Western Australia-based company Mount Ridley Mines (ASX:MRD) reports that it has uncovered thick, shallow, and ‘high-grade’ rare earth element (REE) mineralisation at the new Jody and Marvelous Marvin prospects, located within the Mount Ridley REE Project near Esperance.
The company says assays have been received for 1,479 samples from 88 aircore holes as part of an ongoing regional aircore (AC) drilling program, with results extending four previously-identified prospects, as well as the Jody and Marvelous Marvin prospects.
It also notes 77 of the 88 holes completed have returned ‘significant’ total rare earth oxides (TREO). At Jody and Marvelous Marvin, widespread, thick, and ‘high-grade TREO intervals containing up to 33% magnetic rare earth oxides (MREO) were discovered.
“Based on the results to date, the company has committed to more than 50,000m of drilling”
New results at Jody includes MRAC1125 with 6m @ 3,182 parts per million (ppm) TREO from 24m, including 1,056ppm MREO; MRAC1120 with 6m @ 2,128ppm TREO from 42m including 638ppm MREO; and MRAC1123 with 6m @ 2,002ppm TREO from 12m including 604ppm MREO.
At Marvelous Marvin, new results recorded include MRAC1082 with 21m @ 1,906ppm TREO from 45m including 349ppm MREO; and MRAC1077 with 15m @ 1,736ppm TREO from 36m including 399ppm MREO.
Commenting on the results, Mount Ridley Mines Chairman Peter Christie said: “With the company having identified 11 quality targets, each with multiple high-grade drilling intersections, the emphasis for drilling will shift to mineral resource-focus drilling, starting at the Mia prospect this week.
Each prospect has been ranked based on a number of criteria, including the type of host clay, TREO grade, depth of cover and proportion of MagREO (MREO), to determine the priority for drilling.
The Mt Ridley Project is clearly very large with multiple mineralised REE systems and we are extremely encouraged that new, quality prospects such as Jody and Marvelous Marvin are still emerging.
Based on the results to date, the company has committed to more than 50,000m of drilling, intended to take this outstanding REE project towards a maiden REE resource in 2023.”
Mount Ridley says these latest drill results have expanded the mineralisation footprint to at least 1,500km-square, and have resulted in the discovery of both the Jody, and the Marvelous Marvin prospects.
At Jody, the company reports new mineralisation is within a 5km long and 5km wide area, located about 3km north of previous drilling. Mineralisation is relatively shallow, starting from 6m depth, with an average thickness of 13m, and an average MREO content of 25%. Mineralisation here is also open in all directions.
At Marvelous Marvin, new mineralisation has been intersected along an 8km long regional traverse about 15km southwest of the Mia prospect. The company says average thickness of ‘significant’ TREO mineralisation is 11m from a depth of 21m.
Using aeromagnetic imagery, Mt Ridley reports this prospect can be interpreted as a southern extension to the REE mineralisation intersected at the Mia prospect, indicating a prospective corridor that exceeds 20km in length. The company notes this target will be tested first when drilling resumes this month.
Recent drill grades and key prospects at Mount Ridley. Image: Mount Ridley Mines LtdMount Ridley reports it is about to embark on its next drilling phase aiming to progressively test the 11 prospects identified in previous drilling. This drilling will start at the Mia prospect, which the company says is a ‘high-priority’ target area due to the relatively shallow overburden, thick drilling intersections, and ‘consistently high’ TREO grades with a ‘high’ proportion of MREO.
Mount Ridley Mines is a Western Australia-based mining company focusing on demand driven metals. The company currently holds the Mount Ridley Project which covers about 3,400km-square in the Fraser Range sub-basin, and is considered prospective for clay-hosted REE deposits.
The company also holds about 18% of the Welds Ranges in the midwest of Western Australia, which is considered prospective for iron and gold.
