- Codrus Minerals (CDR) confirms “outstanding” grades from grab samples at the Karloning rare earth elements (REE)-niobium project in Western Australia
- The results include 2.85 per cent dysprosium, 6.41 per cent niobium and 18.6 per cent tantalum and Codrus says they confirm the project’s potential to host high-value permanent magnet rare earths within a large-scale pegmatite
- Codrus Minerals believes it now has a strong platform to launch its maiden drilling program at Karloning which will begin as soon as possible
- Shares in Codrus have soared 62.5 per cent, trading at 19.5 cents as of 1:01 pm AEDT
Codrus Minerals’ (CDR) shares have soared after it confirmed “outstanding” grades at the Karloning rare earth elements (REE)-niobium project in Western Australia.
The assays come from five grab samples and reportedly confirmed the potential for Karloning to host high-grade and high-value permanent magnet rare earths including dysprosium and praseodymium, within a large-scale pegmatite.
Further, the company said the pegmatite system also hosts significant niobium which is a critical metal used in wind turbines and high-performance batteries.
New sample results include 28,463 parts per million (ppm) (2.85 per cent) dysprosium oxide, 64,100 ppm (6.41 per cent) niobium and 186,000 ppm (18.6 per cent) tantalum.
“We are excited by the high grades returned from samples that exceeded the upper detection limit in the original assaying, as announced when we acquired the project last month,” Managing Director Shannan Bamforth said.
“Seeing grades for heavy REE elements of this magnitude is very positive, particularly given that these metals are intrinsically linked to the decarbonisation thematic,” Mr Bambforth said.
He further said the grades provided a very strong platform to launch Codrus’s maiden exploration program on the project.
This drilling program will focus on defining the extents of the large-scale pegmatite and primary controls on the distribution and continuity of REE mineralisation.
Work will commence on the joint venture (JV) ground as soon as practicable and on the 100 per cent Cordus tenement as soon as the company receives the go-ahead.
Cordrus entered into a JV with Talgomine Minerals and will earn up to 90 per cent interest in the project which is 30 kilometres north of the regional town of Mukinbudin.
Shares in Codrus soared 62.5 per cent, trading at 19.5 cents at 1:01 pm AEDT.