Kingfisher Mining Ltd (ASX:KFM) is trading higher on confirming four new high-grade rare earth elements (REE) discoveries at its Mick Well project in Western Australia’s Gascoyne Province, with more than 13.5 kilometres of mineralised strike identified so far.
The company continues to receive encouraging results — more than 75% of samples returning greater than 1% total rare earth oxides (TREO) and a peak value of 26.5% TREO and 4.6% neodymium and praseodymium oxide (Nd2O3 + Pr6O11).
A highlight is the presence of strongly mineralised ferrocarbonatite associated with the southeastern pipe target with up to 6.5% TREO.
The high-grade REEs were confirmed at the project’s new MW10, MW11, MW12 and MW13 discoveries, with the mineralisation continuing to expand beyond the recently defined large carbonatite pipe targets.
Also confirmed are additional strike extents at MW9, with the discoveries adding more than 4.1 kilometres of strike to the known mineralisation which now exceeds a combined strike length of 13.5 kilometres.
Shares open higher
KFM shares have opened 11.76% higher this morning to $0.19.
The latest discoveries also include north-striking mineralisation at MW11, a new orientation for mineralisation at Mick Well, which highlights the significant additional potential of the large-scale carbonatite complex.
Further, a review of existing samples highlights high-grade carbonatites with 21.6% and 15.2% TREO associated with interpreted central carbonatite pipe. The high-grade carbonatite samples were collected from directly above the central target and may telegraph part of the large, yet-to-be-drilled target.
Mick Well mineralisation and rock chip results from newly discovered MW10 and extensions to MW9 mineralisation (blue boxes). Drill results are shown in grey boxes.
Discoveries confirm “significant upside potential”
Kingfisher executive director and CEO James Farrell said: “We are delighted with the latest discoveries at MW10, MW11, MW12 and MW13 confirming the significant upside potential of the large-scale 7-kilometre by 4-kilometre carbonatite complex at Mick Well.
“We continue to see exceptionally high-grade results from ferrocarbonatites which are associated with our large carbonatite plug targets.
"Our work in the area is continuing to expand this very large high-grade REE opportunity and we anticipate we will be announcing further high-grade discoveries before year’s end”.
Newsflow ahead
Mapping around the interpreted carbonatite pipes is ongoing, with Kingfisher expecting to announce additional mineralisation discoveries before year’s end as the substantial REE system continues to be revealed.
In the coming month, Kingfisher expects to report both the results from surface geochemistry survey at the large-scale LK1 carbonatite target and further results from ongoing mapping and rock chip sampling of the high-grade REE system at Mick Well.
Carbonatite exploration model
To provide some context, Kingfisher provided the following explanation of the carbonite model:
“The carbonatite intrusion model has a central carbonatite pipe which is comprised of multiple phases of carbonatite intrusion that is surrounded by ring dykes which form around and radial dykes which radiate out from the central intrusion.
"The carbonatite exploration model envisages alteration of the host country rock into which the carbonatites intrude, with development of sodic (Na) and potassic (K) fenites around the intrusions which often host the REE mineralisation."
“Each part of the carbonatite system has characteristics which can be detected by modern exploration techniques, for example:
- Thorium associated with the REE mineralisation is apparent in the radiometrics.
- Potassium fenites, the alteration which forms around carbonatites intrusions, is also apparent in the radiometrics.
- Ferrocarbonatites have high iron content and can appear as magnetic highs in the geophysics.
- Carbonatites typically have high density and can be distinguished from the country rocks by gravity surveys.
- ASTER (Advanced Spaceborne Thermal Emission and Reflection Radiometer) remote sensing can detect various minerals and elements, including carbonates, ferrous and ferric iron as well as alumina and magnesium, and can assist with of carbonatites and associated alteration.
“The combination of these geophysical responses to the carbonatite geology provide a very powerful combination of exploration tools for early stage targeting and project generation.”
