MetalsGrove Mining (ASX:MGA) has confirmed ‘high-grade’ rare earth element (REE) carbonatite mineralisation at the Bruce prospect within its Arunta Project in the Northern Territory.
The critical minerals explorer has reported assays from a recently completed reverse circulation (RC) drill program, confirming ‘high-grade’ carbonatite REE grades of up to 7,000 parts per million (ppm) total rare earth oxide (TREO).
The best recorded results from the Bruce prospect include drillhole BRRR23013 with 1m @ 7,785ppm CuO from 103m, 3m @ 1,000ppm PbO2 from 63m, 2m @ 1,170ppm PbO2 from 84m and 3m @ 1,245ppm ZnO from 63m, and 2m @ 1,710ppm ZnO from 83m.
Commenting on these positive results, MetalsGrove Mining Managing Director Sean Sivasamy says: “We are delighted with the initial outcomes from our first drilling campaign at Bruce. These results demonstrate the clear potential for Bruce to host a considerable carbonatite and REE system, with the outcropping strike of now extending over 9km.
The Bruce prospect is shaping as an excellent opportunity for MGA and demonstrates the underlying exploration potential of our Arunta Project area in the Northern Territory — a region home to several world-class deposits.
Drilling has also recently completed at our Edwards Creek prospect, which is nearby to Bruce, so we look forward to reporting further news as these results become available.”
Following today’s announcement, MetalsGrove shares have spiked 36.36% to $0.15 as of 11:45 am.
The Bruce prospect is located within MetalsGrove’s Arunta Project, which lies within the central desert region in the Northern Territory.
MetalsGrove Mining is an Australia-based exploration company focused on the exploration and development of its portfolio of lithium, rare earth, copper-gold, manganese and base metal projects. The company’s portfolio of assets are located in Western Australia and the Northern Territory.
As of 30 June 2023, the company had $3.105 million cash and cash equivalents at hand, according to its latest quarterly report published on 28 July 2023.
Images: MetalsGrove Mining
