Mount Ridley Mines Ltd (ASX: MRD) | Block 2 Re-Assays Further Extend Scandium Footprint
MarketOpen Trading Titan
This episode covers Mount Ridley Mines (ASX: MRD) and its latest exploration update, with Phase 1 re-assay results confirming additional high-grade scandium mineralisation at the Block 2 Resource within the Grass Patch Project.
Key facts covered in this episode:
Best reported intercept: 19 metres at 127.68 ppm scandium oxide from 20 metres depth.
Additional reported intercepts include 24 metres at 114.54 ppm and 19 metres at 114.25 ppm scandium oxide.
Several reported intercepts exceeded the current Block 2 Resource average grade of 86.9 ppm scandium oxide.
Current Block 2 scandium Resource stands at 212.7 million tonnes at 86.9 ppm scandium oxide, alongside a 372.3 million tonne gallium Resource at 40.4 ppm gallium oxide and an 87.18 million tonne rare earth Resource at 947 ppm total rare earth oxide.
The company states mineralisation extends beyond the existing Mineral Resource Estimate boundaries and remains open in all directions.
Phase 1 assessment is now complete across both Block 1 and Block 2.
Phase 2 of the re-assay program is scheduled to commence this week, with approximately 2,000 historical pulps due to be collected.
Approximately 14,000 historical pulps remain unassayed for future re-assay work.
The company is targeting an upgrade of the current JORC (2012) Inferred Mineral Resource classification.
This episode explains what the company announced, the key exploration results, how they fit into the company's planned Mineral Resource update, and the next stated milestones.
Next milestones: Phase 2 re-assay results, incorporation of the Phase 1 data into an updated Mineral Resource Estimate, and progress toward the company's targeted upgrade of the current JORC (2012) Inferred Mineral Resource classification.
This episode is for information purposes only. Nothing in this podcast constitutes financial advice. Listeners should do their own research and consider their own financial circumstances before making any investment decision.