Resource Base applies for 12 new tenements across Mitre Hill rare earths project
Resource Base has positioned itself to play a key role in unlocking the “globally significant” emerging ionic clay rare earths precinct in the southern Murray Basin.
Junior explorer Resource Base (ASX: RBX) has made moves to expand the footprint of its Mitre Hill project in Victoria by submitting exploration licence applications for 12 more ionic clay rare earth elements (REE) tenements totalling 1,140 square kilometres.
If all applications are granted, the company’s tenements in the area will jump to 2,649sq km and it will have the second largest land position in the southern margin of the Murray Basin, which is considered to be an emerging REE precinct.
The licence and applications are located near the Victorian town of Edenhope and close to Naracoorte and Penola, which lie within South Australia’s border. The largest and most prospective application covers over 40km of strike length.
Current tenements
Resource Base currently has 15 applications and one granted tenement along the southern margin of the Murray Basin in Victoria, and one application in a portion of the basin which extends into south-eastern South Australia.
The company has acquired a significant archive of historical exploration data including drilling results, government studies and minor private exploration to assist exploration on the new land.
It plans to commence a low-cost exploration and drilling program this month to investigate Mitre Hill’s REE potential at the granted tenement, including surface sampling and field mapping to assist drill targeting, and metallurgical and mineralogical test work.
Koppamurra drilling
Two of the new licence applications are located approximately 25km east of recent drilling at the Koppamurra project by Australian Rare Earths (ASX: AR3).
Results from 174 holes returned intercepts grading more than 500 parts per million total rare earth oxides (TREO).
Drilling confirmed the ionic clay REE mineralisation extends at least 40km north of the company’s Red Tail and Yellow Tail deposits which have a combined inferred mineral resource of 39.9 million tonnes at 725ppm TREO.
Recent work by Australian finance and investment firm Lions Bay Capital on nearby tenements held by Savic Minerals supports the belief that there is a potentially globally-significant precinct emerging in the Murray Basin.