Corella Resources (ASX:CR9) is kicking off its 2024 rare earths and pegmatite drilling programs next month across several targets within its tenure in the Tampu region of Western Australia.
The programs will comprise aircore and reverse circulation drilling, with between 12 to 20 holes.
Drilling contractor Westside Drilling has committed to drill for equity, totalling 50% of the costs for the program. Drilling costs are capped at $30,000 at an issue price of $0.05 per share, with final drill costs determined once complete.
Corella Resources says two styles of targets have been interpreted in the tenements using field observations, sampling, high resolution geophysics, electromagnetic surveys, and hyperspectral satellite data.
The company adds potential for rare earths to exist within clays located in a large-scale paleochannel draining to the northwest along with multiple generational and directional clusters of pegmatites.
CEO Jess Maddren says these will be the first holes ever drilled in the Tampu region, specifically targeting rare earths and pegmatites.
“In an area that was previously mapped and interpreted as just granite, our lead up fieldwork has demonstrated that the region hosts numerous targets for rare earth elements and pegmatites,” Maddren says.
“The newly flown high-resolution geophysics has assisted the target generation greatly and ties in well with the recent soil and rock chip sampling assay results.
“The Tampu region has a lot of geological complexity that has not been previously investigated so look forward to our maiden rare earths and pegmatite program and the potential to make a new discovery.”
On 16 August 2024, Corella Resources secured approval of an exploration tenement that covers 151km2. The newly granted tenement adds to the existing wholly owned and regional scale Tampu footprint, covering 1,922km2 held across six granted exploration tenements and two exploration licence applications.
Write to Aaliyah Rogan at Mining.com.au
Images: Corella Resources
