Megado Minerals (ASX:MEG) has identified ‘significant’ new carbonatites through a detailed airborne hyperspectral survey at its North Fork Rare Earth Project in the US.
Geological remote sensing specialist Theia-X conducted the hyperspectral survey, with results showing several new distinct areas of previously unidentified carbonatite outcrops.
Megado, which has a $9.41 million market capitalisation, says most of the new outcrops appear coincident with geophysics targets, and the majority of the newly identified carbonatites appear to be typical hosts to rare earths mineralisation.
Weather permitting, the company plans to tackle boots-on-the-ground fieldwork immediately to ground-truth the identified hyperspectral targets at the project.
This work will aim to delineate additional drill targets for rare earths mineralisation in the upcoming 2024 field season.
Megado Minerals Chief Executive Officer (CEO) and Managing Director Ben Pearson says the results further validate the company’s belief that the project is largely under-explored.
“Identifying new carbonatite targets using new and innovative techniques allows us to better focus our resources, gain a better understanding of the underlying geological system, and give ourselves the best opportunity of identifying and defining a resource.”
Megado Minerals is a critical minerals explorer focused on discovering rare earths and lithium in the US and 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