Meeka Gold Ltd (ASX:MEK) has revealed further shallow, broad and high-grade rare earth intersections over a large area at its Cascade REE Project in Western Australia, highlighting the potential for a "significant" rare earths project.
The company identified high-value magnet metals of up to 45% of the total rare earth oxides (TREO) grade with notable high-grade intersections including:
- 16 metres at 2,223ppm TREO (45% magnet REO) from 44 metres, including 4 metres at 5,791ppm TREO;
- 2 metres at 1,866ppm TREO (31% magnet REO) from 12 metres; and
- 4 metres at 1,473ppm TREO (31% magnet REO) from 12 metres.
At 2,068 square kilometres, Cascade represents a potentially large-scale, high-grade rare earths project and immediate plans to accelerate this project are underway with drilling to kick off in the second half of 2022.
Shares have been as much as 14.8% higher to $0.07, a new high of 11 months.
“Shaping up to be significant.”
Meeka CEO Tim Davidson said: “These assays confirm the presence of shallow, high-value rare earth mineralisation across over half of our 100%-owned Cascade Project.
“Excitingly, the clay horizon within the northern and central blocks, which comprise the other half of Cascade, has never been drilled, yet surface samples from the depleted zone display grades up to 633ppm TREO.
“The potential for significant zones of clay hosted rare earth mineralisation below these high-grade surface samples is considerable.”
Drilling results
Assays show shallow, high-grade mineralisation, up to 24 metres thick, within the saprolitic clays with grades up to 5,791ppm TREO.
In addition, the northern and central blocks of Cascade have surface samples grading up to 633ppm TREO taken from the depleted surface zone.
Other strong results include:
- 19 metres at 1,350ppm TREO (31% magnet REO) from 52 metres including 4 metres at 2,148ppm TREO;
- 12 metres at 1,215ppm TREO (35% magnet REO) from 36 metres including 4 metres at 2,121ppm TREO;
- 8 metres at 1,086ppm TREO (21% magnet REO) from 12 metres including 4 metres at 1,335ppm TREO; and
- 16 metres at 978ppm TREO (28% magnet REO) from 12 metres including 4 metres at 2,796ppm TREO.
Shallow, broad, high-grade assays at Cascade (eastern block).
Forward plan
Davidson adds: “Planning is now underway to expedite the northern and central block drilling.
“We have also fast-tracked metallurgical test-work at ANSTO to understand the process for producing a commercial product.
“Given the tier-1 location, the geopolitically critical nature of the metals and high level of permanent magnet elements present, Cascade is shaping up to be significant.”
Immediate plans to accelerate the Cascade project include:
- Detail a forward activity plan targeting the highest value (high heavy and magnet REO content) zones of mineralisation (June 2022);
- Lodge applications for regulatory approval of drilling activities (June 2022);
- Receive initial metallurgical test work results from ANSTO (July 2022); and,
- Commence drilling at Cascade – northern and central blocks (September 2022).