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Narryer Share Price Soars on REE Discovery

20 April 2023 13:50
ASX: NYM

Narryer Metals has seen its share price soar over 30 per cent today to trade at 11.7c (1:42 pm UTC+8 hours) on the back of uncovering a new clay-hosted REE project in Western Australia’s Great Southern.

The new project, Corakerup covers a massive 568 square kilometres of the growing critical metals region, with the project adjoining critical-minerals-focused exploration tenure held by Australian mining giant Fortescue Metals.

Exploration at Corakerup will target ionic clay adsorption REE mineralisation within REE-enriched granites and gneisses identified by historic drilling, with the Project containing both basement rocks and regolith clay development which are key to hosting ICA REE mineralisation.

Historic drilling at the Project has shown these gneisses to contain anomalous REE values up to 114m @ 1127 ppm Total Rare Earth Oxide and 280 ppm Magnet Rare Earth Oxide from 4m depth and mapping by the Geological Survey of Western Australia has shown the same gneissic unit to be widespread across the Company’s tenure.

The Company has already conducted a preliminary field visit with sampling taken from along the roadside which identified anomalous weathered tonalite, with samples containing up to 2,996 ppm TREO including 489 ppm MREO.

Despite these intriguing results, the Project has seen limited exploration previously, giving Narryer a significant exploration opportunity in a region home to a number of exciting critical mineral projects including the Mt Cattlin Lithium Deposit and the Ravensthorpe Ni Laterite Deposit.

Alongside these bigger projects, Greater Southern is also growing in popularity among other juniors searching to crack into the area’s growing REE potential, with explorers like OD6 Metals and Meeka Metals also staking rare earth claims in the Great Southern.

The Company said that Corakerup provides it with a very low-cost / low-risk entry point to this emerging REE region.

“The two factors that drew Narryer to this area were: 1) that limited historic drilling has shown that gneissic rocks are enriched in REE; and 2) the GSWA mapping and open file EM data, indicates this geological unit to be widespread in the new tenure and has areas of lateritic clay development – an important factor in the hosting ICA REE mineralisation. During a recent visit, sampling weathered granite containing 0.3 % TREO has been a good start to the exploration,” Managing Director Dr Gavin England.

Narryer already has an extensive exploration plan for the project, with a complete landform map to identify target clay areas followed by surface sampling preceding a shallow RAB drilling campaign.

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