Australian-based mineral exploration and development company Green Critical Minerals (ASX:GCM) reports it has identified a potentially ‘very large’ ionic clay rare earth element (REE) deposit following surface sampling activities at its North Barkly Project in the Northern Territory.
The results, generated by a total of 65 soil samples, confirm that the project has the potential to host a ‘very large’ ionic clay REE deposit at a shallow depth of no more than 30m.
It is believed that such a deposit would exist as a blanket underlying the surface area of the 160km long Geoscience Australia (GA) rare earths uranium trend.
The soil geochemistry sampling was undertaken during October 2022 and was conducted over the south-eastern 70km portion of the 160km long GA trend, however due to unusually persistent and heavy rainfall sampling was restricted to the most south-easterly 30km of the planned program.
Green Critical Minerals also notes that all samples gathered from this area were processed and analysed identically to the GA method and returned the same level of REEs, demonstrating a positive correlation between the 200ppm REE zone with the trend of the 160km GA 200ppm zone.
In addition, the presence of coincident REE, iron (Fe), copper (Cu), cobalt (Co), bismuth (Bi), lead (Pb), tungsten (W), tellurium (Te) and uranium (U) assays provide further support for the existence of a buried Iron Oxide Copper Gold (IOCG) source.
As of 9.40am AWST Green Critical Minerals’ share price had increased by 11.764%.
Green Critical Minerals is an Australian-based mineral exploration and development company that is focused on producing graphite for the lithium-ion battery market. The company’s North Barkly tenement is located in the Northern Territory and comprises 5 exploration licence applications, which cover a total land holding of 3,270km-square.
The project is considered prospective for REEs and is reported to have a lack of outcrops, providing support for near surface REE enrichments to exist at the tenement.
With assays from the October 2022 soil sampling program now received, the company announces that it will move forward with plans to extend the soil sampling program to the northwest early in the next dry season.
Green Critical Minerals also announces it intends to drill the MD1A IOCG target to test the laterite soil profile for clay hosted ionic rare earths, as well as for deeper base metals and gold mineralisation. Timing of this program is subject to access agreements, weather and suitable rig availability.
Images: Green Critical Minerals Ltd & iStock
