Mt Monger Resources Limited will undertake grassroots exploration of its Pt Kidman prospect following confirmation of the area’s rare earth potential at the East Laverton project in Western Australia.
New sampling results have built upon historical data, indicating regional REE anomalism and rock sample assays as high as 0.25 per cent, after the company was recently granted three licenses to explore ground prospective for REE, gold and nickel in the northern parts of the project area.
MTM is now planning surface geochemistry and aircore drilling over approximately 50 square kilometres of the prospect area to determine the potential for locally concentrated deposits of REE in the regolith.
It said the drilling would test known surface geochemical anomalies and targets identified on magnetic images with details of the exploration program and results to be announced as they become available.
The company’s Australian Stock Exchange listed shares were trading at 21.5c today (10:23 am GMT +8 hours).