Resource Base (ASX:RBX) sees widespread clay horizons at Mitre Hill as rain pushes drilling back
source:hemarketherald
Mineral exploration company Resource Base (RBX) has completed the first round of step out drilling at its Mitre Hill project in Victoria.
A total of 125 drill holes were completed for 1348 metres to test the northwest section of the EL007646 tenement, where higher-grade clay hosted rare earth elements were discovered in an earlier round of drilling.
Assays are pending, however, geological logging identified visual ferruginous clayey intervals similar to the previous drilling results.
The company noted the clayey horizons consistently develop across the extent of the step-out drilling and continue for around 1.5 kilometres into the southern border of the recently granted EL007640 tenement.
Further drilling is planned later this year across the tenement and at the newly acquired tenement to the north once the winter rain passes and ground conditions improve.
The first batch of sample results are expected by mid to late August.
The company is working towards establishing a JORC compliant resource estimate by the end of quarter one of the 2023 calendar year.
Resource Base has also fully commissioned its newly acquired air core drill rig with recruitment and training of the operating crew complete.
The rig will begin drilling at the company’s high-priority EL007647 tenement imminently with broad spaced drilling planned along existing road accesses which will be followed up with closer spaced step out drilling.
Company shares have ended the day 6.9 per cent in the red to close at 13.5 cents.