- Resource Base (RBX) makes a significant rare earth element (REE) discovery at its Mitre Hill project along the South Australia and Victoria border
- The company undertook broad spaced drilling to assess tenement EL007646 with the main objective being to establish the depth and consistency of the geological horizon
- Overall, grades peaked at 1421 parts per million total rare earth oxides and a high-grade zone has been encountered in the west which remains open to the west, north and south
- Further drilling is needed with the company’s recently acquired drill rig to extend the program to neighbouring tenements
- Resource Base shares are trading steady at 23 cents at 1:30 pm AEST
Resource Base (RBX) has made a significant rare earth element (REE) discovery at its Mitre Hill rare earths project along the South Australia and Victoria border.
The company undertook broad spaced drilling to begin assessing tenement EL007646 with the main objective being to establish the depth and consistency of the clayey-sediments/limestone geological horizon.
Better results include one metre at 1421 parts per million (ppm) total rare earth oxides (TREO) from three metres, one metre at 1090 ppm TREO from five metres and one metre at 948 ppm TREO from six metres.
Drilling also encountered a high-grade zone in the west of the tenement which remains open to the west, north and south.
Of the 34 holes drilled to date, 70 per cent have returned values above 500 ppm TREO.
Further drilling is needed with Resource Base’s recently acquired drill rig to extend the program to the neighbouring tenements.
“The discovery of REE from this initial small drill programme is very exciting for
the company,” Executive Chairman and CEO Shannon Green said.
“This tenement of 28 square kilometres makes up approximately one per cent of RBX’s
total 2600 square kilometre holdings, and the scale and tenor of these results confirm our geological modelling of the potential for significant REE mineralisation in the region.”
“In only 10 months RBX has achieved a great deal and we are confident we will
keep hitting our drill program milestones across our very large land holding moving forward.”
Resource Base shares were trading steady at 23 cents at 1:30 pm AEST.