Corcel plc has passed the halfway mark of its planned 2,000 metre reverse circulation (RC) drill programme at the Mt Weld rare earth elements joint venture near Laverton, Western Australia.
RESULTS
The tenement, predominantly covered by recent transported sediments, holds four discrete undrilled magnetic features labelled T1 to T4.
Operator and earn-in partner Riversgold Ltd has to date drilled five holes for a total 1,036m on P38/4489, with two planned holes remaining.
PROGRAMME
Corcel said that initial composite drill samples assay showed up to 2,200ppm total rare earth oxides (TREO).
Hole one was abandoned due to difficult ground conditions at 84m but all four remaining holes intersected the geophysical targets.
Holes four and five intersected the targeted interpreted magnetics, representing targets T2 and T3.
Target T1 was not drilled due to temporary flooding of the small creek on the location of the target drill hole.
Following further assessment of the ground geophysics interpretation, T4 was downgraded to a secondary priority, despite lying closer to the nearby operating Mt Weld mine.
Hole 5 was drilled after the rush assay was despatched, but before the assay results were received. Drilling intersected medium grained, pink intermediate porphyry interpreted as syenite, the host rock at the neighbouring Wallaby gold deposit.
“Elevated initial results out of Mt Weld reinforce our fundamental view of the exciting mineral and commercial prospectivity of the project located, as it is, adjacent to one of the world’s largest REE operations outside of China.” said chief executive Scott Kaintz.
OWNERSHIP
Riversgold can farm-in to the project by spending A$500,000 to earn a 50% stake.
Corcel retains an 80% interest in the project, having previously sold a 20% interest in May 2023.