Desert Metals (ASX:DM1) has confirmed a ‘significant’ rare earth (REE) discovery at its Innounendy Project located in the Narryer Terrane in Western Australia.
The company reports that the first assay results from the initial 1,128m of a 12,745 aircore and reverse circulation (RC) drilling program have been received and confirm the presence of thick and continuous REE mineralisation lying close to surface.
Desert Metals notes that there are indications of a potentially significant mineralised system.
Assays remain pending for a further 11,617m which will be released as received.
The company’s share price had skyrocketed by 34.939% to $0.560 as of 10am AWST.
Addressing the results, Desert Metals Managing Director Rob Stuart commented: “This is a great result for the company to confirm a significant rare earth discovery at an early stage in the exploration programs at the Innouendy Project.
“This is a great result for the company to confirm a significant rare earth discovery at an early stage in the exploration programs”
The mineralisation assayed to date is showing encouraging grades over significant widths from close to surface. The drill program extends over a 20km area, so we look forward to seeing just how large this system becomes as the remaining 11,000m of assays are returned over the coming weeks.
Once all assays are compiled, we intend to return to the field as soon as possible to execute a more expansive drill program to test the extent of this exciting discovery.”
Assays received from the first 1,128m of the recent 12,745m drilling program include the following new outstanding Total Rare Earth Oxide (TREO) intersections:
- 21m @ 1176ppm from 4m (incl 12m @ 1490ppm) hole 136
- 8m @ 2734ppm from 24m (incl 3m @ 4104ppm) hole 80
- 17m @ 1347ppm from 28m (incl 8m @ 2085, incl 4m @ 2791) hole 130
TREO intersections within the clay appear to be thick and relatively continuous from the limited results received.
Rare earths are used in everything from glass manufacturing, industrial catalysts, and lighting, to electric vehicles, wind turbines, and aircraft engines, among other uses.
Write to Adam Orlando at Mining.com.au
Images: Desert Metals Ltd
