Voltaic Strategic Resources (ASX:VSR) has engaged UK-based geological consultancy Xplore Global after ‘significantly’ enhancing the prospectivity of its Paddys Well Project in Western Australia.
The $11.3 million market capitalisation company says 16 potential carbonatite intrusions prospective for rare earth element (REE) and niobium mineralisation have been identified following a recent geophysical survey over the entire 1,300km-square project.
Numerous previously unmapped fault structures / shear zones and ‘major’ granitic plutons have been uncovered in conjunction with these intrusions, ‘significantly’ enhancing the critical minerals prospectivity of the project.
Voltaic reports many of these targets are proximal to the ‘extensive’ clay system previously drilled at the Neo prospect.
Field surveys are currently underway to ‘ground truth’ the prospects and delineate new drill targets in conjunction with ongoing additional geophysical interpretive work.
Assays from phase three exploration are expected to be returned to Voltaic in 2 weeks and released to the market once QA/QC checks and interpretations have been completed.
Voltaic Strategic Resources Chief Executive Officer (CEO) Michael Walshe says this discovery puts it in line with other ASX-listed explorers in the area.
“The geophysical data has strengthened our conviction for the existence of carbonatite targets across Paddys Well. The prior drilling and metallurgical testwork both indicated that the source of REE mineralisation at Neo was likely of carbonatite origin and the geophysical data corroborates this.
Other companies in the region including Hastings Technology Metals (ASX:HAS) and Dreadnought Resources (ASX:DRE) have identified carbonatite-hosted REEs which have been shown to have a high proportion of valuable ‘magnet’ REEs, and favourable metallurgical characteristics for economic extraction.
Furthermore, the data has significantly expanded the prospectivity for lithium, nickel, and copper via the identification of NE-SW fault structures/shear zones, and delineation of granitic bodies across the area that were interpreted to be predominantly Lyons Group sediments.
“This validates the company’s previous expansion of the Paddy’s Well tenement package earlier this year and creates a large pipeline of potential drill targets“
This validates the company’s previous expansion of the Paddy’s Well tenement package earlier this year and creates a large pipeline of potential drill targets.”
Voltaic Strategic Resources is exploring for the next generation of mines that will produce the metals required for a cleaner, more sustainable future.
The company’s Paddys Well project is located within Western Australia’s Gascoyne region, an emerging critical metals province. The project is situated about 200km east of the town of Carnarvon and 100km northeast of Hastings Yangibana REE Project.
Voltaic Strategic Resources had $4.327 million cash and cash equivalents at hand as of 30 June 2023, although in August completed tranche two of a $7 million placement to raise about $4.1 million.
Write to Adam Drought at Mining.com.au
Images: Voltaic Strategic Resources
