Perpetual Resources Ltd (ASX:PEC) has reported a swathe of high-grade results from drilling work at its Raptor REE (rare earth elements) project in Brazil, with the underlying continuity showing that high-grade mineralisation is present across two Raptor licenses.
Results from 7 drilled holes at the project yielded grades of up to 6,327ppm (parts per million) TREO (total rare earth oxides).
Within this, the company noted elevated levels of higher-value Neodymium-Praseodymium (Nd+Pr) rare earths, with individual drill holes showing up to 35% Nd+Pr ratios.
First pass drilling at shallow levels picked up intercepts including 5 metres at 5,591ppm TREO (35% Nd+Pr) ending in 5,533ppm TREO (33% Nd+Pr) in one hole; and 3 metres at 3,569ppm TREO (27% Nd+Pr) from 6m, ending in 3,846ppm TREO (31%
Nd+Pr) in another.
Perpetual’s recently appointed REE specialist Karl Weber said the continuous mineralisation indicated by these results boded well for the company’s future within this tier 1 district for REEs.
“With results from all but eight holes of the maiden drill program now in, we’re seeing a growing high-grade rare earth discovery at our Raptor Project in Minas Gerais, Brazil,” he said.
“Mineralisation extends across multiple tenement areas, with further results still pending.
“Notably, all holes intersected mineralisation from just below surface to the end of hole, indicating strong potential at depth.
“The Nd+Pr oxide content in higher-grade (>2000ppm TREO) zones consistently exceeds 20%, reinforcing the case for further drilling to test for extensions of the mineralisation.”
Despite this positive news, shares in Perpetual Resources were trending lower on this news. At 14:33 AEST, they were trading at 0.9 cents – a fall of 18.18% since the market opened.