Locksley Resources (ASX:LKY) has received results from a stream sediment sampling program conducted at its Mojave Project that highlight the area’s rare earth element (REE) potential.
The $6 million market capitalisation company reports the program returned ‘highly anomalous’ total rare earth oxide (TREO) results, with 7 stream sediment samples returning assays between 0.103% and 0.26% TREO.
Further, 6 catchment areas were identified as potential source areas for REE mineralisation in the North Block of the Mojave Project.
Locksley says the sampling points with anomalous elevated REE geochemistry, especially if condensed, indicate the possibility of a REE deposit upstream from where the samples were collected.
Commenting on the sampling results, Locksley Resources Managing Director Steve Woodham says: “The recent stream sediment sampling program has provided further encouraging grades, indicating 6 catchment areas with elevated TREO results up to 0.26%.
“These elevated results at the North Block prove the entire area is prospective for REE and provide the group with further potential drilling targets”
These elevated results at the North Block prove the entire area is prospective for REE and provide the group with further potential drilling targets.
The company is well funded to commence further work, and the board looks forward to informing the market closer to the commencement of drilling.”
A total of 51 stream sediment samples were collected within the North Block and assayed for the full suite of rare earth elements by American Analytical Services.
The stream sediment sampling program focused on the North Block claim within the Mojave Project, located in California, US.
Locksley Resources is an ASX-listed minerals explorer focused on copper, gold, and base metal assets in Australia. The company is also active in exploring for REEs in the US.
As of 30 June 2023, the company had $2.27 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Locksley Resources