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- Share price takes off on Brazil REE discovery
- High-value magnetic rare earths intersected in auger drilling
- Initial scout drilling confirms rare earth element enrichment
- Next phase of auger drilling to target previously untested areas
Enova Mining (ASX:ENV) jumped by 50% on news it discovered rare earth element (REE) mineralisation at the Santo António Do Jacinto project in north-eastern Minas Gerais, Brazil including significant neodymium-praseodymium (NdPr) hits.
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Initial auger drilling has confirmed REE mineralisation from surface across multiple holes within near surface saprolite.
The auger assay results confirm consistent REE enrichment within the weathered saprolite and further define the grade distribution of the mineralised system.
Mineralisation is hosted within saprolite overlying the Santo António do Jacinto Porphyritic Granite Complex, supporting the company’s geological model for a granite-derived saprolite-hosted REE system.
CEO, Eric Vesel, said the results support further auger drilling across previously untested areas of the project.
“Initial auger drilling at Santo António do Jacinto has confirmed significant rare earth element mineralisation within near surface saprolite overlying the Santo António Do Jacinto Porphyritic Granite Complex,” Mr Vesel said,
He told shareholders the consistently high NdPr content, averaging approximately 25% of total rare earth oxides (TREO), is particularly encouraging and supports the prospectivity of the project with broad intercepts from surface including 6.0m at 2,176 parts per million (ppm) TREO and 26% NdPr, and 6.0m at 1,136 ppm TREO and 24% NdPr, including 2.0m at 2,140 ppm TREO and 26% NdPr.
“Peak results of up to 2,485ppm TREO and 26% NdPr from surface further highlight the quality of the mineralised system identified to date,” Mr Vesel said.
“With only four auger holes completed to date, these results provide a strong foundation for further exploration. Additional auger drilling is planned to define the extent and thickness of the mineralisation, while our current priority remains the resource delineation drilling program at the Naked Hill project.”
ENV is up 50% to 0.3¢. Mkt cap $3.961M.
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