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Narryer Survey West Australian REE

21 April 2023 10:19
ASX: NYM

Narryer Metals keeps up the West Australian rare earth momentum, with Ground Magnetic and Gravity surveys kicking off at its Rocky Gully REE Project.

The announcement prompted Narryer’s share price to rise 13.04 per cent to trade at 13c (10:32 am UTC +8 hours), building on a 30 per cent jump yesterday as the result of the explorer uncovering a new clay-hosted rare earth project in the Wildflower state.

The surveys will target the Ivar prospect and are set to significantly improve the geophysical resolution, better define the geology and possibly provide new drill targets for the Project’s upcoming campaign testing for a potential REE-hosted carbonatite complex of the Project.

Carrier has appointed Touchstone Geophysics to complete the geophysical ground survey, covering an area of 5.5 square kilometres which will be overlapped by the gravity survey operated by Atlas Geophysics over an area of 4 square kilometres.

The survey’s follow-up on the results of a comprehensive geological study of the Project released in March uncovered evidence that it could host an extensive high-value carbonatite complex, identifying carbonatite intrusive rocks from historical drilling samples which showed anomalous REE grades up to 0.5% TREO.

Initially, the Company’s attention was focused towards REEs hosted in regolith clay. However, the discovery of a potential carbonatite system in Western Australia prompted a shift in focus, due to a number of successful carbonatite host REE success stories, such as the Mt Weld Mine in the Eastern Goldfields region, which boasts 55 Mt @ 5.3% TREO, and the Yangibarra REE Project in the Gascoyne region, with reserves of 29.9 Mt @ 0.93% TREO.

The Company said that it has developed an exploration model it intends to drill test in the coming months.

“A more detailed picture of the magnetics and an additional piece of information in higher resolution gravity was recommended after a study early this year, of existing data sets at the Rocky Gully Project,” Managing Director Dr Gavin England Said.

“This new data will sharpen the accuracy for the current proposed RC / diamond drill program and will also provide potential new drill targets, as we get a better understanding of the potential REE carbonatitic complex.”

Narryer expects the survey to be completed within the next two weeks.

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