Essex Minerals Inc said it has developed a rare earth element (REE) target on the western portion of the Drummer fault area of the Mt Turner project in Queensland, Australia.
The company said the geological environment is very similar to that observed at Arafura Rare Earth Ltd’s large Nolans Bore rare earths-phosphate-uranium-thorium deposit.
The Drummer fault has never been tested for REE mineralization but a clear association between phosphate, uranium, and thorium is evident in soils over the LC 50 zone, it said.
Essex has identified three distinct exploration targets: high-grade gold and copper targets in veins and shears; the porphyry copper-gold-molybdenum target at Mt Turner; and rare earths-phosphate-uranium-thorium vein and breccia-hosted targets.
"The emergence of the REE target adds to the significant prospectivity for copper, molybdenum, silver and gold already identified in the Mt Turner project area and underlines why management is investigating the possibility of spinning out the project into a separate listing,” Essex Minerals president Rob Husband said.
Essex Minerals is an exploration and development company focused on mineral exploration and development opportunities where it can adopt an option earn-in and joint venture model without the issuance of vendor shares.
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