Australian heavy rare earths producer Northern Minerals (ASX: NTU) has updated the market on the exploration potential and near-term strategy for its Dazzler and Iceman prospects at the company’s wholly-owned Browns Range project. Recent exploration results at the two assets returned grades that were significantly higher than the existing Mineral Resource average grade. Follow-up drilling is expected to get underway in the first-half of next year.
Northern Minerals has conducted a strategic review which has identified substantial potential value at Dazzler and Iceman prospects
Recent exploration results at Dazzler and Iceman prospects returned grades which were significantly higher than the existing Mineral Resource average grade of 0.63% TREO
Follow up drilling planned for the first half of 2019
Australian heavy rare earths producer Northern Minerals Limited (ASX: NTU) (the Company) is pleased to announce this further guidance on the exploration potential and near-term strategy for the Dazzler and Iceman prospects at the Browns Range Project (the Project).
For the Dazzler prospect an Exploration Target of 80,000t to 140,000t at a grade range of 2 – 4% TREO for a total of 1,600,000kg to 5,600,000kg contained TREO, has been estimated. At the Iceman prospect an Exploration Target of 15,000t to 30,000t at a grade range of 2 – 4% TREO for a total of 300,000kg to 1,200,000kg contained TREO, has been estimated. The potential quantity and grade of the Exploration Targets are conceptual in nature, there has been insufficient exploration to determine a Mineral Resource and there is no certainty that further exploration work will result in the determination of a Mineral Resource.
These Exploration Targets are in addition to the current Total Mineral Resource estimate for the Project which currently stands at 57,308,000kg contained Total Rare Earth Oxides (TREO), see Table 1 below.
The Exploration Targets for both prospects are predominantly based upon the assay results from RC drilling completed there earlier this year and reported on 11 September 2018 (see ASX announcement “Assay results confirm Dazzler & Iceman discoveries”). Both Exploration Targets are contained within 40m of the surface.
Commenting on the new Exploration Targets, Managing Director and CEO, George Bauk, said “Following the successful recommencement of exploration drilling at Browns Range in 2018, we discovered the Dazzler and Iceman deposits in the initial program.
“These are both high-priority targets due to the very high grades and proximity to the Browns Range processing facility.
“We aim to convert these deposits up to Mineral Resources in early 2019 as an inexpensive way of materially adding value to the project.”