Codrus Minerals Confirms Karloning REE discovery

THE DRILL SERGEANT: Codrus Minerals (ASX: CDR) has claimed discovery of a clay-hosted rare earth element (REE) system at the company’s recently acquired Karloning REE-niobium project in Western Australia.

Codrus Minerals made the announcement based on assay results received from a maiden RC drill program at Karloning, from which it had previously reported prioritised results for the top 40 metres of the first hole, KGRC001.

The company has now received assays for the rest of the 13-hole program that has demonstrated all holes intersecting the clay zone have returned enriched clay-hosted REE mineralisation across multiple high-grade REE intercepts, which Codrus declared to confirm the project’s credentials as a REE growth opportunity.

“The balance of assay results from our maiden 13-hole drill program have confirmed that we have a significant shallow clay-hosted REE discovery on our hands at Karloning,” Codrus Minerals managing director Shannan Bamforth said in the company’s ASX announcement.

“The assay results have revealed multiple thick intercepts of high-grade clay-hosted REE mineralisation over a zone measuring around 400 metres by 300 metres, with the clay-hosted REE zone remaining open to the south-west, north-east and south-east.

“Encouragingly, the grade profile of the intercepts is remarkably consistent across the width of the mineralised zones.

“Given that up to 25 per cent of the mineralisation is contained in the four key high-value REE’s used in rare earth magnets, this is rapidly shaping up as a significant REE discovery in a potentially exciting new rare earths province.

“The next steps for us are to review the full suite of data from the drilling before planning the next phase of follow-up, which is likely to comprise wide-spaced air-core drilling to test the overall scale of the REE system.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE