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New Frontier Minerals Ltd (ASX:NFM) has identified a new prospect – dubbed ‘Paddington’ – following commencement of fieldwork at the Harts Range project in the Northern Territory, which is prospective for uranium, niobium and heavy rare earths.
The company’s team has been in the field assessing 46 targets previously identified through an airborne survey, with drilling planned for the best of these in the near future.
Located 200 metres from the existing ‘Bob’s’ prospect, Paddington has now been subject to surface sampling, with assays data to be released imminently.
In another development at Hart’s Range, NFM has expanded the project’s footprint, through new tenement applications EL34109 and EL34110.
Chairman Ged Hall said the development’s at Hart’s Range were encouraging, especially keeping in mind recent Chinese restrictions on heavy rare earth exports.
“We are excited to have commenced field activities to follow up the 46 priority targets identified through our recent airborne survey at the Harts Range Project,” he said.
“The recent discovery of the Paddington Prospect located 200 metres to the west of Bobs has highlighted the value of the airborne geophysics as a regional exploration tool.
“The team has conducted mapping and surface sampling at Paddington, and we eagerly await the assay results, which will provide further insights into the prospectivity of this area for Heavy Rare Earths.”
NFM has been trading at 1.2 cents.
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