Resource Base Ltd (ASX: RBX) has been granted an additional eight tenements at its in Victoria at its highly prospective clay hosted REE Mitre Hill Project
Mitre Hill is an Ionic clay-hosted REE project in Victoria and South Australia, with a JORC 2012 Inferred Mineral Resource Estimate (MRE) of 21 Mt @ 767 ppm TREO with metallurgical extraction rates of up to 70.2% of high value magnet rare earths.
Mineralisation starts from surface and is highlighted by thick zones of high-grade TREO and the existing MRE only incorporates 38-62% of the identified Exploration Target drilled to date.
The potential quantity and grade of the Exploration Target is conceptual in nature, and to date there has been insufficient exploration undertaken to meet the requirements of a Mineral Resource calculation. It is uncertain if further exploration will result in the estimation of a mineral resource.
The company is currently working towards infill drilling at Mitre Hill with a view to expanding the current inferred resource. It has defined three priority targets with a view to increase the current MRE within the broader Exploration Target.
