Mount Ridley Mines (ASX:MRD) re-assay results extend scandium footprint at Block 2

Mount Ridley Mines has reported Phase 1 re-assay results from the Block 2 Resource at its Grass Patch Project in Western Australia, confirming additional high-grade scandium mineralisation across the resource area and identifying mineralisation beyond the current Mineral Resource Estimate boundaries.

The company said the results complete its assessment of the Phase 1 re-assay dataset against the footprint and grade of each Resource area at the Grass Patch Project.

Highlights

The results follow Mount Ridley’s Phase 1 assessment of historical drill material from the Block 2 Resource area, with the company reporting that scandium mineralisation extends beyond the current Block 2 Resource boundaries and remains open in multiple directions.

The company said the results provide a technical basis for future Resource evaluation, with further re-assaying and infill drilling identified as part of ongoing work.

The Block 2 Scandium re-assay program identified zones of near-surface scandium mineralisation, with the company reporting that higher-grade scandium zones occur throughout the deposit rather than being restricted to isolated pods.

The company also reported that grade continuity is evident across multiple drill traverses.

Additional significant results included MRAC0942 with 12m @ 110.05 ppm Sc₂O₃ from 22m, MRAC0912 with 8m @ 104.22 ppm Sc₂O₃ from 52m, MRAC1204 with 18m @ 104.71 ppm Sc₂O₃ from 9m, and MRDD033 with 12m @ 105.72 ppm Sc₂O₃ from 24m.

Mount Ridley reported that high-grade scandium mineralisation was intersected along the northern, southern, eastern and western margins of the existing Block 2 Mineral Resource Estimate.

The company said the results confirm that the mineralised system remains open and has not yet been fully delineated.

The company also reported that the southern and eastern extensions returned numerous thick, high-grade intersections, including multiple intercepts exceeding 100 ppm Sc₂O₃ over substantial widths.

Mount Ridley said the northern and western extensions also returned scandium intersections outside the current resource envelope.

Mount Ridley Managing Director and CEO Allister Caird said the latest results confirmed the extension of scandium mineralisation beyond the current Resource boundary.

“Results confirm scandium mineralisation extends beyond the current Resource boundary in multiple directions, with intercepts including 19 metres at 127.68 ppm Sc₂O₃ and 24 metres at 114.54 ppm Sc₂O₃, both well above the existing 86.9 ppm Sc₂O₃ Resource average.”

The Grass Patch Project hosts defined heavy rare earth element, scandium and gallium resources identified through 70,000m of historical drilling.

The company reported that Block 2 hosts a Rare Earth Element Resource of 87.18Mt at 947ppm TREO and a Gallium Resource of 372.3Mt at 40.4ppm Ga₂O₃.

Mount Ridley said the Phase 1 re-assay results will be incorporated into an updated Mineral Resource Estimate, targeting an upgrade of the current JORC (2012) Inferred Mineral Resource classification.

The company also said approximately 2,000 historical pulps are due to be collected for Phase 2 of the Re-Assay Program, which will prioritise expanding the Block 1 and Block 2 Mineral Resource Estimate footprint from the remaining 14,000 unassayed historical pulps.

The announcement states that scandium is recognised as a critical mineral by Australia, the United States and the European Union.

Mount Ridley will continue its re-assay program and Mineral Resource Estimate work at the Grass Patch Project as outlined in the announcement.