Corcel plc has started a seven-hole reverse circulation (RC) drill campaign at the joint venture Mt Weld rare earth elements project near Laverton in Western Australia.
PROGRAMME
A sub-contractor for the company and its partner Riversgold Ltd will drill a total 2,000m on tenement P34/4489.
The site’s four discrete undrilled magnetic features, interpreted to represent potential carbonatite intrusives, are covered by recent transported sediments obscuring the underlying geology.
Riversgold will fund the first work programme of A$500,000 to earn into a 50% interest in the project.
Corcel said that operations were expected to take several weeks with the option to expand the number of metres drilled.
The programme will test three discrete magnetic anomalies that “may represent extensions of the Mt Weld carbonatite intrusive complex”.
Chief executive Scott Kaintz added that initial exploration results were expected in the coming weeks.
The project covers 171 hectares and straddles the access road to, and lies 1.5km from, Lynas’ Mt Weld rare earths mine.
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