MTM shows REE scale at East Laverton
November 17, 2022Mt Monger Resources split assays have revealed shallow REEs potentially extending over a large portion of the Company’s East Laverton land package covering around 3,000km² of under-explored terrain perspective also prospective for gold, nickel and base metals.
48 aircore drill holes identified broad zones of shallow REE mineralisation hosted by saprolitic clays above interpreted fertile basement granitoids and gneissic rocks.
An assay of the primary 1m drill samples has confirmed and provided a better definition of the REE mineralisation intersections in the aircore drill holes. And compare favourably with the original composite samples.
Assays received have returned significant TREO grades and thickness using a 1,000ppm TREO cut-off grade with clay thickness intervals up to 12m. Overall, Magnet Rare Earth Oxides (MREO) make up an average of 24% of TREO, with Critical Rare Earth Oxides (CREO) averaging 23% and Heavy Rare Earth Oxides (HREO) averaging 12%.
“These more detailed assays from the aircore drilling program confirm the presence of shallow, rare earth element mineralisation on our East Laverton project tenements,” Managing Director Lachlan Reynolds said.
“We are excited by the scale of this opportunity – the mineralisation potentially extends over a vast area, most of which is still untested by drilling.
“We are also very pleased to see that the mineralisation ‘basket’ of elements contains a significant proportion of the higher-value heavy and critical rare earth elements. This is important for the potential viability of any discovery, and we are keen to do more work to home in on the best parts of the system.”
Next Steps
The Company will begin highly anticipated drilling east of the Great Central Road at the Pt Kidman prospect, pending provisional approval by the Traditional Owners of the area, subject to an on-site clearance process.
Price Action
The Company’s ASX-listed shares have risen 50 per cent to 15c in early morning trade.
About Mt Monger Resources
Mt Monger Resources Limited (“the Company”) was incorporated in November 2020 to consolidate several gold exploration projects in the Mt Monger region of Western Australia. Subsidiary entities Tigers Paw Prospecting Pty Ltd, Golden Wheelbarrow Prospecting No. 1 Pty Ltd and Golden Wheelbarrow Prospecting No. 2 Pty Ltd and Mt Monger Minerals Pty Ltd all sit within the Mt Monger Resources group as wholly owned subsidiaries. The entities have collectively secured rights to acquire and explore mineral exploration permits and applications covering more than 3,000 km², prospective for gold, base metals and rare earth elements (REE). Mt Monger Minerals Pty Ltd was established to secure interests in several exploration projects in the Mt Monger region, with five different project vendors, and lodging two applications for two exploration permits.
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