Ann: 40% REE Returned from Mick Well, page-53

In mining serendipity sometimes has a major role to play.
KFM basically started as an IPO and copper explorer in December 2020.KFM early on only mentions REE as potential REE (as an aside to copper exploration).
This all changed when on 21/12/2021 KFM whilst drilling two conductors looking for ‘copper’ at Mick Well - they reported that they had found some anomalous rock chips with up to .16% TREO.
On 10/01/2022 KFM announced that they had intercepted 12m of 1.12% TREO at Mick Well (and only incidentally found 32m of .16% copper). At this moment KFM’s future changed from principally being a copper explorer to becoming a Rare Earths explorer.
My hypothesis is that they continued to drill around immediate surrounding area because this was where they had serendipitously found TREO already. In a way KFM weren’t drilling the best ground (understandably).
Meanwhile only some 500m away on 20/06/2022 KFM reported that they had begun finding rock chips to 21% TREO and 30/08/2022 TREO grades to 40%.
The next drilling program should (with a bit of luck) be able to prove up significantly better results targeting whilst higher grade TREO areas.