Kingfisher (LON:KGF) Mining Ltd (ASX:KFM) has discovered another rare earth element (REE) lode at the Mick Well 2 (MW2) target, part of the company’s project portfolio in WA’s Gascoyne Mineral Field.
The latest rock chip results confirm a fifth, parallel mineralised structure, reporting more than 9.5% REE mineralisation, while also extending the cumulative strike at MW2 to 3 kilometres.
Altogether, the five mineralised lodes appear in a zone which is 300 metres wide and extends over more than 1.5 kilometres of strike, providing future exploration upside.
Moving forward, Kingfisher will continue its field mapping and sampling program ahead of a drilling campaign later this month.
The results are in
Some of the best results from Kingfisher’s rock chip program, reporting massive monazite samples across the cumulative strike, include:
- 40.31% total rare earth oxides (TREO) with 6.5% neodymium and praseodymium;
- 28.07% TREO with 4.63% neodymium and praseodymium;
- 25.68% TREO with 4.26% neodymium and praseodymium; and
- 23.81% TREO with 3.97% neodymium and praseodymium.
In addition, Kingfisher reported on the most prospective samples from the newly discovered mineralisation lode and strike extensions. Highlights include:
- 9.58% TREO with 1.59% neodymium and praseodymium;
- 4.86% TREO with 1.01% neodymium and praseodymium; and
- 0.57% TREO with 0.1% neodymium and praseodymium.
Kingfisher executive director and CEO James Farrell said the field results were encouraging as the company prepared to get the drill bit spinning.
“The latest results from MW2 have significantly expanded the previously reported mineralisation, with the discovery of an additional lode, the increase in the cross-cutting structure strike length, and further delineation of the exceptionally high-grade massive monazite mineralisation,” he explained.
“Drilling of the MW2 mineralisation is scheduled to commence in late October, with all lodes to be targeted by drilling.
“We are continuing with our fieldwork in the Mick Well area as our focus shifts to assessing new targets along the next 10 kilometres of strike west of MW2.
“We are also currently flying an airborne geophysical survey, which will extend the high-resolution radiometrics coverage over the entire strike length of the 54-kilometre target corridor and will be an essential part of developing a longer-term pipeline of exploration targets.
“The results are starting to build a strong picture of a regional-scale REE project.”
What’s next?
Moving ahead, UWA carbonatite geologist Dr Wally Witt will consult with the team and help build understanding across the mineral system at Mick Well.
Meanwhile, several targets from radiometrics await mapping and sampling in a large area roughly 10 kilometres west of MW2 along a 54-kilometre target corridor.
In addition, more high-resolution radiometrics data is expected from an airborne geophysical survey taking place this month.
More assays from surface sampling in the Mick Well area are expected in mid-October ahead of drilling later this month.
Kingfisher is following the below calendar as it explores its Gascoyne Mineral Field portfolio.
Loyalty option offer
Beyond the field, Kingfisher is also readying a loyalty options offer, which will be open to and reward all eligible shareholders.
The company intends to list its loyalty option on the ASX, with one option available for every five shares held at the record date.
Kingfisher will release an indicative timetable for the offer in due course.
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