ActivEX (ASX: AIV) has identified rare earths at the Florence Project in Queensland, including 4,538 grams per tonne (g/t) total rare earth oxides (TREO) from a rock chip.
From 287 rock samples, 16 provided anomalous samples of above 1000g/t TREO plus yttrium, across a fairly broad area of six prospects.
The prospectivity for rare earths in the area is encouraging, considering the recent discoveries by China Yunnan Copper (ASX: CYU) at Elaine Dorothy and Mt Dorothy in the Mary Kathleen district, are just 55 kilometres from Florence.
ActivEX will continue further testing of drill pulps for rare earths.
The market liked the results, with ActivEX hitting $0.13 in morning intra-day trade after opening at $0.074.
The stock last traded at $0.099, or 27% higher on the day.