Bindi Metals (ASX:BIM) has applied for the fourth round of the Ontario Junior Exploration Program (OJEP), seeking up to C$200,000 for planned drilling at the Schryburt Lake Project in Canada.
The company anticipates receiving news of the outcome of its application ‘shortly’.
Bindi says this upcoming drilling program follows an independent targeting study that confirmed the ‘large-scale’ potential of ‘high-priority’ drill targets within Schryburt.
The rare earths explorer reports that the targeting study revealed 13 new drill targets across the Blue Jay, Goldfinch, and Starling prospects.
Results from the 3D magnetic inversion highlight the ‘extensive’ depth potential to over 1,000m of the priority drill targets defined that are associated with surface anomalies over 500m to 1,000m of strike.
According to Bindi, the depth extent of these anomalies is characteristic of ‘large’ rare earth element-niobium (REE-Nb) deposits at the project.
Bindi Metals Executive Director Henry Renou says the results have highlighted the scale of drill targets and their potential to host ‘significant’ REE-niobium deposits.
“The 3D model has provided Bindi geologists with a clear picture of the structure of the carbonatite and the potentially mineralised zones at depth.
The review has enhanced our confidence in the drill targets, with the priority zones to be tested in the upcoming drill program, as well as many new drill targets highlighted within the review.”
“The review has enhanced our confidence in the drill targets, with the priority zones to be tested in the upcoming drill program, as well as many new drill targets highlighted within the review”
Bindi notes drill permitting is ongoing, and the company is continuing discussions with First Nations groups and the Ontario Mines Department regarding drilling access.
Bindi Metals is a copper- and rare earths-focused exploration company with projects located in tier one, ‘highly prospective, world-class’ mining jurisdictions.
As of 30 June 2023, the company had $2.28 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Bindi Metals
