Megado Minerals (ASX:MEG) is preparing to tackle a maiden diamond core drilling program at its North Fork Rare Earth Project in the US pending appropriate drill permits.
Speaking to Mining.com.au, Managing Director and Chief Executive Officer (CEO) Ben Pearson says the company is aiming to understand the mineralisation styles and the structural controls to the mineralisation in the area to better map out future drilling campaigns.
“This will be the first drilling program ever conducted in the North Fork / Mineral Hill project area. We are initially focused on replicating the grades from the historical trench results.
There is a possibility that the carbonatite bodies expand at depth, and so once the mineralisation is confirmed, then it will be about expanding the extents of mineralisation, to grow the potential tonnage of the prospect.
This proof of concept will provide significant confidence to expand future drill programs across the North Fork project area.”
“This proof of concept will provide significant confidence to expand future drill programs across the North Fork project area”
The $6.36 million market capitalisation company has applied to permit 8 drill pads from which multiple holes can be drilled, and it expects to initially drill 6 to 8 holes for 1,500m, although it has the permit flexibility to expand this program so long as it utilises the permitted drill pads.
Megado expects to complete the drilling within 8 to 10 weeks.
This news comes after Megado compiled ‘high-grade’ rock chip samples and historical trench results from the Silver King prospect, including up to 15.85% total rare earth element (TREE), including 2.79% Neodymium and praseodymium (NdPr).
Pearson says these results could be ‘very significant’, as they are among some of the ‘highest’ rare earth grades seen in the US.
Further, the company also re-processed a historical geophysical survey and, as a result, was able to uncover several new carbonatite outcrops.
Pearson adds: “Along with the drilling program at Silver King, sampling these outcrops will be a priority for the 2024 field season.”
The North Fork project lies 40km northwest of Salmon in the Salmon-Challis National Forest, Idaho. The project covers a 45km-square area.
Megado Minerals is an ASX-listed minerals mining company focused on its assets in Idaho, US, and in the James Bay region in Quebec, Canada.
As of 30 September 2023, the company had $1.8 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Megado Minerals
