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Narryer Hit Rare Earths at Mt Nairn

30 May 2023 12:14
ASX: NYM

Narryer Metals confirm the potential of its namesake Narryer Project to host rare earth elements, with the Project’s maiden drilling program returning assays of up to 2,789 ppm total rare earth oxides (TREO) from the Mt Nairn Tenue.

A Rare Earth Opportunity

The 25-hole drilling campaign returned two top intersections of 13m @ 1047 ppm TREO and 18m @ 928 ppm TREO (including 2m @ 2139 ppm TREO) and showed considerable portions of high-value magnetic rare element oxides, with MREOs comprising 20 per cent of the TREO in both top intersections.

The rig hit both the Milly Milly trend and the Taccabba Well and pulled up rare earth intersections from both, with the two highest hits returned from Taccabba Well.

Assays have shown that REE mineralisation is held within saprolite clay and granitic gneiss bedrock, further supporting Narryers exploration model that granite gneisses within the Mt Nairn tenure are enriched in REE, with the Company believing that the bedrock is a suitable source of rock for ionic adsorption clay REE style mineralisation.

Alongside the rare earth hits, the drilling campaign also highlighted Mt Nairn’s potential for base metals, with a single drill hole testing a thick-chromium-rich ultramafic unit at Milly Milly returning an intriguing nickel hit of 70m @ 0.28 % Ni from 35m, including 2m @ 0.51 % Ni, 200 ppm Co and 0.9% Cr2O3.

The Company is now generating new high-priority drilling targets from an airborne EM survey flown last year to help plan future drilling campaigns.

A Rare Earth Region

While the primary objective of the 3,762-metre campaign was to test airborne electromagnetic conductors identified within the Milly Milly trend and for PGEs at Taccabba Well, due to the Narryer Terrane emerging as a rare earth region, the confirmation of Mt Nairns REE potential doesn’t come as a surprise for the explorer.

Narryer is also seeing similarities between the bedrock encountered at Mt Nairn and other projects within the Narryer Terrane region, with the explorer finding the bedrock at Mt Nairn comparable to that encountered at Krakatoa Resources’ Mt Clere Project, which currently hosts a mineral resource of 101MT @ 840ppm TREO.

This discovery further builds the explorers growing Rare Earth portfolio, with the company also closing in on a potential Rare Earth-bearing carbonatite complex at its Rocky Gully project.

Looking Forward

The Company said that the uncovering of clay-hosted REE mineralisation at Taccabba Well is highly encouraging and that it has already earmarked a large area for future exploration, with further work planned to determine whether mineralisation is ionic adsorption in nature and therefore represents a higher value target.

“The initial focus now at the Narryer Project is to finish the targeting for the next round of drilling, which will be air-core, looking at clay zones proximal to these REE-rich gneisses. This includes paleochannels where the weathering is deepest, identified from the AEM survey completed in May last year,” Managing Director Dr Gavin England said.

“NYM sees positive signs in its Ni-Cu-PGE exploration from this drill program and what it has seen on the ground. The Company has gained a better understanding of the geology, which is now helping in preparing a new suite of Ni Sulphide targets for near future drilling.”

NYM’s Australian Stock Exchange-listed is currently selling at 11c (11:30 am UTC+ 8 hours).

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