Spectrum Rare Earths (ASX: SPX) has been granted an ASX trading halt in relation to a share placement.
The halt will last until the earlier of the announcement being made or the commencement of trading on Tuesday, 1 April 2014.
Spectrum had earlier this month reported assays of 1.58% total rare earth oxides in Trial Pit 2 at its Skyfall Magnetic End Use Rare Earth Prospect in the Northern Territory.
This contains 3,540ppm neodymium oxide and 477ppm dysprosium oxide along with a 45% Magnetic End Use Rare Earth Oxide (MEU REO/TREO) component.
Importantly, high grade mineralisation is focussed in a significant fault zone which remains open at depth and along strike.
The company added the abundance of MEU REO’s in the geology at Skyfall indicates mineralogy that may be indicative of lower cost mineral processing regimes.
Diamond drilling is scheduled to test this target in early April.
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