Caprice Resources (ASX:CRS) has encountered a ‘significant’ rare earth element (REE) anomaly from reconnaissance exploration at its Mukinbudin Rare Earth Element Project in Western Australia.
The company says the anomaly was uncovered by a recent sampling program within the QC2 prospect area which demonstrates the anomaly is at least 300m long and open along strike. Rock chips and soil samples gathered have returned up to 3,761 parts per million (ppm) rare earth oxides (REOs).
Caprice reports the average heavy rare earth element (HREE) component from samples is over 19%, and that the outcrop has QC2 has a total strike length of 1.5km which remains untested.
The company notes the anomaly is also coincident with an outcropping zoned pegmatite within 1 of 3 areas being tested in the southern half of the tenement.
With exploration still ongoing, Caprice Resources announces further sampling is planned to test the remaining strike length of QC2, as well as to systematically assess other areas within the project for REE bearing pegmatites. Follow-up sampling is expected to begin next week.
Reconnaissance exploration completed to date is reported to have continued to enhance the understanding of the REE potential of the project.
Commenting on the discovery, Caprice Resources Managing Director Andrew Muir says: “This initial exploration work is highly encouraging and confirms the prospectivity of the project. Whilst, the sampling only tested 3 specific targets, to identify elevated REE in one of these is an excellent outcome.
“This initial exploration work is highly encouraging and confirms the prospectivity of the project”
The results justify follow up work to further assess QC2 to delineate drill targets, as well as continue to explore other parts of the 380km-square Project, with only 20% of the tenement having been actively explored to date.”
As of 10am AWST, Caprice Resources share price had increased by 14.63%.
Caprice Resources is an ASX-listed company focused on its portfolio of assets with historical ‘high-grades’ and limited modern exploration. The company’s Mukinbudin project is located about 25km northwest of the township of Mukinbudin, and 250km northeast of Perth in Western Australia, and comprises a single tenement which covers a total land area of 380km-square.
The project is well supported by infrastructure and access via sealed roads from Perth or Merredin, and overlies freehold properties and access to key areas which will require agreements with landholders.
Images: Caprice Resources Ltd & iStock
