Miramar Resources Ltd (ASX:M2R) has moved to secure a rare earth element (REE) ‘placer’ target in the Gascoyne Region of Western Australia, submitting two new exploration licence applications.
The new target area is characterised by a large coastal embayment, north of the Gascoyne River’s mouth, where a series of parallel historical shorelines are apparent.
The river drains into a large catchment area of about 71,000 square kilometres, containing several notable bedrock REE discoveries.
REE market opportunity
Miramar executive chair Allan Kelly said the new applications provide a “unique” opportunity for M2R shareholders to capitalise on the rapidly developing REE market.
“There are a number of significant heavy mineral sands deposits hosting rare earth minerals along the West Australian coastline and the Gascoyne River catchment contains multiple significant bedrock rare earth discoveries,” he said.
“It makes sense that the most obvious place to go looking for a REE placer deposit is directly downstream from the most prospective rare earth province in Australia.”
Heavy mineral strandlines are formed along current and historical coastlines as a result of wave action.
Miramar believes the local geological setting of its new tenement applications is analogous to the Coburn minerals sands project, near Shark Bay, and other heavy mineral sands (both with and without REE mineralisation) deposits along the west coast of Australia.
Limited historical surface sampling in the area identified heavy mineral strandlines, but as yet no drilling or REE-focused exploration has been completed.
M2R will conduct systematic surface sampling and shallow auger or aircore drilling once the exploration licences have been granted, testing for accumulations of heavy mineral sands, including REE-bearing heavy minerals.