MetalsGrove Mining Ltd (ASX:MGA) has soared on confirming high-grade rare earth element (REE) carbonatite mineralisation up to 7,000 parts per million (ppm) total rare earth oxide (TREO) during reverse circulation (RC) drilling at the Arunta Project’s Bruce Prospect in the Northern Territory.
Importantly for any future development scenario, the most significant intersections are near the surface.
Investors have responded strongly at the market open, sending MGA shares 63.7% higher to $0.18.
The critical metals exploration and development company last month completed 16 reverse circulation (RC) holes for 2,343 metres designed to test high concentrations of valuable magnetic and heavy rare earth elements from soil sampling.
What the results show
Drilling has confirmed that the carbonatite outcrops extend east-west over 9 kilometres and remain open.
Standout results from the RC drilling include:
- BRR23016 – 2 metres at 4,000 ppm (0.4%) total rare earth oxide (TREO) and 35% magnetic rare earth oxide/rare earth oxide (MREO/REO), 27% neodymium and praseodymium (NdPr/TREO) from 21 metres, including 7,000 ppm (0.7%) TREO, 35% MREO/TREO, 28% NdPr/TREO from 21 metres; and
- BRR23009 – 3 metres at 1,010 ppm TREO and 28% MREO/TREO, 41% HREO/TREO and 17% yttrium oxide (Y₂O₃/TREO) from 10 metres, including 2 metres at 1,300 ppm TREO and 29% MREO/TREO, 19% NdPr/TREO and 23% Y₂O₃/TREO from 10 metres.
Plenty River East
- BRR23003 – 33 metres at 13% magnesium oxide (MgO) from 39 metres and 3 metres at 535 ppm vanadium oxide (V₂O₅) from 45 metres;
- BRR23002 – 26 metres at 17% MgO from 30 metres; and
- BRR23001 – 4 metres at 2.6% titanium dioxide (TiO₂) from 63 metres.
- BRR23013 – 1 metre at 7,785 ppm copper oxide (CuO) (0.8% CuO) from 103 metres, 3 metres at 1,000 ppm lead oxide (PbO₂) from 63 metres, 2 metres at 1,170 ppm PbO₂ from 84 metres and 3 metres at 1,245 ppm zinc oxide (ZnO) from 63 metres, 2 metres at 1,710 ppm ZnO from 83 metres; and
- BRR230014 – 6 metres at 1.7% TiO₂ from 102 metres.
The explorer believes that the grades returned in the Bruce drilling favour the project if sufficient tonnes can be found.
“We are delighted with the initial outcomes from our first drilling campaign at Bruce,” MetalsGrove managing director Sean Sivasamy said.
“These results demonstrate the clear potential for Bruce to host a considerable carbonatite and REE system with the outcropping strike of now extending over 9 kilometres.
“The Bruce Prospect is shaping as an excellent opportunity for MGA and demonstrates the underlying exploration potential of our Arunta Project area in the Northern Territory – a region home to several world-class deposits.”
Article courtesy of Proactive