Critical minerals explorer Leeuwin Metals (ASX:LM1) has uncovered a rare earth element (REE) anomaly from an initial soil sampling program at its Gascoyne Lithium (Li)-REE Project in Western Australia.
The company, which has a $24.39 million market capitalisation, says the results were generated from 1,000 soil samples gathered from the project and demonstrate ‘highly anomalous’ concentrations of cerium (Ce), lanthanum (La), and yttrium (Y) within the E09/2650 tenement over 500m of strike.
It is believed this anomaly is open to the northwest and southeast, and it has been interpreted to be coincident with a largely untested magnetic high.
As a result, Leeuwin announces these results provide support for additional fieldwork scheduled for September, driving further exploration and assessment of the project’s potential for REE and lithium
The exploration work was designed to expand existing areas of anomalism, as well as test new areas, and was undertaken in conjunction with Leeuwin’s ‘extensive’ nickel and lithium exploration in Manitoba, Canada.
Addressing the results, Leeuwin Metals Managing Director Christopher Piggott says: “The results from our recent soil sample program are highly encouraging and provide further evidence that the Gascoyne region of Western Australia is under-explored and highly prospective for Rare Earth Elements.
“With Leeuwin’s focus on critical metals, the discovery of a Cerium, Lanthanum, and Yttrium anomaly is highly significant”
With Leeuwin’s focus on critical metals, the discovery of a Cerium, Lanthanum, and Yttrium anomaly is highly significant, as these elements have crucial applications in various high-tech industries, such as renewable energy, and electronics.
The results support Leeuwin’s exploration approach as we actively advance at all levels of exploration to add value within our portfolio through cost-effective and targeted exploration.
Planned work, together with active programs at the Jenpeg Lithium Project and the William Lake Nickel Project in Canada, will provide us with strong newsflow over the coming weeks.”
Leeuwin Metals is a publicly listed mineral explorer committed to securing critical metals vital for the advancement of electric vehicles and renewable energy.
The company’s Gascoyne Project is located about 100km east of the township of Gascoyne Junction and 750km north of Perth within the Gascoyne region of Western Australia. The project comprises 3 granted exploration licences covering a land area of 351km-square, with access through sealed state highways and unsealed roads and tracks.
Leeuwin Metals had $8.3 million cash at hand as of 31 March 2023 following the completion of an initial public offering (IPO) on 29 March 2023.
Write to Adam Drought at Mining.com.au
Images: Leeuwin Metals Ltd
