Mount Ridley Mines (ASX:MRD) highlights drilling progress at its Mia prospect during Q4

• Mount Ridley Mines (MRD) sees drilling progress at its namesake rare earths project during Q4 FY23
• During the quarter, MRD used screen beneficiation techniques to achieve upgrades to its TREO grades
• With the resumption of drilling due in September, MRD will increase drill hole density to improve knowledge of the continuity of high-grade TREO-hosting structures
• The company’s estimated total available funding stands at $3.49 million
• MRD shares last traded at 0.2 cents

Mount Ridley Mines (MRD) has continued to make drilling progress at its namesake rare earths project during Q4 FY23.

During the June quarter, drilling at the company’s central Mia prospect yielded promising results, with 30 per cent of the current resource program now completed.

Notably, assays revealed thick, high-grade intersections of total rare earth oxides (TREO) mineralisation, including 36 metres at 4398 parts per million (ppm) TREO, the project’s highest-grade intersection to date.

Additionally, the MRD team employed screen beneficiation techniques to achieve upgrades to its TREO grades, involving the removal of barren minerals from the mineralisation.

The company also nears completion of its hydrochloric acid leach test work conducted by ANSTO and IMO laboratories. The test was carried out using samples from Mia, Jody, Winston, and Vincent’s prospects to evaluate the applicability of the HCI acid leach method.

Resource drilling operations have covered a significant area of approximately 80 square kilometres at MRD’s Mia prospect, with drilling intersections over a 16-kilometre corridor aligned with geological structures holding potential for deeper clay development.

With the resumption of drilling scheduled for September, Mount Ridley Mines aims to increase drill hole density, which will provide valuable information about the continuity of high-grade TREO-hosting structures.

This information will be crucial for mineral resource calculations, planned for the December 2023 quarter.

The company’s estimated total available funding stands at $3.49 million as of the end of Q4.

MRD shares last traded at 0.2 cents.