Chase Mining Corporation Ltd (ASX:CML) has welcomed the granting of the first three exploration licences for the Barkly North project in the Northern Territory.
Exploration licences 33128, 33129 and 33130 cover the eastern half of the 160 kilometre-long rare earths trend with accompanying high values of elements, notably niobium, chrome and uranium revealed by a Geoscience Australia (GA)-conducted North Australian Geochemical Survey.
ELs 33128, 33129 and 33130 (black outline) over the southeast half of Barkly North.
Rare earths prospect
The company believes that the “extraordinary” trend in stream sediment rare earth element (REE) anomalism is caused by previously unrecognised ionic clay-hosted rare earths mineralisation.
The project area is covered by lateritised sediments with strongly developed clayey soil profiles and the trend bears no relationship to the underlying basement rocks or to magnetic features.
Ionic clay rare earths deposits have advantages over hard rock rare earth deposits. They are cheaper to mine and process, and waste material does not present problems with toxic elements. Much of the world’s supply comes from clay-hosted deposits.
Field work soon
Chase will undertake a surface sampling program in the next three months, prior to the start of the stormy season, to better define and identify the sources of the GA reported rare earths.
The sampling results will determine a series of shallow drilling traverses that Chase plans to take during the drier months of 2023. Magnetic and gravity targets for base metals will be depth modelled.