Kingfisher Mining buoyed by high-grade rare earth results
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2022-07-06
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Kingfisher Mining buoyed by high-grade rare earth results and discovery of second mineralisation zone at Mick Well
Kingfisher Mining Ltd (ASX:KFM) has returned high-grade rare earths from the latest drilling at its 100%-owned Mick Well Rare Earth Elements (REE) Project in the Gascoyne Mineral Field in Western Australia as well as the discovery of a second mineralisation zone consisting predominantly of fresh monazite.Analysis of samples from discovery hole MWRC011 at MW2 prospect has returned up to 5 metres at 3.45% total rare earth oxides (TREO), including 3 metres at 5.21% TREO and 1-metre at 7.13% TREO.Other results from the current drilling showing high values of neodymium (Nd) and praseodymium (Pr) are:4 metres at 1.03% TREO with 0.17% Nd and Pr from 29 metres, including 1-metre at 2.78% TREO with 0.46% Nd and Pr from 32 metres;5 metres at 3.45% TREO with 0.65% Nd and Pr, including 3 metres at 5.21% TREO with 0.98% Nd and Pr from 102 metres and 1-metre at 7.13% TREO with 1.33% Nd and Pr; and8 metres at 1.05% TREO with 0.19% Nd and Pr from 72 metres.Additional drill results from other targets in the Mick Well area as well as the Kingfisher project are expected in the coming weeks.“Extremely positive sign”Kingfisher executive director and CEO James Farrell said: “The results from MW2 continue to point to the emergence of an exciting and previously unrecognised REE region.'The grade of the mineralisation intersected in MWRC011 has significantly exceeded our expectations, especially with over 7% TREO intersected over a 1-metre interval.“The identification of a second mineralised zone, which has the same geology as the recently announced discovery of a new 800-metre zone of outcropping REE mineralisation is an extremely positive sign for the potential of the MW2 Prospect.“We have already planned follow-up drilling at MW2 and we are looking forward to receiving the results from the recent drilling of other targets in the Mick Well and Kingfisher areas in the coming weeks.”The current drilling program was designed to confirm the dip and strike of the mineralisation at MW2 and follow-up the results from the company’s REE discovery earlier in the year.Second mineralisation zoneKingfisher said the results of the drilling confirmed a second zone of high grade mineralisation, consisting predominantly of fresh monazite with the same geology as the recently reported and yet-to-be drilled 800 metres of outcropping mineralisation 500 metres northwest of MW2, which returned rock chips up to 21.13% TREO.The new zone is now recognised to include a WNW-striking zone of allanite and monazite and a much higher grade NW-striking mineralised zone which has monazite as the dominant REE mineral.This updated interpretation is based on relogging of all of the RC drill chips together with the sample results as well as structural information collected from wireline logging of the drill holes.Drill holes MWRC015 and MWRC016 both ended in potassium fenite, which is very similar to the potassium fenite intersected immediately before the monazite mineralisation in MWRC011.This, together with the revised geological interpretation for MW2, indicates that the monazite zone may be immediately below the current depth of these drill holes, which the company now plans to extend MWRC015 and MWRC016 as well as undertake additional high priority drilling on the southwest end of the section.Kingfisher is targeting REE mineralisation along a 54-kilometre corridor associated with the Chalba Shear Zone, a broad WNW-trending crustal-scale structure that has played an important role in providing a conduit for the intrusion of the carbonatites, as well as the associated alteration and late-stage mineralised veins and carbonatite dykes.Fenites and potassium fenites are well-developed in the Mick Well area and are an important host of the REE mineralisation.Kingfisher has planned extensive and targeted exploration programs for its Gascoyne projects for 2022.The planned exploration is designed to be cost-effective and aims to develop and test drill targets from ground-based work including mapping and rock sampling.It also plans to simultaneously develop a pipeline of exploration opportunities through integrating current and airborne geophysical surveys with geological knowledge from the company’s breakthrough REE discovery at Mick Well.
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