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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.