Equinox Resources (ASX:EQN) is set to launch a drilling program across target areas at the Mata da Corda Rare Earth Project in Minas Gerais, Brazil.
Priority targets at the project have been granted environmental authorisation from the Secretary of State for Environment and Sustainable Development of Minas Gerais.
Equinox, which has a market capitalisation of $36.43 million, says the program will involve drilling priority areas up to 20m depth, aimed at achieving rapid sample turnaround to substantiate the surface samples at depth.
The second phase of drilling is in the final stages of planning, with the company securing a drilling contractor in the region to initiate a maiden reverse circulation drilling program across its “high-grade” prospects.
Phase two aims to achieve depths up to 60m.
Managing Director Zac Komur says results from surface samples are returning up to 5,024 parts per million (ppm) total rare earth oxide (TREO), and with an area of over 30km2 returning results greater than 2,000ppm TREO, it outlines the need to expedite a target drilling program.
“We have purchased our own auger drill rigs, which not only provides us with greater flexibility, but also significantly reduces our costs, wait, and operating times and our ability to get the samples to the laboratory in a timely manner,” he says.
“We are excited for the next stages of work at Mata de Corda as we aim to uncover a high-grade ionic rare earth element clay deposit.”
The drilling targets have been prepared based on the highest grade surface sample areas across the Mata da Corda formation.
Additional surface sample results are anticipated from the laboratory in late July. Further results will also highlight any additional targets across the 947.98km2 landholding.
The Mata de Corda and Campo Grande projects cover a combined 2,550km2 area. Mata de Corda is considered prospective for ionic clay-hosted rare earths deposits in the State of Minas Gerais, in Patos de Minas, Brazil.
Write to Aaliyah Rogan at Mining.com.au
Images: Equinox Resources
