Join our daily newsletter At The Bell to receive exclusive market insights
Si6 Metals Ltd (ASX:SI6) has discovered a zone of high-grade and shallow rare earth elements (REEs), with results of up to 5,475 parts per million (ppm) total rare earth oxides (TREOs) at its Poços de Caldas Alkaline Complex in the Brazilian state of Minas Gerais.
Maiden auger drilling at the project yielded intercepts such as 5 metres at 4,526ppm TREO (34% MREO, or mixed rare earths) at zero metres, including 2 metres at 5,475ppm TREO (36 percent MREO at 9 metres, ending with 2 metres at 4,235ppm TREO (36 percent MREO).
A second hole revealed intercepts of 9 metres at 2,579ppm TREO (25 percent MREO) at zero metres, including 2 metres at 4,265ppm TREO (36 percent MREO) at 1 metre.
Also found among the assays of seven total drill holes was a substantial amount of neodymium and praseodymium (NdPr) within the mixed rare earth oxides.
Si6 is still carrying out drilling work at Cadera South – looking for REEs and Padre Paraíso – in search of lithium – with more assays from the Caldera auger drilling still to come.
Managing director Jim Malone said that results from the project provided positive guidance for the future of exploration in the area.
“The excellent first batch of auger results reported here is demonstrating that our Caldera joint venture prospect has the potential to develop into a discovery zone with every hole drilled intercepting clay hosted rare earth mineralisation,” he said.
“Importantly, the drilling has returned significantly high proportions of high value and strategically critical magnet rare earth oxides up to 36 percent.
“We are excited that our exploration drilling plans with our joint venture partner is coming to fruition and is the first step in a long-term relationship as we continue to explore and strengthen our Brazilian critical metals portfolio.”
Through its joint venture, Si6 has the option to acquire 70 percent of all future exploration projects in Brazil, as well as 50 percent of ten exploration licences in ‘Lithium Valley’ and Poços de Caldas, which are prospective for rare earth elements, lithium, gold, base and precious metals.
Si6 has been trading at 0.4 cents.
