ASX-listed Bubalus Resources (ASX:BUS) reports it has completed the initial phase of exploration for rare earth element (REE) mineralisation at its 100% owned Nolans East Project in the Northern Territory.
Bubalus Resources notes that both surface and rock chip samples were taken from a potential REE anomalous area with the aim of better understanding historical anomalous results, as well as trialling different exploration techniques.
The recently completed exploration was conducted on a target area that was previously sampled by the Northern Territory Geological Survey (NTGS) and returned 2 REE anomalous rock chip samples which boasted neodymium-praesidium (NdPr) grades of 58ppm to 63ppm NdPr.
These REE values were returned from Total Rare Earth Oxide (TREO) values of 288ppm and 274ppm respectively.
Bubalus also notes that the dominant lithologies observed were felsic and mafic gneisses containing a large number of pegmatite sills, however a more detailed analysis will be possible once analytical results are received in mid-January.
It is reported that once these results are in hand, the company will move forward with the designing of the next phases of exploration, which are currently aimed for implementation at the start of the dry season in February and March next year.
In addition, the completion of REE exploration at Nolans East comes following the commencement of desktop targeting at the company’s Coomarie Dome REE Project, located in the fast emerging REE province of Tanami, located adjacent to the Northern Territory and Western Australian border.
Bubalus Resources is an ASX-listed company that is focused on the delivery of growth and value for its shareholders through achieving exploration success across its 4 Northern Territory and Western Australian-based project tenements. The company’s Nolans East tenement is located only 15km east of Perth-based, REE explorer Arafura Rare Earths (ASX:ARU) 56 million tonne NPV $1.011 billion light rare earth deposit in the Northern Territory and covers a total land holding of 380km-square within the Arunta Province.
The project boasts excellent access along the Stuart Highway and is host to structural and geological ‘plumbing’, which provides a key conduit to the formation of large scale rare earth deposits.
Other tenements held within the company’s arsenal include the Amadeus, Pargee and Coomarie Projects, which are considered prospective for additional REE and manganese mineralisation respectively.
Images: Bubalus Resources Ltd
