Encounter Resources (ASX:ENR) has unveiled a fresh set of niobium assays from recent drilling, with consistent high grades reported.
It might be a surprise for junior-watchers to remember that only two months ago, niobium was the hottest obscure metal in the shed following WA1 Resources’ rise to relative fame. Then China curbed antimony exports, and well, antimony has been the flavour of the month since.
(Another reason HotCopper users were watching ENR on Monday: it’s in the same neighbourhood as WA1 Resources. Both companies have separate exploration assets, both using the geographical “West Arunta.”)
Encounter Resources was, perhaps, nervous while waiting for its assay results to come back from the lab. But if HotCopper users’ reactions are anything to go off, the market is liking Encounter’s Monday drill data.
So what did the company find? It’s released results for two target areas of interest, the Green and Crean targets in the West Arunta region respectively – part of Encounter’s Aileron project.
At Green:
- 38m @ 1.5% niobium from 51m depth, including
- 10m@ 4.2% niobium
- 16m @ 3.0% niobium from 47m depth, including
- 10m @ 4.3% niobium
- 72m @ 1.0% niobium from 40m depth, including
- 18m @ 2.7% niobium
Meanwhile, at Crean:
- 49m @ 1.7% niobium from 86m depth, including
- 10m @ 4.9% niobium
- 43m @ 1.6% niobium from 79m depth, including
- 24m @ 2.1% niobium
“Encounter’s Aileron project in the West Aruna hosts multiple bodies of high-grade, near-surface niobium oxide mineralisation,” ENR EC Will Robinson said.
“Green contains a large, laterally mineralised zone with frequent high-grade niobium intercepts defined in broad spaced aircore drilling.
“Beyond these discoveries, with new results such as at Joyce, we are continuing to validate our targeting model, which focuses on major regional faults which have the capacity to host mineralised carbonatites over considerable strike length.”
Further RC drilling has kicked off on-site in the hunt for fresh high-grade near-surface hits.
ENR last traded at 46.5cps.