Kendrick Resources PLC (LSE:KEN), the mineral exploration company, saw its shares rise over 9% to 7.38p on Wednesday after announcing new drilling results from its Teufelskuppe project in Namibia.
The company said certified laboratory assays from three drill holes had confirmed high grades of light rare earth oxide, a group of minerals used in magnets, batteries and other technologies.
One drill hole, TKDD002, intersected multiple sub-parallel dykes, delivering grades of 3.16 wt% light rare earth oxide over 5.4 metres and 3.14% over 38.2 metres.
A second hole, TKDD003, returned grades of up to 3.97 wt% light rare earth oxide, while a third, TKDD004, intersected a near-surface sill grading 3.12 wt% over 3.97 metres.
Kendrick said field measurements using portable X-ray fluorescence technology, a rapid on-site testing method, showed a strong statistical correlation with the certified laboratory results, supporting its use as a reliable early indicator of ore grade.
The company said this correlation would help it make more informed exploration decisions and optimise future drill-hole planning.
Kendrick is targeting a resource of at least 40 million tonnes at a grade of 3.0 wt% light rare earth oxide at the Teufelskuppe project.
