Encounter Resources' (ASX:ENR) drilling at its Green niobium carbonatite complex in Western Australia showed high-grade zones of enriched niobium, which "bodes well" for the mineral explorer, according to a Wednesday note by Euroz Hartleys.
On Wednesday, the company said drilling at the Green complex included intercepts of 30 meters at 2% grade of niobium pentoxide from 49 meters, part of 107 meters at 1.1% grade of niobium pentoxide, as well as 22 meters at 3.3% niobium pentoxide from 40 meters, part of 41 meters at 2.2% niobium pentoxide.
In comparison, Euroz Hartleys noted that the Boa Vista niobium deposit in Brazil, which supplies up to 10% of the global ferroniobium market for the last 20 years, contains 48 million tonnes at a 1% grade of niobium pentoxide.
This shows that ENR's relatively small footprint at its Green complex can contain globally relevant enriched niobium, the financial services firm said.
Euroz Hartleys maintained the company's speculative buy rating and said ENR is well-funded for resource definition drilling in fiscal 2025.
Shares of the company rose nearly 2% in recent Friday trade.
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