Chase Mining Corporation (ASX:CML) reports it has been granted the first 3 exploration licences (ELs 33128, 33129, and 33130) that comprise the Barkly North project in the Northern Territory.
These licences cover the eastern half of the 160km long rare earths trend with accompanying high values in supporting elements, notably niobium, chrome and uranium revealed by the Geoscience Australia (GA) conducted North Australian Geochemical Survey.
CML believes that this ‘extraordinary’ trend in stream sediment anomalism is caused by a previously unrecognised ionic clay hosted rare earths deposit
CML believes that this ‘extraordinary’ trend in stream sediment anomalism is caused by a previously unrecognised ionic clay hosted rare earths deposit. The project area is covered by lateritised sediments with strongly developed clayey soil profiles, and the trend bears no relationship to the underlying basement rocks, or to magnetic features.
Ionic clay rare earths deposits have advantages over hard rock rare earth deposits. They are cheaper to mine and process, and the waste material does not present problems with toxic elements.
Much of the world supply is from clay hosted deposits.
CML proposes to firstly conduct more surface sampling throughout the project area to better define and identify the sources of the GA reported rare earths.
The field program is planned to take place during the next 3 months, prior to the start of the stormy season late in the year.
It is anticipated that the sampling results will allow Chase to design a series of shallow drilling traverses to take place during the drier months of 2023.
Magnetic and gravity targets for base metals within the ELs will also be depth modelled.
Images: Chase Mining Ltd
