Mount Ridley (ASX:MRD) return more rare earth riches

Mount Ridley Mines has returned thick intercepts holding some of the highest-grade rare earths to date, revealing two new prospects to add its namesake project near Esperance in Western Australia.

The new widespread drilling results were headlined by a 15m at 2,919 ppm TREO strike and are the first to come from the overlying younger-aged Nornalup zones which have been the focus of other successful explorers looking to take advantage of rich rare earth territory and local deepwater port.

Drilling through the year has shown multiple, thick, high-grade intercepts at the Mia Prospect and confirmed continuity through the project, and Mount Ridley now has two new prospects to explore in the new year at Lance and Jimmie.

Mount Ridley Chairman Peter Christie said the fact that drilling in untested areas is still locating new, high-grade zones underlines the prodigious extent of clay-hosted mineralisation.

“It is noteworthy that almost all of the world’s critical heavy rare earths, in particular terbium and dysprosium, are sourced from clay deposits in China and Myanmar.

As the Mount Ridley clay hosted REE project advances, the potential for it to become an alternative source of these critical heavy rare earths is becoming more apparent.”

Esperance REE

Traditionally known more as a holiday destination than a mining province, an abundance of clay hosted mineral horizons and elevated rare earths in water samples led explorers to Esperance on the hunt for the easily extracted clay hosted resources which have formed China’s dominance in the sector.

And the Port of Esperance is ready to ship them out as a piece of key infrastructure with shipments of nickel, iron ore and spodumene already passing through and ready to accept the region’s rare earth riches.

Highlights

• 15m at 2,919 ppm TREO (20% MagREOiii) from 18m (MRAC1614)
• 26m at 1,808 ppm TREO (21% MagREO) from 15m (MRAC1616)
• 12m at 2,774 ppm TREO (19% MagREO) from 6m (MRAC1623)
• 12m at 2,173 ppm TREO (22% MagREO) from 9m (MRAC1624)
• 30m at 2,026 ppm TREO (20% MagREO) from 9m (MRAC1626)
• 37m at 1,183 ppm TREO (20% MagREO) from 9m (MRAC1627)
• 23m at 1,317 ppm TREO (20% MagREO) from 12m (MRAC1628)
• 15m at 1,994 ppm TREO (21% MagREO) from 13m (MRAC1629)
• 28m at 1,807 ppm TREO (20% MagREO) from 13m (MRAC1630)
• 11m at 1,937 ppm TREO (22% MagREO) from 10m (MRAC1631)
• 21m at 1,180 ppm TREO (21% MagREO) from 9m (MRAC1637)
• 17m at 1,498 ppm TREO (24% MagREO) from 9m (MRAC1639)
• 18m at 1,399 ppm TREO (21% MagREO) from 12m (MRAC1641)

Lance and Jimmie prospect map

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