EMU (ASX:EMU) runs on rare earth reveal at Condingup
October 9, 2023EMU (ASX:EMU) has had a run after the explorer revealed drilling at its Condingup rare earth project near Esperance had unveiled kilometres of rare earth mineralisation at in Western Australia.
The West Perth small-cap flagged drilling results at its wholly owned project had shown REE mineralisation of significant scale, with high values for total rare earth oxides, heavy rare earth and magnetic rare earth oxides.
Condingup stretches over 1,560 square kilometres and is 60km from the port of Esperance along WA’s south coast, near sealed roads and infrastructure.
It is 35km southeast of OD6 Metals’ (ASX:OD6) Splinter Rock project in a similar geological setting to EMU’s REE-enriched Booanya Suite granites.
Among EMU’s significant results at Condingup were TREO of up to 2,513 parts per million, gained from standard 4-metre composite samples over multiple kilometres at wide drilling intervals.
The $4.4 million company achieved a high-value MREO ratio to TREO of 21% at Condingup, extending to a maximum of 40.7% at Merivale Road.
Its Condingup HREO ratio was up to 53.08%.
While anomalous grade TREO values of 300ppm was intersected in 33 of 34 holes drilled, high grade TREO values of more than 750ppm were intersected in 67% of holes drilled.
“The aircore program targeted only a minor portion of viable clay trap sites and deeply weathered Booanya granites within the 1,560sqkm project, indicating the vast scale of prospectivity available for further testing,” the company led by Chief Executive Officer Doug Grewar told the market.
“First-phase aircore drilling program demonstrated continuity of grade and thickness over multiple kilometres in the wide-spaced drill program with mineralised lenses running up 6-8km in length.”
EMU’s shares were up 50% on its last closing price during morning trade, sitting 0.1c or 16.7% higher at 0.4c by mid-morning.
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