Narryer Metals Ltd (ASX:NYM) has hit a new record high after returning high-grade rare earth elements (REE) and scandium results in re-assays of pulp samples from previous reverse circulation (RC) drilling at the Rocky Gully Project in Western Australia.
Assays returned from the Ivar Prospect continue to reveal strong mineralisation in total REE and, importantly, the high value magnet REEs.
New assays include 24 metres at 3,066 parts per million (ppm) TREO (Total Rare Earth Oxides) and 877 ppm MREO (Magnet Rare Earth Oxides).
Adding to Ivar’s critical metals prospectivity as a potential by-product, high-grade scandium oxide up to 582 ppm has also been identified for the first time at the prospect.
Shares surge
Shares of the company, which listed in April 2022, have almost doubled, rising as much as 93.6% to $0.30, a new record, on strong volume of almost 16 million by 3pm (AEDST).
Managing director Dr Gavin England said: “Narryer Metals in a short time and at low cost, is advancing its knowledge base regarding possible size and potential value of critical metals hosted at the Rocky Gully REE Project.
"This includes identifying high-grade REE zones and now high-value scandium mineralisation present.
"The company continues with its work, with the next focus being the sighter test-work on extraction of a REE concentrate at ANSTO.”
He said the company hoped to follow with a drilling program in the first quarter of 2023.
Rocky Gully option
The company has an option to acquire 100% of the Rocky Gully Project, which comprises two exploration tenements (EL 70/5037 and EL 70/6140) covering about 78 square kilometres in total area, hosted in the Proterozoic western Albany-Fraser Mobile Belt of Western Australia.
This belt contains other clay-hosted REE projects, including Splinter (ASX:OD1), Mt Ridley (ASX:MRD) and Circle Valley (Meeka Metals Ltd (ASX:MEK)).
Historical exploration drilling at Ivar shows significant REE mineralisation in saprolite, with geological logging and geochemistry suggesting the potential for ionic-absorbed clay-hosted REE mineralisation.
RTP magnetic image and historic drill collars of the Rocky Gully Project area, showing the REE and nickel-copper-cobalt prospects.
Strong new assays
Providing strong impetus for Narryer are new assays that include 24 metres at 3,066 ppm TREO, 877 ppm MREO and 337 ppm scandium oxide from 4 metres, including a high-grade core of 4 metres at 5,030 ppm TREO and 1,648 ppm MREO from 12 metres.
The same drill hole also had an intersection containing a high-grade zone of scandium, with 8 metres at 546 ppm.
Scandium could provide an additional high-value by-product to the project as it is a critical metal used as an alloy to strengthen aluminium in the aviation/space industry and in emerging green technologies, such as oxygen fuel cell storage.
Another strong result was 16 metres at 902ppm TREO, 305 ppm MREO and 154 ppm scandium oxide from 0 metres, including 4 metres at 1,129 ppm TREO and 460 ppm MREO from 8 metres.
Pulps reanalysed
A historic VTEM survey completed by Herron Resources in 2010 at Ivar outlined an anomalous shallow conductivity, which Narryer believes maps the extent of saplolitic clay development over the prospect area. This will assist in future drill targeting of REE mineralisation.
Recently, Narryer Metals managed to access pulps from six Herron Resources RC drill holes at, which were originally not assayed for REE or scandium.
These were reanalysed at ALS Laboratories in Perth.
Pulps are the final material once homogenised, crushed and ground for assay analysis, and sub-sampled from a 2-3 kilogram drill sample taken from the drill rig.
Usually, this portion is retained for any further work and is around 200 grams of the original drill sample. Companies also often retain this material for reference.
The new assays show the mineralisation occurs beyond the current known envelope.
Drilling cross section at the Ivar Prospect, showing REE intersection in the regolith. The mineralisation is present for ~1.6 kilometres.
Significant scandium
While the sample size is small and further work is required, the scandium intersections appear to be of high grade for ionic clay-hosted REE prospects.
Ionic Rare Earths (ASX:IXR, OTC:IXRRF)) has one of the most advanced ionic clay REE projects to be developed outside of China, with the Makuutu Project in Uganda. Here scandium is seen as a potential significant by-product of any future operation.
Narryer will include some of this newly assayed material to scoping level test-work for rare earth recovery using a direct acid leach. It will also examine scandium extraction.
This work will be undertaken at Australia's Nuclear Science and Technology Organisation (ANSTO), a leading government organisation which research metallurgy/processing for uranium, lithium and REE. Results are expected early next year.