Mt Monger Resources has completed highly anticipated rare earth and gold drilling at its East Laverton project in the north-eastern Goldfields of Western Australia.
The aircore and RC drilling bore 235 holes for just under 8600 metres to evaluate desirable REE potential recently uncovered at the Pt Kidman prospect while also making an initial pass at the Pt Kidman and Seahorse sites.
At the same time, MTM is optioning to acquire 100% interest in the late-stage Pomme rare earth and niobium project in Canada’s emerging Quebec province, presenting a golden opportunity for the company to explore a high-calibre REE project at the pre-resource exploration stage.
The global rare earth elements market is expected to grow at a CAGR of 4% during the forecast period 2018-2022. It is fuelled by increasing demand for rare earth materials in renewable energy, electronics, and other high-tech areas.
Powerful magnets used in solar, wind, and electric vehicles remain unknown in the still nascent development of renewables, with environmental and cost challenges the only foreseeable barrier to sustained market growth.
Our exploration team have done a terrific job managing this large drilling program without any significant safety incidents and in the heat of the summer season in the northern Goldfields,” Mt Monger Managing Director Lachlan Reynolds said.
“The program involved testing of a number of different geological targets, including the known rare earth element mineralisation anomalies at the Pt Kidman prospect; a number of areas where possible nickel gossans had been identified by rock chip sampling; and some gold targets generated by surface sampling at the Seahorse prospect.”
Mt Monger will release assays once available, anticipating results will significantly increase its understanding of mineralisation, particularly the distribution and grade variation of the shallow, clay-hosted rare earth mineralisation at Pt Kidman.
