Wednesday, 1 March 2023
by Berkeley Lovelace
Heavy Rare Earths has much to celebrate after its exploration and resource expansion drilling uncovered a substantial new body of rare earths mineralisation at its Cowalinya project.
That the discovery of the Western Zone includes the thickest intercept yet at Cowalinya of 42m grading 790 parts per million (ppm) total rare earth oxides (TREO) from a down-hole depth of 12m (AC226) makes the find even sweeter for the company.
Drilling at the Western Zone also returned rich intercepts such as 19m at 3,190ppm TREO with valuable magnet REOs making up 32.5% of the total REE content from 16m including 8m at 5,382ppm TREO from 24m.
It follows on from a recent record strike of 0.72% TREO over 2m in hole AC225.
Heavy Rare Earths (ASX:HRE) executive director Richard Brescianini said the new assays are the most significant of the recently completed 438 hole program reported to date.
“We are now seeing solid evidence of a new and substantial body of rare earth mineralisation in saprolite to the west of our Cowalinya South resource,” he noted.
“This Western Zone is consistently thicker and appears to have better grade characteristics than Cowalinya South. It is unconstrained in its lateral extent.
“In the coming weeks, we will report assays from another 107 holes to the west and southwest of Cowalinya South which have the potential to expand this exciting new discovery.
“I am confident this will be the foundation of an updated resource for the project which I anticipate will be estimated by mid-year.”
Drilling within the 9km2 area immediately west of the Cowalinya South has returned higher average grades (784ppm TREO) and wide (11.9m) compared with the existing resource along with consistently enhanced concentrations of important MREOs.
The new Western Zone is now apparent in a systematic drill pattern up to 4.3km west of the existing resource along five adjacent 400m-spaced drill lines.
What’s more interesting to Heavy Rare Earths is that this zone could extend westwards into the recently acquired E63/2144 tenement, a prospect that is subject to confirmatory assays from a number of holes west of AC233, AC289, AC218 and AC201.
Drill assays are also pending for the remaining 246 holes, which include the central and northern parts of the tenement.
The Cowalinya project is located about 70km southeast of the historic gold town of Norseman and covers 230km2.
It boasts a clay-hosted JORC inferred resource of 28Mt at 625ppm TREO, with 25% valuable magnet rare earths and 23% strategic heavy rare earths.
This article was developed in collaboration with Heavy Rare Earths, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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