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Evergreen Uncover REE Opportunity

25 May 2023 12:14
ASX: EG1
REE Piles

Evergreen Lithium adds rare earth elements to the Kenny Project’s battery metal portfolio, with geochemical assays from a soil auger survey identifying a number of REE targets with anomalies grading up to 451ppm Cerium, 186.5ppm Lanthanum, & 62.4ppm Yttrium.

The announcement comes just over a month after the explorer hit the boards with a massive $7 million dollar IPO that proved to be a shining light in a dark market, with Evergreen being only the 10th company to list since January as opposed to the 35 that listed in the same period last year.

Taking Aim at REEs

Samples from the auger campaign were assays for a partial suite of REEs as of a multi-element assay method used to identify lithium and its pathfinder elements, but following the identification of a number of Cerium and Lanthanum anomalies the Company has now defined four priority areas for further exploration activities to uncover the Projects true REE potential.

The assay program tested for Cerium (Ce), Lanthanum (La) and Yttrium (Y), showing a maximum sum of 576.4ppm CeO2+La2O3+Y2O3 which alongside elevated mean and medium results led the Company to believe that the four targets are highly prospective for REE mineralisation. Evergreen is now moving to test samples for the entire suite of rare earth elements.

Building a Battery Metal Bastion

Located in Western Australia’s renowned Goldfields, a mere 17km east of the 14.9Mt @ 0.97% Li2O Buldania lithium deposit held by Lithium giant Liontown Resouces, Kenny is quickly establishing itself as a promising entrant in this emerging battery metal region, with the same auger campaign which identified the new REE targets also identifying five substantial priority lithium targets grading up to 250 ppm Li2O.

The Company said that it will now be undertaking activities primarily consisting of geological mapping on priority areas defined by the auger geochemical program as it looks to put the drill in the ground as soon as possible.

“Geochemistry from our phase 1 soil auger sampling program has detected several anomalies in the rare earth minerals Cerium, Lanthanum and Yttrium. We are now undertaking further assays to determine the Total Rare Earth Oxide (TREO) of these samples so that we can consider this information in our prioritisation of drill targets,” Head of Exploration Jason Ward said.

EG1’s Australian Stock Exchange-listed share price is currently trading at 40c (11:21 am UTC+ 8 hours).

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