Join our daily newsletter At The Bell to receive exclusive market insights
ActivEx Ltd (ASX:AIV) has picked up a suite of strong rare earth element (REEs) and base metal results from first-pass exploration of its Aranac Project in Queensland, where it used portable x-ray fluorescence (pXRF) technology to assess samples taken from two target areas.
This produced readings of up to 2,794 parts per million (ppm) in total rare earth oxides (TREO) in the first target area. All up, 76 readings were taken.
This target centres on the Wallumbulla Formation, where white to light grey, fine-grained sediments have been identified as prospective for REE mineralisation. This view was vindicated by the exploration program, which showed that of 67 samples, 14 held over 100 ppm TREO.
A second target focuses instead on base metal potential around the also fine-grained iron rich sediments of the project’s underlying Ronlow Beds. Five rock samples were taken from the site, revealing the presence of zinc (Zn), cobalt (Co), barium (Ba), iron (Fe), manganese (Mn), and neodymium (Nd).
For each commodity, the readings showed 424ppm to 1,000ppm Zn, 264ppm and 1,112ppm Co, 177ppm to 713ppm Ba, 39.01% to 49.57% Fe, 76ppm to 1,624ppm Mn, and 263ppm Nd.
ActivEx managing director Mark Derriman said the results showed potential for both REEs and base metals along a considerable strike length at Aranac.
“The REE analysis of 2,794ppm from only a handful of samples is very encouraging along with the two-to-three metre thickness of the host clayey sediments,” he said.
“The adjacent outcropping limonite-stained metasediments with Co to 1,112ppm and Zn to 1,000ppm are of interest in that they may be the surface expression of sulphide mineralisation at depth.
“The high iron content indicates drone/airborne magnetics could be a very useful exploration tool.”
ActivEx shares shifted upwards on the news, and by 13:23 AEDT, they were trading at 1.6 cents – a rise of 23.08% since the market opened.
Join the discussion: See what HotCopper users are saying about ActivEx and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
-1200x645-380x200.jpg)
