Gold and base metals explorer Caprice Resources (ASX:CRS) has increased its landholding at the Mukinbudin Rare Earth Element (REE) Project in Western Australia by 52% through 2 tenement applications.
This news comes after the company identified a new rare earths prospect through rockchip sampling. Dubbed Colosseum, the prospect spans at least 500m, and samples from the area have returned a peak value of 5,068 parts per million (ppm) (0.5%) total rare earth oxide (TREO).
In fact, of the 20 rock chip samples from the prospect, 13 have returned values greater than 1,000 ppm TREO.
Caprice says with these consistent results, the new prospect is considered a walk-up target for the company’s pending drill program.
Meanwhile, follow-up soil sampling at the Hadrian’s and QC3 prospects has confirmed REO anomalism. At Hadrians, the anomalism has been extended to over 3km, with peak values of 2,812 ppm TREO, and Caprice says it remains open.
Caprice says its next phase of exploration is aimed to firm up targets ahead of the maiden drilling program. With the approval processes ‘well underway’, drilling is planned for this quarter.
Commenting on the exploration work, Caprice Resources Managing Director Andrew Muir says: “Exploration at Mukinbudin continues to deliver outstanding results, with the delineation of a 3km long REE soil anomaly at Hadrian’s and the identification of the high-grade Colosseum prospect via regional rockchip sampling.
Combined with the +1km Gadolin prospect, Mukinbudin is emerging as a very promising REE target. Given the success to date, we were very pleased to be able to lodge applications for 2 new tenements, which significantly boosts our landholding in this emerging area to almost 600km-square.
“Exploration at Mukinbudin continues to deliver outstanding results”
With applications well advanced for RC drilling of both Gadolin and Colosseum, we look forward to systematically testing the 2 most significant anomalies delineated to date in this exciting project.”
The Mukinbudin REE Project now covers 582km-square thanks to the 2 new tenement applications, and it’s located 25km northwest of the town Mukinbudin, near Perth, Western Australia.
Caprice Resources is an ASX-listed gold and base metals exploration company based in Western Australia. The company is focused on its portfolio of assets with historical ‘high-grades’ and limited modern exploration, including the Island Gold Project in the Cue Goldfields and the Northampton Project.
As of 30 June 2023, the company had $686,000 cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Caprice Resources