Libra Energy Materials (CSE:LIBR) highlights the potential for near-surface rare earths enrichment at the Penelope Project in Brazil, after receiving initial assays from a maiden auger drill program.
The first six holes returned consistent grades near surface, including multiple intervals exceeding 1,000 parts per million (ppm) total rare earth oxides (TREOs), such as 2m @ 2,033ppm TREO.
Other highlighted results include 3m @ 854ppm TREO; 4m @ 1,173ppm TREO, including 2m @ 43 grams per tonne gallium; 9m @ 982ppm TREO; and 3m @ 1,025ppm TREO.
A selection of representative samples from the auger drilling will be submitted for ammonium sulphate leach testing to evaluate the exchangeable rare earth content.
Libra Energy says it may also consider a shallow reverse circulation drilling program to test the saprolite horizon, where rare earths are typically concentrated.
CEO Koby Kushner says the company is “impressed” with the high proportion of magnetic rare earth elements (REEs) in the system, the gallium, and the consistency across initial holes.
“As we continue advancing the work program, we are also assessing strategic options that can unlock value,” Kushner says.
Drilling has now completed, comprising 22 holes drilled. Assays have been received for the first seven holes, and results from holes eight to 22 are pending.
The Penelope Project is located in Minas Gerais, Brazil. The project hosts multiple niobium-yttrium-fluorine (NYF) pegmatites and associated A-type granites beneath a thick, REE-enriched regolith profile.
Libra Energy has staked an additional 14,604 hectares of prospective ground in the vicinity of the original project. The newly staked areas focus on regolith overlying the much larger, volumetrically extensive parental A-type granite of the NYF pegmatite system.
Write to Aaliyah Rogan at Mining.com.au
Images: Unsplash
