Chief Executive Officer and Managing Director Chris Gibbs said he was delighted to announce the recent assay news.“These are outstanding results and we have consistently seen mineralisation from surface to depths of 150 metres. Although only one hole, it is extremely encouraging to see mineralisation now extend to at least 175.5 metres. This is a 75.5% increase in depth from the maiden drill campaign and well exceeds the basis of the original exploration target of 100 metres.“We are encouraged about the prospect of a significant rare earth structure at depth and are looking forward to conducting further drilling to determine how deep the deposit is. However, our priority is to establish a significant JORC resource, and at depths of 175.5 metres we already see the basis for a large scale, long life open pit mine on the magnitude of the major copper/gold porphyry deposits, so often seen in the Western USA.“Let’s keep in mind, these recent assay results are from the Red Mountain area, which is only one of seven zones we have identified in this massive rare earth district.“We’re eagerly anticipating the remaining drill assay results, including assays for the Overton Mountain zone which was also drilled during this most recent campaign.” QUOTE Positive progress continues IMO. From release today
