Enova Mining (ASX:ENV) has unveiled a batch of its latest headline “high-grade” REE drill hits from its ongoing campaign at CODA North, Brazil.
Enova’s news was one of the most-watched announcements on HotCopper on Tuesday. All in all, the company has hit new zones of rare earths at CODA North with neodymium-praseodymium (NdPr) ratios above 20%.
This, the company wrote, “demonstrates significant growth potential” for the company. Enova has previously reported high-grade assays from the same asset.
Geotechs suspect mineralisation extends across “a larger area” than previously understood which ultimately offers itself to a greater scaling-up down the line.
Enova reported the following on Tuesday with results expressed as Total Rare Earth Oxides (TREO):
- 20.4m @ 1,648ppm TREO and NdPr ratio of 19.6%
- 42.0m @ 2,407ppm TREO and NpPr ratio of 22.4%, incl
- 20.0m @ 3,476ppm TREO and NdPR ratio of 23.2%
- 58m @ 2,003ppm TREO and NdPr ratio of 21.3%, incl
- 21m @ 2,601ppm TREO and NdPr ratio of 23.2%
- 43m @ 2,051ppm TREO and NdPr ratio of 22.6%
- 52m @ 2,286ppm TREO and NdPr ratio of 218%
The 20m section grading at 3,476ppm – down drillhole CDN-DD-0003 – is Enova’s highest graded REE interval to date.
“After my recent visit to our project sites, it is apparent the CODA tenements are uniquely situated on sparsely populated and low yield agricultural areas, ideal for rapid project development,” Enova CEO Eric Vessel said.
“These conditions underscore the strategic value of CODA North and our commitment to continuing exploration on the project.
“With ongoing work we are confident that additional results will continue to strengthen the resource potential.”
HotCopper users were fairly quiet on the thread on Tuesday morning, but one commenter suggesting the company’s share price will rise in intraday trade got a good reception on the thread.
ENV last traded at 1cps.
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