Aclara Resources Inc (TSX:ARA, OTC:ARAAF) has announced the balance of the results from the initial auger drilling campaign at the Carina Module in Brazil, which show improvements that included Total Rare Earth Oxides (TREO) with average grades at 1,229 parts per million (ppm), further consolidating the quality of the discovery.
The heavy rare earth resource project developer said from an average drilling depth of 7.2 meters (m), 89.1% of the drill holes showed improved grades including 6.1m with TREO average grades at 1,510 ppm (previously 1,367 ppm) and Desorbable Rare Earth Oxides (DREO) at 470 ppm (previously 449 ppm).
"The preparation of the maiden mineral resource estimate is underway and we expect it should be ready in the coming weeks," Aclara Resources CEO Ramon Barua said in a statement.
"Even though our initial drilling campaign has only extended to approximately 7 meters below surface, we believe that the model will confirm the discovery of an attractive rare earths deposit," he added.
Aclara noted it has begun an initial reverse circulation (RC) drilling campaign consisting of 1,500m within 38 drill holes, of which 431m within seven drillholes have been completed to date, with the results expected during the first quarter of 2024.
Barua added that RC drilling will allow deeper holes to be drilled with the objective of understanding the full potential of the deposit at depth.
As well, the company said it has successfully executed the first tranche of the earn-in agreement, securing 51% ownership of the 8,490 hectares of the project, with the remaining 49% expected to be secured during 2024.
Aclara is a development-stage company that focuses on heavy rare earth mineral resources hosted in ion-adsorption clay deposits.
Its primary project is known as the Penco Module and is located in the BioBio Region of southern Chile. It is also evaluating a second module, the Carina Module, located in the State of Goiás in central Brazil.
Contact Sean at sean@proactiveinvestors.com