins are coincident with the ritapolis granite and the anomalous TREO samples are likely to be sourced from the thick in-situ weathering profile developed over the granite body, which is known to contain the primary rare earths bearing minerals monazite and xenotime.
The company adds seven drainage basins, covering 46.5km2, returned anomalous TREO values more than 1,000ppm.
A team has mobilised to site to complete follow-up mapping and sampling with the aim of confirming the source of the TREO anomalism, its size, and economic potential, in conjunction with advancing exploration over the contiguous anomalous tin, tantalum, and tin drainage basins.
CEO Andrew Nesbitt says the new results opens the possibility of tin, tantalum, and lithium mineralisation at Resende, alongside the potential of rare earths all within 5-20km of each other.
The anomalies are proximal to, but mostly separate from, the drainage basins anomalous in tin, tantalum, and lithium.
The Resende Project comprises eight mineral right claims covering 133km2 in the Sao Joao del Rey Pegmatite Province in Brazil.
Write to Aaliyah Rogan at Mining.com.au
Images: Australian Mines
