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- Mount Ridley Mines (MRD) identifies rare earth element deposits at its wholly owned Mount Ridley Project in WA
- A re-assay of 950 air core samples returned rare earth element (REE) values over an apparent strike over 25 kilometres, with more than 20 samples returning more than 1000 parts per million (ppm) total rare earth oxides
- The company says planning is now underway for a 25,000 metres aircore program to determine extensions of known mineralisation
- Mount Ridley Mines last traded at 0.4 cents on July 30
Mount Ridley Mines (MRD) has identified rare earth element deposits at its wholly owned Mount Ridley Project in WA.
A re-assay of 950 air core samples returned rare earth element (REE) values over an apparent strike over 25 kilometres, with more than 20 samples returning more than 1000 parts per million (ppm) total rare earth oxides.
The company says significant REE intersections over the five prospects — Winston’s, The Lake, Keith’s, Marcellus and Tyrrell’s — include eight metres at 2632 ppm total rare earth oxides and 12 metres at 1455 ppm total rare earth oxides.
Mineralisation remains open in all directions, with a peak value of 10,461 ppm from 23 metres downhole at the Keith’s Prospect. 162 air core samples still remain pending.
Mount Ridley’s Chairman, Peter Christie, commented on the results,
“The identification of relatively shallow REE accumulations within the company’s extensive land holding was the result of a critical re-examination of data generated during nickel drilling campaigns at the Mount Ridley Project over the previous five years.”
Planning is now underway for a 25,000-metre aircore program to determine extensions of known mineralisation, while reverse circulation drilling will be used for a mineral resource drill-out.
Mount Ridley Mines last traded at 0.4 cents on July 30.
