- Desert Minerals (DM1) confirms a “significant” clay-hosted rare earth discovery at its Innouendy project in Western Australia
- It comes as the company released the first assays from its 12,745-metre drilling program
- Highlights included eight metres at 2734 parts per million (ppm) total rare earth oxide (TREO) from 24 metres, including three metres at 4104 ppm TREO
- Desert Minerals said the TREO intersections within the clay appear to be thick and relatively continuous from the limited results received
- Shares are trading 36.1 per cent higher to 56.5 cents each at 11:42 am AEST
Desert Metals (DM1) shares jump after confirming a “significant” clay-hosted rare earth discovery at its Innouendy project in WA.
It came after the company released the first assays from its 12,745-metre drilling program.
Highlights included eight metres at 2734 parts per million (ppm) total rare earth oxide (TREO) from 24 metres, including three metres at 4104 ppm TREO.
It said the TREO intersections within the clay appear to be thick and relatively continuous from the limited results received.
Furthermore, Desert Metals reported step out drilling across 20 kilometres of strike length has intersected both thick clays and large volumes of mafic and ultramafic rock.
Lab analysis will be completed to determine whether the units host significant mineralisation.
Assays are pending for a further 11,617 metres of drilling.
Managing Director Rob Stuart said it is great to confirm a significant rare earth discovery at an early stage of exploration.
“Once all assays are compiled we intend to return to the field as soon as possible to execute a more expansive drill program to test the extent of this exciting discovery,” he said.
Shares were trading 36.1 per cent higher to 56.5 cents each at 11:42 am AEST.