Encounter Resources (ASX:ENR) is extending its niobium mineralisation on the back of fresh aircore drilling.
Thursday’s news stems from Encounter’s Emily prospect; one of three key target areas of interest alongside the ‘Green’ and ‘Crean’ assets at the company’s Aileron project in the West Arunta region of Western Australia.
The company unveiled the following drill data on Thursday:
- 24m @ 2% niobium from 38m depth
- 32m @ 1.2% niobium from 68m depth
- 15m @ 1.4% niobium from 36m depth
- 04m @ 1.6% niobium from 38m depth
In the case of the last three results, niobium intersected to the end of the hole in all cases. On the back of this, the company will be including Emily in resource definition drilling next year – as well as taking an RC rig on-site to probe deeper.
Whether or not the market remains interested in niobium is another question. Encounter shot up in June when it first announced the discovery of niobium at Crean and Green, though failed to become the next WA1.
After trading briefly just over 80cps for a few weeks, the share price is now today worth 36cps – around where it was before the discovery.
“These latest results from Emily have expanded the footprint of the shallow high-grade niobium mineralisation and show the mineralising event that extends through Emily, Luni, and Green is over 9km,” Encounter EC Will Robinson said.
“RC drilling will be completed at Emily in early 2025 to infill and extend the high-grade mineralisation to depth.
“Emily is one of our three advanced prospects, along with Green and Crean, where we are planning to conduct resource drilling in 2025.”
ENR last traded at 34cps.
Join the discussion: See what HotCopper users are saying about Encounter 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.