Meeka Metals Ltd (ASX:MEK) has fielded the highest-grade rare earth element (REE) assays to date from the Circle Valley Project in Western Australia, underscoring the growth potential of the project’s REE mineral potential as mineralised, near-surface zones continue to expand.
The company is particularly pleased with the rate of high-value magnetic REEs in this latest round of assays (up to 45%), which peaked at 2,439 parts per million total rare earth oxide (TREO).
The high-grade results from this round of drilling include:
- 8 metres at 2,245ppm TREO (44% magnet REO) and 61 g/t scandium from 12 metres;
- 8 metres at 1,432ppm TREO (39% magnet REO) and 15 g/t scandium from 28 metres;
- 8 metres at 1,236ppm TREO (40% magnet REO) and 43 g/t scandium from 20 metres;
- 8 metres at 1,218ppm TREO (32% magnet REO) and 21 g/t scandium from 32 metres;
- 8 metres at 1,003ppm TREO (37% magnet REO) and 19 g/t scandium from 16 metres;
- 12 metres at 799ppm TREO (17% magnet REO) and 19 g/t scandium from 16 metres; and
- 12 metres at 719ppm TREO (21% magnet REO) and 17 g/t scandium from 16 metres.
Recent metallurgic test work has demonstrated mineralisation from Circle Valley can achieve a total rare earth extraction rate up to 82%, averaging 76%, with a magnet rare earth extraction rate of 86%, averaging 82%.
Read: Meeka Metals' positive rare earth test outcomes pave path to product commercialisation
“Large-scale, high-grade rare earth opportunity”
“The sustained delivery of high-grade assays highlights the large-scale, high-grade rare earth opportunity at Circle Valley,” Meeka Metals managing director Tim Davidson said.
“Pleasingly, the results continue to display very high proportions of the valuable magnet rare earths, which is an important determinant in the economics of these deposits.
“With metallurgical results now also showing there is a pathway to production of a commercial product, and plans in place for infill drilling and delivery of an initial mineral resource this financial year, the team is making excellent progress advancing Circle Valley.
“In tandem with the work at Circle Valley, and working with the Esperance Shire and community at our 100%-owned Cascade Project, we remain on track for drilling to commence in the first half of Financial Year 2023.
“Given the very high-grade rare earths intersected in the southern corridor, we are eager to get back and target the central and northern blocks, approximately 1,000 square kilometres, within our remarkably large landholding.”
Meeka expects to receive gold assays from the Murchison Gold Project by the end of September.
The company also intends to produce a quarterly report, a pre-feasibility study for Murchison and an audited annual report by the end of September, with more assays from the Cascade REE Project anticipated by the end of the year.