MTM Critical Metals has obtained majority ownership of three exploration licenses within the East Laverton tenement package previously held by Tevel, following promising indications of high-grade rare earth mineralisation.
MTM has earned a 51 per cent stake in the licenses under the Earn-In and Joint Venture agreement with Tevel – achieved by meeting the agreed expenditure on essential activities like soil sampling, air-core, and RC drilling.
With what has shown to be highly worthwhile outlays, the expenditure has helped to confirm the potential for widespread clay-hosted rare earth mineralisation and meet the earn-in requirements. Moving forward, MTM intends to continue developing the mineralisation, focusing on increasing its size and grade.
Assays recently confirmed the broad mineralisation at its Pt Kidman prospect stretched beyond known boundaries, and the tenements now hold an area of consistently mineralised envelopes covering 12 square kilometres, with high-grades, thick intervals and lucrative proportions all rubber stamping a large-scale rare earth opportunity.
MTM Critical Metals Managing Director Lachlan Reynolds said work was picking up pace.
MTM has accelerated our exploration program on the Tevel exploration licences at East Laverton, where we have intersected highly encouraging grades and thicknesses of rare earth element mineralisation in broad-spaced aircore drilling at the Pt Kidman prospect,” Mr Reynolds said.
“Our exploration team has now completed several phases of drilling and has successfully confirmed the district-scale exploration potential of the ground for rare earth elements. We are progressing with the work program and look forward to working with Tevel as the Company continues its exploration of the area,” he added.
Rare earth is the focus, but MTM considers its 3000 square kilometre East Laverton project area both underexplored and prospective for gold, nickel, and base metals.
Despite being surrounded by world-class gold assets, the extensive transported cover has limited gold exploration. MTM will continue to examine the resource potential while investigating its recent discovery of laterite nickel.
MTM have more sampling and drilling planned across the tenements alongside a metallurgical program to validate leaching characteristics.
The Company will also explore the undrilled priority areas across East Laverton and eagerly await results from Pomme after striking 500 metres of visible rare earth mineralisation at the Canadian project, with assays due in weeks.