MetalsGrove Mining Ltd (ASX:MGA) has soared on identifying high-value magnetic and heavy rare earth elements (REE) at Bruce prospect within the Arunta Project in the Northern Territory, with outcropping carbonatite and high-grade REE mineralisation now extending over 9 kilometres of strike.
Surface sampling revealed a high percentage of valuable heavy rare earth oxides (HREO) and magnet rare earth oxides (MREO), with results including up to 1,800 parts per million (ppm) total rare earth oxides (TREO), consisting of 38% HREO, 31% MREO, 23% neodymium-praseodymium and 23% yttrium.
In addition to these high-value rare earths, the company also identified a large copper-gold and base metal anomaly.
Investors have responded positively to the results with shares as much as 70% higher in early ASX trading to $0.17.
Large footprint of potential high-grade REEs
“We are delighted with the outcomes from this soil sampling program which clearly highlight a large footprint of potentially high-grade mineralisation within our Bruce Prospect,” MetalsGrove Mining managing director Sean Sivasamy said.
“Our geological review has established multiple high-priority carbonatite and REE-bearing drill targets that will be a priority for testing during our maiden drill program this quarter.
“Our Arunta Project continues to shape as an exciting opportunity for MetalsGrove over the coming months and we look forward to providing regular updates on progress as exploration increases.”
Of particular interest to MGA are the high levels of neodymium and praseodymium found in soil sampling at Bruce, with values up to 408 ppm and 23% of TREO.
The company says these are comparable levels to those reported by other neodymium-praseodymium focused projects, including Lynas Rare Earth’s Mount Weld Project, Peak Rare Earths’ Ngualla Project and Arufura Resources’ Nolan’s Bore Project.
MGA will begin a maiden drilling program at Bruce within the current quarter, testing high-grade rare-earth anomaly targets, broad conductor targets and a large intrusive system within the Bruce Prospect area.
Article courtesy of Proactive