ASX-listed Terrain Minerals is set for an exploration blitz across its wholly owned Lort River project near Esperance where the company is chasing clay-hosted rare earth elements.
The company has engaged Cube Consulting to assist with a strategic exploration plan as Terrain looks to define a maiden resource at the site as soon as possible. The plan includes details of a first-pass drill program to home in on an exploration target, map preparation for a program of works application and recommendations for drilling procedures and processes to collect information for a future JORC compliant mineral resource estimate.
The Lort River project covers 320 square kilometres across the Esperance region of Western Australia that is quickly establishing itself as something of a rare earths province.
A recent review of multiple soil samples from historical gold exploration at the site returned positive results including 580 parts-per-million total rare earth oxide, with 25 per cent of the total grade magnet rare earth oxides. Another two samples returned 525 and 513ppm with a total magnet rare earth oxide percentage of 27 and 28 per cent respectively.
The review covers Terrain’s two western tenements. The largest of the two tenements is surrounded on three sides by Meeka Gold, an operation that recently released results showing large areas of regolith hosted rare earths, including a strong and extensive anomaly adjoining Terrain’s ground to the south.
The company’s eastern tenement has never been explored for rare earths mineralisation however is thought to be prospective for further rare earth anomalies.
Another explorer with adjacent tenements to Terrain is OD6 Metals. The company’s share price recently surged more than 100 per cent after it tabled a bumper set of assays from a recent drill campaign at its Splinter Rock rare earths project near Terrain’s holdings. OD6 plunged 65-holes at the site and unveiled a broad parcel of clay-hosted mineralisation across an extensive ground position with grades of up to 6726 parts per million total rare earth oxides, or “TREO”. Other standout results include 6m at 4139 ppm TREO from 27m, 6m grading 3262 ppm from 30m, 18m running 2249 ppm from 21m and 7m going 2279 ppm from a shallow depth of just 45m.
Mount Ridley Mines is also exploring the Esperance region at its namesake rare earths project within shouting distance of Terrain’s holdings. Previous air-core drilling results at Mount Ridley include a 23m intercept at 3688 parts per million TREO.
Clay-style rare earths deposits are attractive as they have less complex processing requirements, driving down beneficiation expenses and reducing the time required to scrub up the raw materials into usable end products.
Whilst it is still early days for Terrain in the Esperance region, the company is obviously in the right post code for rare earths. After the recent success of other nearby explorers in the region the market will be keeping a close eye on what Terrain can uncover as it begins its exploration campaign.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
