The Ace, ADD has made mention in the quarterly updates of phosphate.
Perhaps JR believes QLD is the more prospective area (for ADD)and spending money and resources on this in the current climate would make sense. It is also a plus for RMG if ADD does find something in this area it would be a boost to RMG. Especially if RMG founds something prospective at Mount Coffin and ADD does likewise at QLD.
Adavale is actively exploring for vanadium (V), molybdenum (Mo), uranium (U) and phosphate (P2O5) at the Springvale Project in Western Queensland. Ten exploration licenses cover an area of approximately 3000 km2. The Springvale area has been identified as very prospective for the formation of ‘blanket’ type and ‘roll front’ ore bodies within the Toolebuc Formation and Cainozoic sequence and results of exploration during the quarter confim the prospectivity.
During the quarter twenty three RAB holes were completed inEPM 15608 aimed at V, Mo, U and phosphate targets in and adjacent to the Toolebuc Formation. In any future possible mining the V, Mo, U and phosphate would be recovered collectively. In this context, the drilling and geochemicalresults could be very encouraging.
In addition, the area has been identified as having strong potential for phosphate. Phosphate nodules sampled in outcropping Toolebuc Formation show up to 30% P2O5 and field work has indicated that the basal 10m of the Allaru Mudstone, the formation overlying the Toolebuc Formation, is phosphatic in part.
Phosphatic nodules and large concretions have now been found at two widely separate localities, suggesting the phosphate is developed over a large area. The discovery of apparently conventional phosphate nodules in the Toolebuc Formation and a localised occurrence of svanbergit, varietygorceixite (a phosphate mineral containing strontium, aluminium and sulphur), indicates that the wider area may be prospective for phosphate.
RMG Price at posting:
0.7¢ Sentiment: LT Buy Disclosure: Held