Cadence Minerals plc said the latest drill results were positive indicators from the Simon’s Find deposit at the Yangibana rare earths joint venture in Gascoyne, Western Australia.
ECONOMIC ZONE
Partner Hastings Technology Metals’ drill results showed a “major 2km long zone of economic mineralisation significantly expanding the existing resource base”.
The area also contained “world-beating quantities” of neodymium and praseodymium that, together total 52% of the total rare earth oxides values.
The news involves territory outside of the JV licence areas but Cadence said the reports were “positive indicators for the future of the joint venture.”
Simon’s Find and Fraser’s North and South drill results form a continuous zone of economic mineralisation 4km long.
The Fraser’s – Simon’s Find – Bald Hill trend now forms an 8km-long economic mineralised corridor.
The results are “significantly higher” than the 40-41% values recorded from the nearby Bald Hill and Frasers deposits.
A 40-41% ratio is seen to be world leading when compared with other rare earths deposits which typically report 15-25% ratios, said Cadence.
“The results from drilling over the past several months have shown the magnitude of the resource potential that exists at Yangibana, and in particular the very high levels of neodymium and praseodymium reported from Simon’s Find,” added chief executive Kiran Morzaria.
The company owns 30% of three mining leases and six exploration licences and Hastings holds 70%.
PROJECTS
Cadence also has lithium assets including 15.04% with European Metals Holdings in Cinovec, Czech Republic; 30% with Bacanora Minerals in Sonora, north Mexico; currently 24% earn-in of up to 100% with Lithium Technologies & Lithium Supplies in Western and Northern Australia.
The company’s iron interests comprise 2% interest in Macarthur Minerals Ltd in the Yilgarn Region southwest Western Australia; and the right to acquire 27% with a first right of refusal to acquire 49% in Indo Sino Pte. Ltd in Amapá, northeast Brazil.