- Mount Ridley Mines (MRD) completes the re-assay of 489 composite samples collected from its namesake project in Western Australia
- On July 1, the company announced it had identified the potential for rare earth elements (REE) at the Mount Ridley Project
- Since a review undertaken last year, 1108 samples have been collected and analysed with over 50 per cent of the samples containing significantly elevated REE
- A further analysis of 489 samples was completed and identified 80 per cent light rare earth oxides (REO), 76 per cent heavy REO and 80 per cent critical REO
- Shares in Mount Ridley are down 5.56 per cent on the market and are trading at 0.9 cents at 11:54 am AEDT
Mount Ridley Mines (MRD) has completed the re-assay of 489 composite samples collected from its namesake project.
The Mount Ridley Project lies roughly 35 kilometres northeast of Esperance in Western Australia and covers a total area of 3400 square kilometres.
On July 1, the company announced it had identified the potential for rare earth elements (REE) at the Mount Ridley Project.
A review undertaken last year concluded that areas within the Biranup and Nornalup geological provinces have the potential for REE mineralisation.
Since then, 1108 composite samples, from 267 aircore holes for 3500 metres of drilling, have been collected and analysed.
More than 50 per cent of the samples contained significantly elevated REE.
Mount Ridley has now completed further analysis of 489 previously analysed samples to analyse for soluble or loosely bound REE.
This work identified 80 per cent light rare earth oxides (REO), 76 per cent heavy REO and 80 per cent critical REO.
The holes that returned elevated REE extend over an area spanning a length of 25 kilometres and a width of three kilometres.
Further drilling has been planned to frame out the extent of the mineralisation which is open in all directions.
Chairman Peter Christie commented on the program.
“This analytical program was designed to give an early indication of whether the REE mineralisation was in a readily soluble state and, while these results are indicative only, they exceed our expectations and therefore encourages the company to fully commit to advancing the Mount Ridley REE Project through drilling and more advanced metallurgical studies,” Mr Christie said.
Shares in Mount Ridley were down 5.56 per cent on the market and were trading at 0.9 cents at 11:54 am AEDT.