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New Frontier Minerals Ltd (ASX:NFM) has discovered a pegmatite measuring 500 metres long at its Big Jay Prospect – part of the wider Harts Range Project in the Northern Territory.
This was picked up during a second round of reconnaissance field work at the project – located 140 kilometres northeast pf Alice Springs – which is prospective for uranium, niobium and rare earth elements (REEs).
The geology team anticipates the pegmatite will yield these three, with the REE mineralisation to be defined specifically as heavy rare earths (HRE).
Pending results from rock chip assys, they expect Big Jay to become a key target for the project. Chairman Ged Hall said this discovery had built confidence in what could be yielded from this territory.
“The geology team’s recent follow up visit to the Harts Range Project reinforces the Board’s commitment to accelerating development efforts and identifying new prospective targets in the region,” he said.
“The critical next phase of the exploration campaign will be a heliborne geophysical survey which has the potential to significantly expand the areas of interest.”
New Frontier’s first reconnaissance trip to the project picked up rock chip assays which graded strongly in all relevant mineralisation, including up to 29.80% NB2O5, 14.04% U3O8, 1.63% Dy2O3, 0.22% Tb4O7, and 23.02% Ta2O51.
New Frontier has been trading at 1.1 cents.
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