CuFe (ASX:CUF) is marching on with exploration following the return of ‘significant’ initial rare earth element (REE), niobium, and lithium rock chip results from its North Dam Project in Western Australia.
This exploration program has been designed to cover all outcropping pegmatites and narrow in on target zones with the aim of defining drill targets for the next level of exploration.
The company says early exploration has produced rock chip sample results up to 1,770 parts per million (ppm) total rare earth oxide (TREO), 43.93% niobium, 14.53% tantalum, and 3,206ppm lithium oxide.
CuFe, which has a $15.93 million market capitalisation, says the results were generated from 267 rock chips gathered from North Dam across outcropping pegmatites and weathered regolith.
To date, 40% of outcrops within the E15/1495 tenement have been investigated through rock chip sampling and geological mapping.
The results also define the presence of target zones considered anomalous for lithium oxide. These zones are supported by historical soils and auger work and are expected to be the focus of upcoming exploration works.
CuFe also notes other chips collected from a shallow stream are considered prospective for high niobium/tantalum and potentially indicate a nearby source location. This area is under further investigation according to CuFe.
“The results and speed at which our Geology team have generated these results are very pleasing, and while it’s early days, show the potential of this tenement to host deposits of a variety of future-facing minerals,” Executive Director Mark Hancock says.
“The results and speed at which our Geology team have generated these results … show the potential of this tenement to host deposits of a variety of future-facing minerals“
“There is a lot of outcrop to cover across this tenement and the team are busy on the ground gathering information to help zone in on the more prospective areas, with the aim of planning subsequent drill programs and further works.”
CuFe has interests in various projects and tenements considered prospective for copper, gold, and iron ore located within mining-friendly jurisdictions of Australia.
The company’s North Dam project is located near the townships of Coolgardie and Kalgoorlie in Western Australia.
CuFe had $3.9 million cash at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Cufe Ltd
