2 August 2022
Mount Ridley Mines Limited (ASX: MRD), (“the Company”) is pleased to provide an update following the receipt of the first group of assay results from its inaugural drilling programme specifically targeting clay-hosted rare earth element (REE) mineralisation.
Highlights
Central zone of REE targets extended to 30 kilometres long by 11 kilometres wide, with regional drilling identifying 2 new targets, the Jules and Vincent Prospects, which flank previously reported mineralisation at Winston’s and Keith’s.
Standout results from this first group of assays include:
Winston’s Extensions
• MRAC0872: 14m at 812 ppm TREO from 27m
• MRAC0893: 17m at 1043 ppm TREO from 40m
• MRAC0894: 11m at 1080 ppm TREO from 1m
• MRAC0895: 11m at 940 ppm TREO from 34m
• MRAC0896: 18m at 834 ppm TREO from 31m
• MRAC0898: 5m at 1027 ppm TREO from 52m
• MRAC1200: 12m at 938 ppm TREO from 6m
• MRAC1201: 9m at 1386ppm TREO from 24m
Vincent
• MRAC0920: 22m at 886ppm TREO from 24m including 12m at 1346 ppm TREO from 33m
• MRAC0927: 7m at 1525 ppm TREO from 60m
• MRAC0930: 9m at 1203 ppm TREO from surface
• MRAC0931: 7m at 1205 ppm TREO from 30m
• MRAC0932: 8m at 1055 ppm TREO from 21m
• MRAC0935: 7m at 1711 ppm TREO from 30m
• MRAC0942: 13m at 1620 ppm TREO from 22m
• MRAC0939: 7m at 1336 ppm TREO from 33m
• MRAC0980: 9m at 1393 ppm TREO from 48m
Jules
• MRAC0995: 8m at 1493 ppm TREO from 18m
• MRAC1003: 22m at 822ppm TREO from 36m including 12m at 1180 ppm TREO from 36m
Mount Ridley’s Chairman Mr. Peter Christie commented:
“With 30% of the assays received, we have confirmed that the REE mineralisation is very widespread within the Company’s tenements, and new targets with thick intervals of REE mineralisation grading above 800 ppm
TREO, and in some cases with TREO at more than 10,000ppm.metres, have been intersected at Vincent’s and
Jules’ Prospects.
“Winter rain has halted drilling, however the next phase of Regional Drilling, in the order of 20,000m of aircore, is permitted and will proceed when ground conditions improve over the coming months.
“In the meantime, we are looking forward to receiving the assays for the remaining 70% of our drill holes over
the next few months that are likely to generate more targets for follow up as the broader regional picture unfolds.”
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