Resource Base to drill second tenement at Mitre Hill REE project after application granted
Resource Base has launched a $5.5 million IPO to explore the historic Victorian copper-gold project.
This quarter Resource Base (ASX: RBX) will begin an aircore drilling program across the second tenement of its Mitre Hill rare earth element project, after the exploration licence was granted.
The company revealed its largest and second exploration licence had now been granted for the project, which now comprises two granted tenements and 15 under application.
All up at Mitre Hill, Resource Base has pegged up 2,649 square kilometres with the ground spanning across South Australia and Victoria.
This latest tenement is located in South Australia and covers 809sq km of land. It is immediately adjacent to Australian Rare Earths’ (ASX: AR3) exploration licence, which contains the Red Tail and Yellow Tail deposits, which have a combined JORC resource of 39.9 million tonnes at 725 parts per million total rare earth oxide (TREO).
With this latest tenement now granted, Resource Base will begin an aircore drilling program this quarter.
Mitre Hill REE project
Resource Base believes Mitre Hill is within an emerging ionic clay REE precinct that has potential global significance.
An aircore drilling program comprising 34 holes for 465m was recently completed across the project’s first granted exploration licence in Victoria.
This tenement sits within the southern margin of the Murray Basin in western Victoria.
According to Resource Base, Australian Rare Earths’ regional exploration has confirmed ionic clay REE mineralisation extends at least 40km north of its resources.
Another nearby explorer that is chasing REE, is TSXV-listed Lions Bay Capital.
Lions Bay is farming into Savic Minerals’ tenements and has announced a highlight drill result of 1m at 2,140ppm TREO, which was intercepted directly along strike of the Red Tail deposit.
REE critical to global decarbonisation
REE are essential to the technologies required in decarbonising the world.
The minerals are used in electric vehicles and renewable energies.
With China the main source of these minerals, governments worldwide have deemed REE critical and are rushing to firm up domestic supplies.