Equinox Resources (ASX:EQN) has identified several areas of interest based on initial assays from phase one drilling at the Rio Negro deposit at the Campo Grnade Rare Earth Project in Bahia, Brazil.
A primary target lies in the high thorium anomaly region of the prospect.
Equinox, which has a market capitalisation of $39.52 million, is in the process of finalising “significant” hard rock targets, with phase two drilling expected to begin imminently.
Phase two drilling will employ reverse circulation to a depth of 150m pre hole. This campaign includes 27 drillholes for 4,050m, targeting areas of interest and regions with high thorium anomalies.
Managing Director Zac Komur says a drill rig is being mobilised to drill key targets uncovered from the maiden scout campaign, aimed to reach and test monazite sand and hard rock.
“Concurrently, we are also progressing with targets across Jaguaquara and Jitauna blocks at the Campo-Grande Project, together with additional target blocks identified at our Mata da Corda Project,” he says.
“This comprehensive exploration strategy is a pivotal step forward, and we are confident that further drilling will provide deeper insights.”
Initial assays from the maiden drilling campaign returned “high-grade” rare earths, including an intercept in clay of up to 6,085 parts per million (ppm) total rare earth oxide with 1,274ppm neodymium-praseodymium, and 64ppm dysprosium-terbium.
Komur says these results confirm “high-grade” clay mineralisation at the deposit and are in line with other clay intercepts in the region, that in some cases has led to “ultra high-grade” discoveries in hard rock.
Assays remain pending from 24 holes for 338m, which are expected to be received shortly.
The Roundup
– Initial assay results have returned high grade rare earths
– Assays still pending from another 24 holes for 338m with results expected soon
– Phase two drilling program to encompass 27 reverse circulation holes totalling up to 4,050m
Write to Aaliyah Rogan at Mining.com.au
Images: Equinox Resources
