Resource Base pegs up more ground to expand already massive Mitre Hill REE project
Resource Base is launching a $5.5 million IPO to explore the historic Victorian copper-gold project.
Resource Base (ASX: RBX) has extended its already massive tenement package for the Mitre Hill rare earth element (REE) 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 in the southern margin of the Murray Basin.
Resource Base says its geological model and hypotheses suggest the new tenements will be highly prospective for clay hosted REE – similar to its already pegged ground.
Mitre Hill now comprises 22 tenements – with 17 of these under application and five granted.
Four of the granted tenements are in western Victoria and the remaining granted tenement is in South Australia.
Resource Base says the southern margin of the Murray Basin is an emerging globally significant clay-hosted REE precinct.
Mitre Hill project
Recent drilling on one tenement that covers 28sq km of Mitre Hill led to discovery of wide spread REE mineralisation in May.
The broad spaced shallow aircore drilling was carried out along the tenement’s roadside reserves.
Highlight assays from the program were 1m at 1,421 parts per million total rare earth oxides (TREO) from 3m, 1m at 1,090ppm TREO from 5m, and 1m at 948ppm TREO from 6m.
From the 34 hole campaign, 70% of the holes completed graded above 500ppm TREO.
Resource Base executive chairman and chief executive officer Simon Green pointed out this tenement only made up a minute portion of the company’s Mitre Hill project.
“The scale and tenor of these results confirms our geological modelling of a the potential for significant REE mineralisation in the region.”
Step-out drilling at the tenement kicked-off in June with the aim of demonstrating “broad-scale continuity” of REE mineralisation.
The company is using its own aircore rig, which it says will generate substantial cost-savings for all future drilling.