Mount Ridley Mines Ltd (ASX: MRD) reports that it has discovered “laterally extensive” and “relatively shallow” rare earth elements over five prospects at its 100%-owned Mount Ridley Project, following re-assaying of 950 aircore drill samples originally intended for nickel exploration.
Results included “significant” REE values over 25km of strike at the project, with mineralisation remaining open in all directions.
The re-assay delivered over 20 samples in excess of 1,000 ppm TREO, with 162 sample results still pending.
“Plans are underway for a 25,000m aircore drill program designed to text extensions of the know mineralisation”
Key results across the five prospects include:
- MRAC0617: 12m @ 1,455 ppm TREO from 24m
- MRAC0605: 13m @ 1,217 ppm TREO from 4m
- The Lake
- MRAC0721: 16m @ 2,020 ppm TREO from 52m
- MRAC0717: 12m @ 1,551 ppm TREO from 32m
- MRAC0711: 8m @ 2,632 ppm TREO from 16m
- MRAC0695: 16m @ 1,081 ppm TREO from 24m
- MRAC0677: 8m @ 1,362 ppm TREO from 12m
- MRAC0679: 12m @ 867 ppm TREO from 16m
- MRAC0684: 7m @ 1,441 ppm TREO from 24m
Mount Ridley Project
The Mount Ridley project, located 35km north east of Esperence in Western Australia, has been the subject of a series of regional appraisals for mineral sands, gold, uranium, and base metals.
Exploration for lignite and brown coals was prevalent in the 1990s, with coal mining leases taken out in the eastern half of the Mt Ridley Project region. Exploration in the early 2000’s focused on nickel-copper sulphide and PGE deposits, based on the identification of a 60x15km coincident gravity-magnetic feature.
MRD reports that a detailed geological and litho-geochemical investigation is currently underway to determine underlying rocks and their role as REE sources, as well as constraints on REE ore genesis.
Plans are underway for a 25,000m aircore drill program designed to text extensions of the know mineralisation, along with an RC infill program and diamond / sonic drilling to provide core for metallurgical and geotechnical testing.
The company is also undertaking required environmental studies, covering heritage, flora, and fauna.
Images: Mount Ridley Mines Ltd