- Mt Monger Resources (MTM) identifies rare earth element (REE) potential at its East Laverton Project in Western Australia
- Historical data from drilling undertaken across three tenements at the Point Kidman prospect reveal anomalous REE grades of up to 0.28 per cent
- The company has additionally received geochemical data which also indicates the presence of anomalous REEs
- Mt Monger Resources plans to undertake further sampling work as well as aircore drilling to follow up on these findings
- Company shares closed down 13.3 per cent to trade at 19.5 cents on August 20
Mt Monger Resources (MTM) has identified rare earth element (REE) potential at its East Laverton Project in Western Australia.
The company recently struck a farm-in and joint venture deal with Tevel to explore three exploration licences which are part of the Point Kidman prospect.
MTM also has the right to acquire up to a 75 per cent interest in the tenements which are prospective for gold and nickel mineralisation. In addition, historical aircore drilling indicated the presence of anomalous light REEs across the three areas.
This drilling was conducted by Empire Resources in 2013 and intersected anomalous REEs. Best results included four metres at 0.2 per cent total rare earth elements (TREEs) from 36 metres, three metres at 0.18 per cent TREE from 48 metres and one metre at 0.28 per cent TREE from eight metres.
The REE mineralisation is dominated by light rare earths which include cerium, lanthanum, neodymium, praseodymium and samarium which comprise, on average, 94 per cent of the total REE.
Adding further confidence was pleasing geochemical sampling data that Tevel provided to MTM. This data indicates some regional REE anomalism in the Point Kidman prospect area with rock chip samples returning up to 0.25 per cent TREE. This adds validation to the historical drilling results.
Mt Monger Resources said further systematic sampling was required to follow up on the indications. The company will conduct reconnaissance work next month and, subject to approvals, will undertake aircore drilling to test geochemical anomalies and targets.
Company shares were down 13.3 per cent to trade at 19.5 cents on August 20.