Caprice Resources (ASX:CRS) has delineated 3 new ‘priority’ rare earth element (REE) targets at multiple prospects within its Mukinbudin REE Project in Western Australia.
Ongoing soil and rock chip sampling conducted at the Hadrian’s, QC3, and Quarry prospects outlined these targets, which are additional to the 1,000m long REE soil anomaly already defined at the Gadolin prospect.
The company says it plans to begin follow-up work on these targets, as well as its next round of sampling, in the next 2 weeks. All of the sampling is aimed to delineate targets to be tested through reverse circulation drilling.
Follow-up sampling and mapping at QC3 will be combined with regional exploration to investigate new areas.
At the Hadrian prospect, results for a single sampling traverse have yielded multiple coincident results in excess of more than 1,000 parts per million (ppm) rare earth oxide (REO), with a peak value of 2,428ppm REO.
Caprice says a follow-up sampling has been completed at Hadrian, with results expected in mid-July 2023.
Results at Quarry include 2 1,100m long sampling traverses, with 20m- to 40m-spaced samples completed 300m apart over 2 programs.
The samples delineated elevated REEs on the western end of the southern traverse, with multiple more than REOs of more than 500ppm and several over 1,000ppm.
Meanwhile, at QC3, a single traverse of 680m long was completed across an area of porphyritic granite and quartz outcrop. Two-thirds of the line returned elevated REOs with a peak value of 1,576ppm REO.
Commenting on the REE discoveries, Caprice Resources Managing Director Andrew Muir says: “We are very pleased with the work to date at Mukinbudin. Each sampling program we have undertaken has enhanced the prospectivity of the project, with 4 targets now delineated.
“Each sampling program we have undertaken has enhanced the prospectivity of the project”
The next round of sampling will commence in the next few weeks, which should improve our understanding of the Hadrian’s, QC3, and Quarry prospects, ahead of drilling in the current quarter.”
Caprice adds it is ‘excited’ by the possibility of enriched REEs in granitic bodies, as evidenced by the sampling at surface at Gadolin, along with elevated REEs in deeper drilling results by peers.
The Mukinbudin Project comprises 1 tenement (E70/5939) covering 380km-square about 25km northwest of the Mukinbudin town, 250km northeast of Perth, Western Australia.
Caprice Resources is focused on its portfolio of assets with historical ‘high-grades’ and limited modern exploration, including its Island Gold Project in the Cue Goldfields and the Northhampton Project.
The company reports it had $1.1 million cash at hand at the end of the March quarter 2023. However, post-quarter end, Tranche 2 of its December 2022 capital raising was completed, with a further $300,000 of funds received, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Caprice Resources Ltd