Chase Mining (ASX:CML) shares jump on the grant of three exploration licences, NT

• Chase Mining (CML) has been granted three exploration licences to form the Barkley North project in the Northern Territory
• The licences cover the eastern half of the 160 kilometre-long rare earths trend discovered by the Geoscience Australia North Australian geochemical survey
• Over the next three months, the company plans to undertake surface sampling across the project area to identify the sources of the reported rare earths
• Following this program, it will design a series of shallow drilling traverses to take place in the drier months of next year
• Shares are trading 33.3 per cent higher to 1.8 cents each at midday trade AEST

Chase Mining (CML) shares have soared following the grant of three exploration licences to form the Barkley North project in the Northern Territory.

The licences cover the eastern half of the 160 kilometre-long rare earths trend discovered by the Geoscience Australia North Australian geochemical survey.

The company believes this trend is caused by a previously unrecognised ionic clay hosted rare earths deposit.

These kind of deposits are cheaper to mine and process, with less toxic waste material issues than hard rock rare earth deposits.

Over the next three months, the company has planned to undertake surface sampling across the project area to identify the sources of the reported rare earths.

Following this program, it will design a series of shallow drilling traverses to take place in the drier months of next year.

Additionally, magnetic and gravity targets for base metals will be depth modelled.

Shares jumped 33.3 per cent higher to 1.8 cents each at midday trade AEST.