Kingfisher (LON:KGF) Mining Ltd (ASX:KFM) has been granted additional tenements (E09/2660 and E09/2661) at its wholly-owned Gascoyne rare earths project.
The extra tenements add a new target corridor with a strike length of 18 kilometres and make up a new project which has been Mooloo.
This new project has the same geology, regional geophysics and a similar high thorium response as the Mick Well area where KFM has made a high-grade REE discovery that contains the high-value magnet REEs neodymium and praseodymium.
Kingfisher will start target generation work for Mooloo shortly. This will happen along with the company’s other project areas once the results from the recent airborne geophysics surveys are received.
A new target corridor
Kingfisher’s executive director and CEO James Farrell said, “The grant of the tenements at the new Mooloo Project opens an entirely new area in the highly prospective Gascoyne region.
"We originally applied for these tenements as we recognised a number of geological similarities with the criteria we use for targeting the rare earth element mineralisation in our other Gascoyne tenure; an approach which has resulted in discoveries at MW2, MW7 and MW8.
“Applying our knowledge from those discoveries has allowed us to identify a new target corridor which extends over a strike length of 18 kilometres at the Mooloo Project.
"We are excited to get on the ground at Mooloo with target generation commencing shortly once we receive the results from our recent airborne geophysics surveys; work which we anticipate will build an extensive pipeline of exploration targets and projects that will need to be progressively explored over the years to come.
"The company’s latest drilling program is also underway, with drilling targeting high-grade REE mineralisation at MW2.”
About Mooloo
The Mooloo project consists of rocks of the Halfway Gneiss and Moogie Metamorphics which are the same rocks that appear within the Mick Well area that host the Kingfisher’s high-grade REE discoveries across several targets including the namesake Mick Well Project as well as MW2, MW7 and MW8.
Significantly, the Mooloo Project also shows high thorium responses which are similar to Mick Well, where elevated thorium is known to be associated with REE mineralisation.
The geology, structure and thorium anomalies have been used to identify a new target corridor which extends over a strike length of 18 kilometres across the newly granted tenure.
This target corridor is 20 kilometres to the south of and is parallel to the existing 54 kilometres target corridor which hosts the REE discoveries along the Mick Well corridor.
Thorium from geophysics showing the location of the newly granted Mooloo tenements as well as the company’s target corridors. The Mick Well, Kingfisher and Arthur River projects as well as the company’s tenure are also shown.
It has been a busy week for Kingfisher, which yesterday announced it had started drilling at Mick Well targeting high-grade REE mineralisation.
Read: Kingfisher Mining starts drilling at Mick Well targeting high grade REE mineralisation
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