Kamafugite Host Rock: The drilling has encountered up to 70 meters of kamafugite, which is a favorable host rock for REE mineralization. This is a positive geological indicator since REEs are often found in alkaline-ultramafic rocks like kamafugite, enhancing the potential for high-grade REE deposits.
Significant Mineralization Intercepts: Multiple drilling campaigns (14 diamond drill holes and 21 reverse circulation holes) have reportedly intersected potential REE mineralization. This suggests that the geological environment is conducive to finding REE-rich zones, further supported by the fact that both diamond and RC drilling have been used to map these zones.
2. Sample Size and Assay Results:
1,500 samples are currently being analyzed at SGS Geosol, and the large number of samples increases the chances of uncovering significant REE grades. While results are still pending, the company's focus on expanding and fine-tuning these zones indicates that they have reason to believe the initial intercepts are promising.
3. Drilling Area and Depth:
The drilling program covers a large area of over 3,535 hectares at CODA North, which is extensive. Having drilled 850 meters of diamond drilling and 985 meters of RC drilling suggests thorough exploration of the key areas, improving the chances of hitting significant mineralization.
The intersections in the Patos Formation and the thickness of the mineralized zones (up to 70 meters) are indicators that the project may have both vertical and lateral continuity, which are positive signs for potential resource scale.
4. Company Sentiment and Strategy:
The company's decision to add a diamond drill rig in mid-July and their strategic focus on resource definition reflect confidence in the geology and mineral potential. CEO Eric Vesel's comments suggest optimism, emphasizing that they are already preparing samples for metallurgical characterization and testing, a step typically taken when there is reasonable confidence in the presence of economically viable grades.
5. Historical Data and Comparisons:
If previous REE intersections in similar geological settings (like the kamafugite rocks in Brazil) have yielded strong results, this project could follow a similar trend. However, this is speculative until actual assay results confirm the grade and concentration of REEs.
The geological indicators, large number of samples, and strategic decisions made by Enova suggest that the project holds potential for positive assay results. The thickness and extent of the mineralized zones encountered so far, combined with favorable host rock, increase the chances of the results being good. However, the actual grades and tonnage will determine the project's overall success. Without assay data, it's speculative, but the project appears to have a promising setup.
bring on results already!
ENV Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
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