Australian Mines (ASX:AUZ) reported assay drilling results from its Jequie rare earth element project in Brazil and defined two areas for follow-up exploration to expand the footprint of known total rare earth oxide enrichment, according to a Friday Australian bourse filing.
The firm completed an auger drilling program, comprising 72 shallow auger drill holes, totaling 500.6 meters over two priority rare earth element-in-soil targets.
The results included a "significant" intercept of 15 meters at 1,720 parts-per-million (ppm) grade of total rare earth oxides, including 3 meters at 3,055 ppm grade of total rare earth oxides. The company said 69% of the assays returned total rare earth oxide values greater than 400 ppm.
The firm's shares rose 10% in recent trading on Friday.
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