Narryer Metals Ltd (ASX:NYM) believes it’s on the cusp of a significant new critical minerals discovery in Western Australia, finding high grades of scandium oxide and rare earth elements (REEs) – including magnetic rare earth oxide – through drilling at its Rocky Gully project in the state’s Great Southern region.
A program of aircore drilling at the play highlighted its near-surface mineralisation – which extends to an area of 1400 metres by 800 metres – in addition to grades such as 518 parts per million (ppm) of scandium oxide (Sc2O3), and up to 1.8% (17,666 ppm) Total Rare Earth Oxide (TREO).
The latter included up to 0.6% Magnet Rare Earth Oxide (MREO).
Other scandium oxide intercepts included 19 metres at 232 ppm, including 5 metres at 407 ppm; and 19 metres at 212 ppm, including 3 metres at 339 ppm.
In terms of REEs, intercepts included 20 metres at 2929 ppm TREO, including 1 metre at 1.06% TREO; and 5 metres at 6936 ppm TREO, including 1 metre at 1.8% TREO.
Narryer anticipates that the near-surface nature of mineralisation at Rocky Gully provides a potential for it to be developed for low-cost strip mining.
Crucially, the results confirm the potential for a larger mineralised system – one relating to a potential carbonatite system – to be found within the project area.
Executive Chairman Richard Bevan said these were great results from the company’s initial drilling program.
“We’ve delineated high grade zones of a range of critical metals including scandium, rare earths, gallium and vanadium,” he said.
“This mineralisation starts from surface and results to date reflect only the top 30m.
“The scandium and REE mineralisation compare favourably with other projects in Australia with respect to grade and potential scale and we can add to this with the other high value critical minerals present in the system.”
NYM shares rose on the news, and at 10:41 AEDT, they were trading at 4.6 cents – a rise of 130% since the market opened.
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