Megawatt Lithium and Battery Metals Corp. have proven rare earth mineralisation across six target areas of the promising Arctic Fox property in Australia’s Northern Territory.
Amid Arafura Resources’ landmark REE supply deal with the Hyundai Motor Company, MegaWatt — located 20 kilometres from Arafura’s Nolans Bore site and sharing similar geology — has shown elevated levels for a host of REE samples, including 3730 parts per million of in-demand cerium.
The historical stream sediment sample results are from two campaigns comprising the collection of 256 samples, with 138 taken from Arctic Fox.
“Securing new REE availability is becoming an increasingly strategic priority of many governments to reduce reliance on any single country’s global market dominance,” chief executive David Thornley-Hall said.
“Currently, China controls 70 to 80 per cent of global production.
“We are pleased that our technical team in Australia has uncovered compelling evidence across six target areas highlighting the exploration potential of the Arctic Fox property.”
Megawatt’s technical team is underway with an initial reconnaissance trip to Arctic Fox and the nearby Isbjorn REE project to evaluate site accessibility, sample suspected mineralised outcrop, and plan the next phase of the exploration program.
Significant sample values
- 9 samples had anomalous Ce > 1,000 ppm with a peak of 3,730 ppm in 1 sample
- 8 samples had anomalous La > 500 ppm with a peak of 1,870 ppm in 1 sample
- 6 samples had anomalous Nd > 500 ppm with a peak of 1,450 ppm in 1 sample
- 12 samples had anomalous Pr > 100 ppm with a peak of 424 ppm in 1 sample
- 13 samples had anomalous Hf > 100 ppm with a peak of 445 ppm in 1 sample
The company’s CSE-listed share price is trading at 11 Canadian cents (10:16 am UTC+8 hours).