Thematica Live: Mount Ridley Mines (ASX:MRD) farming rare earth elements is key to energy transition

Mount Ridley Mines (MRD), is exploring the potential for rare earth elements (REE) in the Esperance region of WA.

MRD has completed more than 36,000 metres of drilling, covering 1200 square kilometres as it edges closer to revealing a JORC mineral resource estimate later this year.

The namesake Mount Ridley Project is about 50 kilometres northeast of Esperance.

The company has finished framing out its Mia prospect and has sent samples to laboratories. It also is active on its Jody and Marvin prospects.

MRD Technical Consultant David Crook said there was potential for a REE deposit akin to the Chinese deposits, which still provide the vast majority of the world’s supply.

“The clay-hosted deposits are shallow and easily treated,” Mr Crook said.

“Mt Ridley is showing the hallmarks of being a series of very large, high-grade, clay hosted REE deposits, near infrastructure and in a well-regulated mining jurisdiction.

“Other companies have recognised the opportunity, but as we were first-movers in the area, we had unfettered access to the area we wanted to explore, and, because we’d been exploring the area for other commodities previously, we already held important datasets which gave us a head start.”

MRD has 11 prospects under review and is working to demonstrate significant tonnages and then distinguish them by high value and clay type.  

“Grades in clay are commonly between 1000 to 4000 parts per million Total Rare Earth Oxides,” he said.

“Our highest grade is 28,000ppm – 2.9 per cent REE – which may indicate much higher grade primary mineralisation.”