Kingfisher (LON:KGF) Mining Ltd (ASX:KFM) is trading higher after delivering high-grade clay rare earth element (REE) hits, including 24 metres at 2,345 parts per million (ppm) total rare earth oxide (TREO) from surface, at its Mick Well Project within the Gascoyne Mineral Field in Western Australia.
The company is conducting follow-up reverse circulation (RC) drilling of the mineralised clays at the project, confirming significant mineralisation including:
- 48 metres at 1,076 ppm TREO, including 16 metres at 1,580 ppm TREO from surface;
- 36 metres at 779 ppm TREO from 4 metres; and
- 20 metres at 734 ppm TREO from 32 metres, including 4 metres at 1,020 ppm TREO from 48 metres.
Notably, the clay and high-grade hard rock mineralisation at Mick Well are now recognised to be part of the same large-scale mineral system within Kingfisher’s 54-kilometre REE target corridor.
What’s more, additional assay results from further surface sampling around the high-grade hard rock mineralisation at the MW2 area are expected in September ahead of drilling planned for October.
The market has welcomed the news with shares trading as high as A$0.605, up 14.16% on the previous close.
“Underlying potential”
Kingfisher executive director and CEO James Farrell said: “We continue to be amazed by the underlying potential of our Gascoyne projects.
“In addition to the very high-grade hard rock assays recently reported, these latest drill results have confirmed broad zones of clays containing a second style of REE mineralisation at Mick Well.
“We now recognise that the clay and hard rock mineralisation are part of the same large-scale system, with the clay mineralisation hosted in broad structures within our 54-kilometre target corridor indicating the potential for larger mineralised carbonatite intrusions at depth.
“Our fieldwork which is targeting the exceptionally high-grade hard rock monazite mineralisation in the MW2 area is continuing.
“This work remains a priority as we seek to discover new areas of outcropping mineralisation and extend the recently discovered REE lodes that remain open in all directions.”
Drill results
These new results build upon the previously reported clay REE results from Mick Well including:
- 48 metres at 1,265 ppm TREO, including 40 metres at 1,367 ppm TREO from 8 metres; and
- 16 metres at 1,156 ppm TREO, including 12 metres at 1,301 ppm TREO from 8 metres.
Early-stage interpretation of the clay mineralisation highlights a potential strike length of more than 6.5-kilometres, with demonstrated widths of 100 metres and vertical depths from surface to greater than 40 metres.
Metallurgical sighter test-work is underway to assess the extraction of the REE from the clay mineralisation
Forward plan
Kingfisher is carrying out extensive and targeted exploration programs for its Gascoyne projects during 2022.
The planned exploration is cost-effective and aims to develop and test drill targets from ground-based mapping and rock sampling.
KFM also plans to simultaneously develop a pipeline of exploration opportunities through integrating current and scheduled tenement-scale airborne geophysical surveys with geological knowledge from the company’s breakthrough REE discovery at Mick Well.
Planned and completed activities for 2022.
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