ASX-listed mining exploration company Megado Minerals (ASX:MEG) has returned up to 15.85% total rare earth elements (TREE) from rock chip samples collected at the North Forks Rare Earths Project in Idaho, US.
The company says 27 rock chips were collected at the project as part of initial reconnaissance sampling at Johnson Creek in Montana, US between October and November 2022.
‘Significant’ results returned include 2 ‘high-grade’ rock chip samples from the Silver King prospect, which returned up to 15.85% TREE (2.79% neodymium-praseodymium (Nd-Pr) and 12.81% TREE (2.22% Nd-Pr), which represent the ‘highest’ TREE results reported from the prospect to date.
Commenting on the results, Megado Minerals Chief Executive Officer (CEO) and Managing Director Ben Pearson says: “The rock assay results from Silver King are high-grade and further reinforce our decision to make it our initial drill target.
“We look forward to working through the drill permitting process with the US Forest Service soon as weather conditions permit”
We look forward to working through the drill permitting process with the US Forest Service soon as weather conditions permit.”
As reported in September 2022, the Silver King prospect is known to consist of a north and south dike/sill that have a strike length of 210m and 170m respectively which are exposed at surface.
Megado reports an application to drill Silver King was submitted to the US Department of Agriculture (USDA) Forest Service on 19 December 2022.
The company also notes the Jackpot prospect returned up to 5% TREE (0.82% Nd-Pr).
Megado Minerals is an ASX-listed mining exploration company focused on its portfolio of projects in North America. These projects include the North Fork Rare Earths Project on the border of Idaho and Montana, US, and the Cyclone Lithium Project in the James Bay region of Quebec, Canada.
The company acquired 100% of the rights, title, and interest in North Fork in June 2022. Since then, Megado has acquired new lode claims in the project area.
North Fork now consists of 526 granted and in application claims that cover an area of 45km-square with outcropping ‘high-grade’ REE mineralised rock.
Images: Megado Minerals Ltd
