MetalsGrove Mining Ltd (ASX:MGA) has leveraged aeromagnetic and surface geochemistry work to identify a large 1-kilometre by 600-metre rare earth element (REE) target at Bruce prospect of the Arunta Project in the Northern Territory.
The company’s sampling has demonstrated high levels of yttrium, grading 258 parts per million (ppm) for a 45% ratio of total rare earth oxides (TREO), as well as elevated neodymium-praseodymium representing 21% TREO.
Rare earth elements fall under the critical mineral designation in Australia, meaning they are “essential for modern technologies, economies or national security”.
Yttrium is used as an alloy in aluminium and magnesium, increasing strength among other attributes.
Neodymium and praseodymium are also used for a wide variety of applications but most recently their use in creating permanent magnets, especially for electric vehicle batteries, has drastically increased demand which is expected to grow 300% between 2021 and 2030 according to UBS.
Follow-up drilling this quarter
“We are very encouraged by the outcomes from our pre-drilling exploration work at the Bruce Prospect which has provided a much clearer insight into the mineralised system we are targeting,” MetalsGrove Mining managing director Sean Sivasamy said.
“The comparisons of the rare earth distributions with other projects in the Arunta region – namely Brown’s Range and Nolan’s Bore – are very encouraging and follow-up drilling is planned to commence later this quarter.
“Our Phase 1 drilling will commence at these priority targets within Bruce and this will be followed by drilling at the Box Hole and Edwards Creek prospects.
“I would also like to thank the station owners within our Arunta Project, along with the traditional owners Huckitta Aboriginal Corporation and Ingkekure Aboriginal Corporation of the project area for assisting with getting this program completed on time.
“I look forward to providing further updates as we near the commencement of drilling at Arunta.”
Article courtesy of Proactive