Encounter Resources (ASX:ENR) has identified new areas of niobium-rare earth elements (REE) mineralised carbonatites within its Aileron Project in Western Australia.
This discovery comes from a reverse circulation (RC) drill program conducted at the Green and Emily targets in the project area, with 2 RC holes intersecting carbonatites that are ‘variably anomalous’ in niobium and REE at the Green target.
At the Emily target, RC drilling intersected carbonatites at 50m depth in 3 holes. These carbonatites were variably mineralised in niobium-REE to the end of the hole.
More drilling is now planned at Emily for November this year.
Meanwhile, at the Green target, Encounter drilled 7 holes on an 800m-to-1200m line spacing, and 2 holes on the easternmost drill line struck carbonatites anomalous in niobium and REE.
The northeast mineralised trend in this area remains open to the east.
Encounter, which has a market capitalisation of $118.65 million, is planning an additional heritage survey to be completed early in 2024 at the Green target.
This survey will support drill testing of the mineralised trend and interpreted intrusive body.
Assays from the RC drilling at both targets are expected between December 2023 and January 2024.
Following today’s announcement, Encounter Resources’ share price climbed 15% to $0.34 as of 12:45pm AEDT on 31 October.
Encounter Resources Managing Director Will Robinson says these new carbonatites were intersected in the first phase of drilling conducted in the southern part of Aileron.
“The targeting models used in the West Arunta are evolving rapidly and are delivering an extraordinary success rate in drilling niobium-REE-mineralised carbonatites.
The Green carbonatite intersections are a potential extension of an established northeast-orientated mineralised trend that is open to the east towards a large circular magnetic feature.
Emily is a new mineralised carbonatite that was targeted based on recent learnings from RC drilling in other parts of Aileron and a credit to our highly credentialed exploration team.”
“The targeting models used in the West Arunta are evolving rapidly and are delivering an extraordinary success rate in drilling niobium-REE-mineralised carbonatites”
The Aileron Project covers 1,765km-square and lies in the West Arunta region of Western Australia.
Encounter Resources is an Australia-based mineral explorer focused on discovering ‘major’ copper and critical mineral deposits.
As of 30 September 2023, the company had $9.4 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Encounter Resources
