Narryer Metals Limited (ASX:NYM) has exercised its option and completed the acquisition of 100 percent of Rocky Gully Exploration Pty Ltd, and its subsequent granted exploration licenses covering 78 square kilometres in the Albany Fraser Mobile Belt of Western Australia.
Figure 1: The locations of the Rocky Gully Project, Western Australia
The strategic acquisition by the Company aligns with its current portfolio with the key focus of exploration of the two granted licenses is the potential for Rare Earth Elements (REEs) hosted in a Carbonatite Complex.
Narryer Metals has paid $80,000 in cash for the acquisition agreement, and additionally issued 918,575 Shares to the Rocky Gully vendor in the form of consideration.
Rocky Gully has also been granted a 1.5 percent royalty on NSR from gold and other minerals extracted from the Project.
Narryer Metals Limited
Narryer Metals Limited is a nickel-copper-platinum-group-elements and REEs exploration company with four wholly owned projects in Australia including the Narryer, Corackerup, Ceduna and Sturt Projects
The Company recently announced its option to acquire 100 percent of the Rocky Gully REE Project, in southern Western Australia, which assimilated well into its exploration portfolio.
Additionally, in July it acquired 100 percent of lithium prospective assets in Quebec and Ontario, Canada.
The Rocky Gully Project
By exercising its option to acquire the Rocky Gully Project, Narryer had expanded its REE reach in Western Australia, adding two exploration tenements (EL 70/5037 and EL 70/6140) covering 78 square kilometres to its portfolio.
The Project is hosted in the Proterozoic western Albany-Frazer Mobile Belt and located on farming and plantations land, approximately 43 kilometres west of Mt Barker and 80 kilometres north-west of the port town of Albany.
The Rocky Gully tenements have already shown promise, with the Company completing its review of the existing data, performing new geophysical and geochemical modelling, as well as SEM petrology of RC drill samples of the Ivar Prospect area.
The work done at the Project has demonstrated the potential for carbonatitic rock in reverse circulation chips and REE mineralisation up to 0.5% TREO.
The geophysical data also showed near-circular shaped magnetic low representing the main carbonatite intrusive target and a near-coincident late-time bedrock conductor in historic EM data, which may also reflect alteration.
Figure 2: RTP magnetic image and historic drill collars of the Rocky Gully Project area, showing the REE mineralisation in drilling at the Ivar Prospect.
The carbonatite study results founded the basis of the Company’s application for the Exploration Incentive Scheme (EIS) grant, which Narryer successfully received this year.
These funds, co-contributed by the WA government, will be used for diamond and RC drilling planned later in the year.
The Company anticipates the carbonatite complexes identified in the Project area will have a high chance of exploration success for REE and other commodities.
Narryer has also completed a gravity and ground magnetic survey in April, aiming to target the Ivar prospect to better define the geology and possibly provide new drill targets testing the potential REE-hosted carbonatite complex of the Project.
It was reported these surveys identified an anomaly at the Ivar Prospect which further supports for presence of a carbonatite complex present and strengthens previous work at the Ivar Prospect area.
Figure 3: 1 VD image of the gravity survey and historic drilling, overlying the regional magnetics. Note outline of VTEM anomaly, magnetic low and gravity high to drill test (Coordinates, MGA zone 50, GDA94).
However the highest density target remains untested. The Company now plans to drill test this new gravity high target, in conjunction to the planned EIS funded RC and diamond drilling program.
Narryer Metals Limited’s Managing Director Dr Gavin England commented on the acquisition.
“The results from work carried out by Narryer Metals over the last 12 months on the Rocky Gully REE Project has given enough indication that we acquire the Project and continue exploration,” he said.
“The Rocky Gully Project will be a key exploration focus in Australia. The next phase is an air core drilling program to better define the geology and geochemical targets, followed by EIS-funded diamond drilling of the carbonatite target.”
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