Resource Base completes step-out drilling at 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.
Strategic metals explorer Resource Base (ASX: RBX) has completed an initial step-out drilling campaign at the Mitre Hill clay-hosted rare earth elements (REE) project in Victoria’s Murray Basin.
A total of 125 holes for 1,348 metres targeted the northwest area of the tenement where higher-grade mineralisation had been discovered in earlier drilling.
Visual results have indicated the widespread occurrence of REE-prospective clay horizons across the area.
These horizons are reported to be consistently developed across the extent of the step-out drilling and continue up to the southern border of a new tenement granted in June, for a distance of approximately 1.5 kilometres.
Drilling will continue to test across the extent of the tenement and onto new ground to the north as winter rains clear and ground conditions improve.
This tenement is along strike of Australian Rare Earths’ (ASX: AR3) Red Tail and Yellow Tail deposits within the Koppamurra project, which has a global resource of 81.4 million tonnes at 785 parts per million total rare earth oxides.
Resource Base is expecting the first batch of assay results later this month.
The company is working towards a maiden resource estimate for Mitre Hill for early in the new year.
New aircore rig
Drilling operations at Mitre Hill have performed above expectations due to a newly-acquired aircore rig which has now been fully commissioned including the recruitment and training of the operating crew.
The rig’s continuous operation, flexibility and significantly reduced costs are being realised during the campaign.
Exploration licences
In July, Resource Base announced it had extended its already massive tenement package for the Mitre Hill project with a further five exploration licence applications lodged covering an additional 2,230 square kilometres.
The new applications lie on the Victorian side of the project, which also extends into South Australia.
With these new exploration licences, Mitre Hill covers 4,830sq km of ground, giving Resource Base the second largest land position along the southern margin of the Murray Basin.