- Mount Ridley Mines (ASX:MRD) has provided an activities update for the December 2023 quarter regarding its Mount Ridley REE project in WA
- New prospects named Jimmie and Lance were identified, intercepting high-grade REE mineralisation, including 2919 ppm TREO over 15 metres
- MRD expects to release a maiden MRE for Mia during the March 2024 quarter
- Shares last traded at 0.2 cents
Mount Ridley Mines (ASX:MRD) has provided an activities update for the December 2023 quarter regarding its Mount Ridley REE project in Esperance, WA.
Geotechs identified two new prospects named Jimmie and Lance, which delineated high-grade REE mineralisation close to the surface, including 2919 parts per million (ppm) total rare earth oxides (TREO) over 15 metres.
Additional intersections included TREO grades at 2774 ppm, 2173 ppm, and 2026 ppm all stretching more than 10 metres.
Additional drilling was completed at MRD’s Central Mia prospect via a 155-hole air-core program, and the company expects to receive these results in February.
Geological modelling of drilling data continues as the company anticipates the release of its maiden mineral resource estimate (MRE) for Mia during the March 2024 quarter.
Mount Ridley intends to build on its beneficiation test results through continued metallurgical analysis, which indicated a projected REE grade upgrade of approximately 160 per cent.
At the end of the December quarter, MRD held $1.433 million in cash and no debt.
MRD shares last traded at 0.2 cents.