Caprice Resources (ASX:CRS) finds “significant” REE anomaly at Mukinbudin, WA

• Caprice Resources (CRS) spikes on the ASX after identifying a “significant” rare earth element (REE) anomaly at its Mukinbudin project in Western Australia
• The anomaly is at least 300 metres long, with both rock chips and soil samples showing elevated levels of REEs — samples returned up to 3761 ppm REOs
• The outcrop at the QC2 area, where the anomaly was discovered, has a total strike of around 1.5 kilometres, with further sampling planned to test the remaining length, as well as other areas within the project
• Follow-up sampling will commence next week
• Shares in CRS are up 21.95 per cent and trading at five cents at 11:17 am AEST

Shares in Caprice Resources (CRS) were up more than 20 per cent during morning trade on Friday after the company announced it had discovered a “significant” rare earth element (REE) anomaly at its Mukinbudin project in Western Australia.

CRS confirmed the soil anomaly was at least 300 metres long and open along-strike, with rock chips and soil samples returning up to 3761 parts per million rare earth oxides (REO).

CRS Managing Director Andrew Muir said the company was “highly encouraged” by its initial exploration work, confirming the “prospectivity” of the project.

“Whilst the sampling only tested three specific targets, to identify elevated REEs in one of these is an excellent outcome,” Mr Muir said.

“The results justify follow-up work to further assess QC2 to delineate drill targets, as well as continue to explore other parts of the 380 sqkm project, with only 20 per cent of the tenement having been actively explored to date.”

The outcrop at the QC2 area, where the anomaly was discovered, has a total strike of around 1.5 kilometres, with further sampling planned to test the remaining length, as well as other areas within the project.

Caprice said follow-up sampling was planned to commence next week.

Shares in CRS were up 21.95 per cent and trading at five cents at 11:17 am AEST.