Eastern Metals Ltd (ASX:EMS) has returned some “significant results” from recent preliminary exploration at the old prospecting pit of Currawalla Mine on the Tara exploration licence in the Cobar Basin, New South Wales.
Sampling at the shallow mine, which was historically explored and exhausted for base and precious metals, came back from the lab revealing up to 3.38% total rare earth oxides (TREO).
The old Currawalla mineshaft on the Tara licence.
The Currawalla Mine is coincident with a discrete and underexplored aeromagnetic anomaly – no drilling has been conducted on-site and the anomaly has not been explained.
Eastern Metals has put two and two together and has earmarked the area as a high-priority target.
Potential rare earths province
The company is now gearing up to conduct an exploration program at Tara and has applied for an exploration licence to secure adjacent vacant ground and extend its footprint in this potential new rare earths province.
Eastern Metals chairman Bob Duffin said: “At this stage, we do not know the full significance of these high TREO assays.
“The samples, taken over a length of 100 metres, may not be representative of the TREO content of fresh bedrock. However, as many of the TREO assays are very high-grade, they must be followed up.
“It will not be until the completion of the planned geological mapping, soil sampling program and ground magnetic survey, scheduled to be carried out shortly, followed by systematic drilling of Currawalla, that the full picture will become clear.
“These results from Tara are very exciting as rarely do you see such a close correlation between a discreet aeromagnetic anomaly, a shaft on an old mine and highly anomalous values in rock specimens.
“As such, EMS has now applied for a new tenement adjacent to Tara to secure additional prospective ground in what we hope could be a brand new REE province.”
About Tara
Tara is the northernmost exploration licence held by Eastern Metals in the Cobar Basin. It consists of 122 graticular units and covers 352 square kilometres.
The project is well located – it’s 120 kilometres south of Cobar, 40 kilometres south of Aurelia Metals Ltd (ASX:AMI)’s mining hub at Nymagee, 20 kilometres southeast of the Mallee Bull copper deposit held by Peel Mining Ltd (ASX:PEX), 60 kilometres west of Kidston Resources Ltd’s Mineral Hill mining operation and 80 kilometres north of EMS’s flagship Browns Reef Base Metal Project, west of Lake Cargelligo.