Recent Discoveries From the Rare Earths Sector
Post Date: 29 Jan 2015 Viewed: 312
There have been several new discoveries of rare earths mineralization as of late, and at least one company has expanded mineralization at its project through additional drilling.
To be sure, while rare earths are not actually very rare in terms of distribution in the earth’s crust, it’s difficult to find deposits that are economically mineable. In that light, it’s encouraging to see some exploration activity in the space.
Here’s a look at a few companies that have come out with interesting results in the past week or so:
On Tuesday, Search Minerals reported a new rare earths discovery in the Port Hope Simpson rare earth element (REE) district in Labrador, representing the company’s second REE discovery in the area. Search has already identified the Foxtrot Deposit, but recent assay results from channel sampling have supported another discovery at the company’s Deepwater Fox prospect.
So far, Deepwater Fox has the potential to be wider than Foxtrot, and could be up to 500 meters long at 34 meters wide. The company also noted that assay results were “generally higher than any of those at Foxtrot.” Highlights of assay results included:
• 5.96 meters of 1433 ppm Yttrium, 2156 ppm Neodymium, 48 ppm Terbium and 286 ppm Dysprosium and;
• 17.5 meters of 1284 ppm Yttrium, 1893 ppm Neodymium, 41 ppm Terbium and 241 ppm Dysprosium
“These initial channel results from Deepwater Fox are very encouraging. They support and strengthen our business strategy for Search Minerals which is to develop the Foxtrot Project first and self-fund the development of the 100% owned REE District,” said Search Minerals interim president and CEO, Jim Clucas in a statement. Search owns another 20-plus prospects in the district, which Clucas stated the company is also continuing to advance.
Ucore Rare Metals (TSXV:UCU)
While Ucore didn’t announce a new discovery, the company did report a respectable expansion to the mineralization at its Bokan-Dotson Ridge project in Alaska. The company conducted a 17 hole drill program at Bokan in 2014, and five of those holes were aimed at testing for mineralization at depths greater than the existing deposit.
The results came up positive, as all five holes intersected mineralization an average of 100 meters below all previous drill intersections. Currently, the average depth of the resource at Bokan stands at about 220 meters.
What’s more, the grade and rare earth content of those results was also consistent with the existing resource, adding further weight to the potential for “significant resource expansion” at Bokan. The market seemed modestly happy with those results as well – on Wednesday when Ucore announced the news, its share price rose just over 4 percent.
RioSol SAC
US based private company RioSol and its Peruvian arm Compania Minera Rio Sol SAC LLC got a lot of attention when they announced a huge rare earths discovery in Peru last month. The companies followed up with more details on the discovery last Thursday.
Citing a report on the Capacscaya site and adjacent claims that was finalized in January, RioSol stated that geologists have confirmed the site has “the highest range of rare earth metals in Peru.” More specifically, neodymium ranked highly, which is a relatively in-demand rare earth used in the strongest rare earth magnets available. Europium and yttrium, which are used in phosphorescent materials for lighting applications, also ranked high in the study.
“Capacscaya contains both light- and heavy rare earth elements and metals, as well as copper, zinc, cobalt, aluminum, iron and other base metals,” the report stated. “It proves that the potential for rare earth elements exists outside of China with significant opportunity for development of new production in Peru.” Further exploration is expected to take place at the claim in 2015.
Certainly, its heartening for both investors and end-users to see further exploration taking place for rare earths deposits outside of China. Those interested in the critical metals space will no doubt be keeping an eye on the growing number of rare earths projects throughout the year.