Libra Energy Materials (CSE:LIBR) has increased the known mineralised area at its Penelope Project in Minas Gerais, Brazil, through a maiden auger drilling program.
Assays for the final 15 holes of the 22-hole program have been released, with results showing an extension of near-surface rare earth element (REE) enrichment beyond the initial holes at the Elena target area, Libra says.
One of the holes (PLE-AD-021) returned 2m of 1,421 parts per million (ppm) total rare earth oxides (TREO) from surface, including 1m of 2,239ppm TREO.
Vice President of Exploration Jérémie Pfister describes it as “one of the highest-grade samples” of the entire program.
Another hole (PLE-AD-010) returned 12m of 801ppm TREO from surface to end of hole, including 4m of 1,075ppm TREO and 1m of 1,690ppm TREO at 6m depth.
Ten of the 15 reported holes returned at least one sample above 500ppm TREO, Libra notes.
REE enrichment beyond Elena
Pfister says the auger drilling program has “meaningfully expanded the footprint of REE enrichment at Penelope”.
According to Libra, the mechanical auger drilling program tested an area measuring approximately 550m east to west by 750m north to south.
It is designed to evaluate REE enrichment within the regolith profile at Penelope, where past prospecting has confirmed the presence of ‘high-grade’ critical minerals in the underlying pegmatites.
These include individual sampling grades of 8,780ppm for niobium, 10,900ppm for tantalum, and 3,103ppm for REEs.
Results for the first seven holes were released in June, returning multiple intervals above 1,000ppm TREO near the ‘higher-grade’ Elena target.
With all results in hand, the company concludes that the REE enrichment at Penelope is not confined to a single target, with some areas containing a high proportion of magnet rare earths.
The entire project covers 31.7km², with previous sampling returning an average REE grade of 230ppm. The Elena area returned average grades of 1,555ppm.
Focus on lithium
Libra also highlights that Penelope, while not central to its long-term strategy, presents the company with potential monetisation opportunities through earn-in agreements, joint ventures, or divestment.
CEO Koby Kushner says the company remains focused on the Cisco West and Obamska lithium projects in Québec, Canada, where it recently completed a maiden prospecting program.
The projects were acquired by Libra in August. Both are situated on the Frotet-Evans greenstone belt, home to several significant lithium deposits such as Cisco, being developed by Q2 Metals (TSX-V:QTWO).
Libra Energy Materials is a Canadian mineral exploration company focused on discovering and developing critical minerals to support the green energy transition.
Write to Jackson Chen at Mining.com.au
Image: Libra Energy Materials
