- Kingfisher Mining (KFM) confirms continuous rare earth element (REE) mineralisation at its MW2 discovery in Western Australia
- The company has received the final results from a 37-hole drilling program that returned assays of up to 6.7 per cent total rare earth oxides (TREO)
- Kingfisher says this is a “great outcome” and believes there’s potential to make more mineralisation discoveries along the 54-kilometre Chalba corridor
- Infill and extensional drilling is now planned at the MW2 area, and the company is also planning maiden drilling at the MW7 and MW8 areas
- KFM shares have fallen 21.57 per cent to trade at 40 cents at 12:24 pm AEDT
Kingfisher Mining (KFM) shares tumbled on Tuesday despite confirmation of continuous rare earth element (REE) mineralisation at its MW2 discovery in Western Australia.
The MW2 discovery is one of several targets identified from 2022 mapping and survey work along Kingfisher’s 54-kilometre-long Chalba and 30-kilometre-long Lockier corridors.
The company has now received the remaining drill results from a 37-hole program, with 33 of the holes intersecting REE mineralisation.
New results include five metres at 2.63 per cent total rare earth oxide (TREO) and 0.54 per cent neodymium oxide and praseodymium oxide from 124 metres, including three metres at 4.11 per cent TREO and 0.85 per cent neodymium oxide and praseodymium oxide.
This interval also included a higher-grade result of one metre at 6.7 per cent TREO and 1.39 per cent neodymium oxide and praseodymium oxide from 125 metres.
KFM Executive Director and CEO James Farrell said confirming further continuous mineralisation was a “great outcome” for the company and followed the initial discovery of mineralisation at MW2 just six months ago.
“Significantly, MW2 is only one of many identified targets along the company’s extensive 54-kilometre Chalba corridor, and there is potential for additional mineralisation discoveries and growth for the company as our methodical exploration advances further along the shear,” Mr Farrell said.
Kingfisher Mining is now finalising its exploration plans for 2023. It has booked a drill rig for infill and extensional drilling at MW2 to target mineralisation as it remains open.
The company also plans to undertake maiden drilling at the MW8 and MW7 areas, where mapping and sampling identified continuous mineralisation over 1.5 kilometres to the northwest.
KFM shares fell 21.57 per cent to trade at 40 cents at 12:24 pm AEDT.