Mount Ridley Mines (ASX:MRD) reports ‘excellent’ new rare earth element (REE) assays following an aircore (AC) drilling program at its Mount Ridley Project in Western Australia.
The results, generated by a drilling campaign comprising of 409 drillholes for 18,927m, have extended the central zone of REE targets to 30km long by 11km wide and have identified two new REE targets, the Jules and Vincent prospects.
Addressing the results, Mount Ridley Chairman Peter Christie stated: “With 30% of the assays received, we have confirmed that the REE mineralisation is very widespread within the company’s tenements, and new targets with thick intervals of REE mineralisation grading above 800ppm TREO, and in some cases with TREO at more than 10,000ppm, have been intersected at Vincent’s and Jules prospects.
Winter rain has halted drilling, however the next phase of regional drilling, in the order of 20,000m of aircore, is permitted and will proceed when ground conditions improve over the coming months.
“we are looking forward to receiving the assays for the remaining 70% of our drillholes over the next few months”
In the meantime, we are looking forward to receiving the assays for the remaining 70% of our drillholes over the next few months that are likely to generate more targets for follow up as the broader regional picture unfolds.”
The company also notes that these newly identified prospects flank the previously reported mineralisation at the neighbouring Winston’s and Keith’s prospects.
In addition, the extension of the central REE corridor demonstrates the extensive distribution of REE mineralisation within the project area.
The Mount Ridley REE Project is located near Esperance in south-western Western Australia and comprises multiple REE prospective deposits, including the Winston’s, Keith’s, Tyrrell’s, and Marcellus deposits.
Mineralisation at the project occurs as large, horizontal, near surface lenses at a depth of 89m, however, the source of the mineralisation is still unknown.
With 30% of the drill holes now assayed, Mount Ridley Mines announces that stage two of regional drilling will continue once dry conditions prevail later this year.
Images: Mount Ridley Mines Ltd
