Bindi Metals (ASX:BIM) has defined 8 new rare earth element (REE) and niobium targets from a radiometrics survey at its Schryburt Lake Project in Canada.
The $5.48 million market capitalisation company reports new radiometric, magnetic, and biogeochemistry data has extended mineralisation potential at the Blue Jay, Starling, and Goldfinch prospects.
At Blue Jay, a 650m-by-600m thorium radiometric anomaly was recorded, with up to 3.6% total rare earth oxide (TREO) and 0.7% parts per million (ppm) niobium pentoxide (Nb2O5) in rock samples.
At Starling, Bindi reports a 750m-by-550m thorium radiometric anomaly was defined, with up to 5.7% TREO in drill samples.
Meanwhile at Goldfinch, 1,000m-by-800m thorium radiometric anomaly with up to 1.8% Nb2O5 and 25% neodymium-praseodymium (NdPr), as well as ‘high-grade’ scandium up to 130ppm scandium oxide (Sc2O3), in rock samples was recorded.
Commenting on the new REE targets, Bindi Metals Executive Director Henry Renou says: “These new exploration results from Schryburt continue to demonstrate the prospectivity of the Schryburt Lake carbonatite to host significant REE and niobium deposits.
“The exciting new radiometric results are significant for the project, with similar radiometric anomalies to the world-class Niobec deposit“
The exciting new radiometric results are significant for the project, with similar radiometric anomalies to the world-class Niobec deposit.”
Bindi adds the expanded zones of anomalism at the 3 deposits highlight the potential for ‘large’ REE and niobium deposits, and the discovery is considered ‘highly significant’ for the project.
A drilling contractor has been secured for an upcoming drill program at Schryburt, with drill permitting progressing ‘well’ with First Nations negotiations.
Further, the results of a hyperspectral survey are anticipated to be announced ‘shortly’, with the finalisation for the start of drilling not far away. Bindi says drilling is expected to begin this quarter.
Bindi Metals is a copper and rare earth explorer with projects ‘strategically’ located in tier-one ‘highly prospective, world-class’ mining jurisdictions with proven geological potential.
As of 30 June 2023, the company had $2.284 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Bindi Metals
