The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Mount Ridley Mines (ASX:MRD) unearths two new rare earth prospects, Lance and Jimmie, at its easternmost tenement, 12 km east of its Mia prospect
  • The company reported wide, high-grade REE hits
  • Results include 15m at 2919 ppm TREO (20 per cent MagREO) from 18m and 26m at 1808 ppm TREO (21 per cent MagREO) from 15m
  • Since March 2022, MRD has been diligently exploring the project, racking up more than 50,000 metres of drilling
  • MRD last traded at .2 of a cent

Mount Ridley Mines (ASX:MRD) has unearthed two new rare earth prospects, Lance and Jimmie, at its easternmost tenement, E63/2117, 12 kilometres east of its prized Mia prospect.

This recent drilling campaign, comprising 36 aircore holes, targeted clays overlying younger Nornalup Zone granites, a departure from previous efforts. Such exploration has been the focus for fellow ASX-listers OD6 Metals (ASX:OD6) and West Cobar Metals (ASX:WC1).

Significant drilling highlights included 15 metres at 2919 parts per million (ppm) total rare earth oxides (TREO) (20 per cent MagREO) from 18 metres.

Another hit included 26 metres at 1808 ppm TREO (21 per cent MagREO) from 15 metres.

These findings come on the heels of a completed 155-hole infill program at Mia, designed to solidify the continuity of high-grade clay-hosted REE mineralisation.

Results, due in February 2024, will feed into the company’s maiden mineral resource statement.

Earlier screen beneficiation tests at Mia hinted at a potential grade upgrade of roughly 160 per cent, with high extraction rates achieved – up to 72 per cent of TREO and 85 per cent of high-value MagREO within a mere 24-hour leaching period.

Located northeast of Esperance, the Mount Ridley Project harbours laterally extensive REE mineralisation, further enhanced by its proximity to key infrastructure like the Goldfields Esperance Highway and Esperance Airport.

Since March 2022, MRD has been diligently exploring the project, racking up more than 50,000 metres of drilling.

MRD last traded at .2 of a cent.

MRD by the numbers
More From The Market Online

Weekly Wrap-up: The Headlines That Matter

A list of headlines and economic data that moved markets this week – and what's next.
The Market Online Video

Market Close: ASX200 wraps up the week on a high

The ASX200 closed up nearly half a per cent. Most sectors finished in the green.
The Market Online Video

Webinar: Australia’s Uranium Awakening: Investing in a Glowing Future

Uranium's regained serious value after an extended price depression that resulted from plentiful supplies coupled with…