Auric Mining Ltd (ASX:AWJ) is trading higher on confirming widespread, thick clay-hosted rare earth element (REE) mineralisation in aircore drilling at the Chalice West Project near Higginsville-Widgiemooltha in Western Australia.
Significant new clay-hosted REE intersections include:
- 6 metres at 1,583 ppm TREO (30.6% MREO) from 56 metres, including 1-metre at 3,323 ppm TREO;
- 14 metres at 712 ppm TREO (25.1% MREO) from 32 metres; and
- 12 metres at 587 ppm TREO (25.0% MREO) from 52 metres, including 1-metre at 2,459 ppm TREO.
The latest results confirm REE enrichment along a seven-kilometre NW-trending magnetic feature where further drilling is required.
Investors have responded positively, sending shares as much as 16.67% higher in the first hour of trading to $0.063.
“Fantastic opportunity”
Auric managing director Mark English said: “These REE results from our first drilling program are outstanding.
“The shallow extensive REE-in-clay results have resulted in three zones being identified, the largest corresponding with a 7-kilometre-long magnetic feature in the southeast of the project area.
“These results present a fantastic opportunity for Auric.
“There is a lot more work to be done, particularly to close the spacings in the 7-kilometre system, drill the prominent magnetic feature at the centre of the project and expand the drilling in the NW and southern parts of the project.
“This drilling program represents a very small proportion of the 408 square kilometre project area.”
Drill results
The final results substantially expand the area of elevated REE hosted in clays to include a series of wide-spaced reconnaissance holes in the northwest of E15/1801 as well as a second reconnaissance traverse in the centre of the tenement, extending south into E63/2199.
These results reveal anomalous REE values from clay and BOH samples with up to 3,323 ppm TREO complementing previously reported high-grade intervals at 11,038 ppm (1.1 wt.%) TREO.
Significant drill intersections with TREO >500 ppm over a width of four metres or more were discovered in 15 new holes taking the total number from the program to 25 holes.
Forward plan
The next steps include:
- Petrography works to characterise the deportment of REEs in the clay horizon;
- Reprocessing or flying aeromagnetic and radiometric surveys over the magnetic features to obtain detailed outlines of the anomalies identified in the GSWA dataset;
- Drill postponed holes over the prominent magnetic high within the centre of currently defined REE anomalies; and
- Plan further drilling to test the REE clays and expand the prospects.