Narryer Metals (ASX:NYM) has a new rare earth element (REE) project within its portfolio named the Corackerup Project, located in the prospective Great Southern region of Western Australia.
The Corackerup Project contains anomalous REE sources in basement rocks and regolith clay development, which are key ingredients to provide host for ionic clay adsorption (ICA) REE mineralisation.
The company’s share price had risen 30.55% to $0.117 on the ASX as of 2.15pm AWST.
Commenting on the new project, Narryer Metals Managing Director, Gavin England says: “The Corackerup Project was created from open ground through NYM project generation, and provides a very low-cost/low-risk entry point to a region that is having significant REE exploration success.
“The Corackerup Project was created from open ground through NYM project generation, and provides a very low-cost/low-risk entry point to a region that is having significant REE exploration success”
The 2 factors that drew Narryer to this area were, 1) that limited historic drilling has shown that gneissic rocks are enriched in REE, and 2) the GSWA mapping and open file EM data, indicates this geological unit to be widespread in the new tenure and has areas of lateritic clay development – an important factor in the hosting ICA REE mineralisation.”
Narryer states the project has limited previous exploration, which provides the company with a ‘significant’ exploration opportunity. The company says it will plan mapping and surface geochemistry, followed by RAB drilling.
Additionally, historic drilling identifies granodiorite with anomalous REE, with best assays of 114m @ 1,127 parts per million (ppm) total rare earth oxide (TREO), 280ppm magnet rare earth oxide (MREO) from 4m depth, and 80m @ 973ppm TREO, 237ppm MREO.
Narryer Metals is a nickel-copper-platinum group element and REE exploration company, focused on its Narryer Project in the Gascoyne Murchison region of Western Australia, and its Ceduna and Sturt Projects in South Australia.
Images: Narryer Metals Ltd
