Auric Mining

Chalice West Drilling Defines Widespread Clay-Hosted Rare Earth Element System

Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to report the final results for recently completed drilling at the Chalice West Project near Higginsville- Widgiemooltha, Western Australia. The project contains widespread, thick clay- hosted rare earth element (REE) mineralisation. The drilling program was completed on 22 November 2022 with 227 aircore holes drilled for 7,227 m (Figure 1).


Highlights

  • ASSAYS: Significant assays returned for 15 new holes. A total of 25 holes from the drill program confirm widespread REE mineralisation.
  • THICKNESS: REE intervals of between 4 and 14 m thick discovered across the project.
  • HIGH VALUE: Magnetic Rare Earth Oxides (MREO) used in permanent magnets for wind energy and electric mobility make up to 31% of the TREO grade.
  • SIGNIFICANT: Latest results confirm REE enrichment along a ~7 km-long NW- trending magnetic feature. Further drilling is required.
  • UNTESTED: Prominent magnetic feature (~3.5 x 2.5 km) in the centre of Chalice West to be drilled.
  • THREE SEPARATE ZONES: The best results for each zone are:
    • In the northwest zone with one-metre intervals up to 2,459 ppm TREO.
    • In southern zone with one-metre intervals up to 3,323 ppm TREO.
    • In the southeast zone, as previously reported with one-metre intervals up to 11,038 ppm TREO.
Significant Results

Significant new clay hosted REE intersections include1:

  • 6 m at 1,583 ppm TREO (30.6% MREO) from 56 m, including 1 m @ 3,323 ppm TREO in AAC0354.
  • 14 m @ 712 ppm TREO (25.1% MREO) from 32 m in AAC0416.
  • 12 m* @ 587 ppm TREO (25.0% MREO) from 52 m, including 1 m at 2,459 ppm, in AAC0417.
  • 11 m at 517 ppm TREO (23.3%) MREO from 20 m in AAC0311.
  • 11 m at 977 ppm TREO (22.7% MREO) from 32 m in AAC0302.
  • 8 m at 1,138 ppm TREO (28.7%MREO) from 0 m in AAC0355.

These intersections are additional to results reported previously for the same program (ASX announcement on 19 December 2022):

  • 4 m @ 3,591 ppm TREO (21.9% MREO), from 41 m including 1 m at 11,038 ppm (1.10 wt %), in AAC0239 (MREO 21.9%).
  • 17 m* @ 1,699 ppm TREO (MREO 21.1%) from 4 m in AAC0279.
Managing Director Mark English, “These REE results from our first drilling program are outstanding. The shallow extensive REE-in-clay results have resulted in three zones being identified, the largest corresponding with a 7 km long magnetic feature in the south-east of the project area.

Theseresultspresent a fantastic opportunity for Auric. There is a lot more work to be done, particularly to close the spacings in the 7 km system, drill the prominent magnetic feature at the centre of the project, expand the drilling in the NW and southern parts of the project. This drilling program represents a very small proportion of the 408 km2 project area.”


Click here for the full ASX Release

This article includes content from Auric Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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