PennyP you are right but what is amusing about EMU's announcement is that their TREO in clays are deep and the way they are reporting seems to indicate that they don't really understand REE deposits or the REE market. I could write a thesis on this but I'd just make the following points:
1. Reporting TREO is a cop-out - not all REEs are worth something, only specific REEs have any real value - DYOR.
2. For clay deposits to be worth anything they need to be near-surface so you can hydraulically mine them - these latest results all come from 70m+ depth! Imagine having to dig a pit the equivalent of a 20-storey building in depth before you even get to the ore - good luck with that!
3. The OD6 guys that EMU is so fond of playing nearology with, appear to be in a different geological terrane to the north and are getting thick intercepts of REE from only 15m below the surface! But to be honest, I'm not sure I like their chances of getting anything operational in the short to medium term either.
If you want an example of how hard these things are to set up and run profitably, take a look at Northern Minerals! Admitted clays are a cheaper and easier build than hard rock.
Anyway, just my two cents (or is it 0.2c) worth but it looks like EMU has grabbed the lithium bone now so who knows what the old bush cook will be spruiking next?
EMU Price at posting:
0.2¢ Sentiment: Sell Disclosure: Held
