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Be the first with the news that moves the market- Sunshine Gold (SHN) grows the scale of neodymium and praseodymium rare earths target at its Elphinstone Creek within the Ravenswood West project, near Townsville QLD
- The company has received results from a further 171 soils samples, which “demonstrate the highly anomalous rare earth nature”
- Results saw 17 soil samples over 1000 parts per million (ppm) total rare earth oxides with a peak value of 1327 ppm
- Managing Director Damien Keys said Elphinstone is a “significant rare earth system”
- SHN shares drop 8.33 per cent and are trading at 3.3 cents per share at 3:51 pm AEST
Sunshine Gold (SHN) has grown the scale of neodymium and praseodymium rare earths target at its Elphinstone Creek within the Ravenswood West project, near Townsville QLD.
The company has received results from a further 171 soil samples, which “demonstrate the highly anomalous rare earth nature.”
Results from the elevated rare earth element (REE) soil samples include 17 results over 1000 parts per million (ppm) total rare earth oxides with a peak value of 1327 ppm.
Samples have now been sent to rare earths specialists at Australian National University for mineralogical characterisation.
Managing Director Damien Keys said Elphinstone is a “significant rare earth system.”
“It is located within a regionally “unique” alkali intrusion that is importantly high in the permanent magnet metals being neodymium and praseodymium (which constitute an estimated 90 per cent of global rare earth values),” he said.
“We have engaged rare earth specialists from the Australian National University to expedite our understanding of the mineralogy and nature of the rare earth mineralisation.”
Soil sampling is still continuing at Elphinstone Creek, which is expected to be completed in July. Data from the soil sampling will be integrated with existing geophysics and mapping to refine targets for drill testing.
On the market, SHN shares dropped 8.33 per cent and were trading at 3.3 cents per share at 3:51 pm AEST.
