Megado Minerals (ASX: MEG) has stepped up studies of its North Fork Rare Earth Project, located in Idaho, USA, following its acquisition in April.
The company recently conducted an on-site workshop lead by new CEO, Ben Pearson and accompanied by experienced geologists and MEG non-executive directors Dr Chris Bowden and Greg Schifrin.
The purpose of the workshop was to review the company’s approach and determine an optimal pathway for its US exploration and development ambitions.
As a result of the workshop, the company is undertaking a comprehensive review of its activities including:
• A review of all historical data from areas inside and outside the company’s existing tenements
• Geological mapping to determine high-value targets for an early works programme
• Collection of rock grab/chip and soil samples
• Consideration of additional value accretive projects in the USA that are consistent with a REE/critical minerals narrative
• Exploring options for U.S. government support in relation to the development of domestic and critical minerals supply
The company expects to be in a position to release the outcome of the strategic review in coming months.
Recent Activities
The company recently completed a broad scale sampling and initial mapping programme at North Fork. During recent visits, outcropping carbonatite veins, up to 3m wide, were located – ongoing mapping and sampling program will outline these results in future releases.
Veins of this type have historically been channel sampled at Silver King and yielded Total Rare Earth Oxide (TREO) assays of up to 2m @ 10.3% including the much sought after Critical Rare Earth Oxide (CREO) components – typically Nd, Pr, Dy, Tb, and Y – assaying up to 1.2% within the same interval.
The exploration process at North Fork has commenced, although activities have been delayed by the Moose Fire in the Salmon-Challis National Forest.
The fire has restricted site access. Despite the fire, during this summer season, the company is aiming to complete a number of initial work programmes including:
• Perfecting claims on existing tenement packages
• Broad scale surface sampling aimed at the generation of future targets for more detailed exploration
• First pass geological mapping and rock sampling aided by using handheld scintillometers, and portable XRF (pXRF) instruments. These devices allow the rapid identification of areas of thorium enrichment and pathfinder elements that may indicate the presence of REE bearing veins
• Maiden trenching and follow-up diamond drilling on the most prospective targets as identified from current detailed mapping and sampling programme (subject to various statutory approvals processes)
The company has a team of geologists and field assistants, led by Greg Schifrin, available to complete the work programs at North Fork, and assisted by Dr Chris Bowden as needed.
About North Fork
• The North Fork claims are located approximately 40km (25 miles) northwest of Salmon, Idaho and consist of 499 unpatented/patented BLM mining lode claims. The North Fork Project has seven (7) historical prospect areas warranting further exploration in the initial exploration phase.
• North Fork 499 claims (granted and in application) cover approximately 10,309 acres (42km2) with outcropping, high-grade, rare-earth element (REE) mineralised rock.
• North Fork contains multiple carbonatite-hosted, high-grade, REE mineralised veins that have been observed at surface across numerous prospects over 10km along strike.
• Previous exploration has returned exceptional grades in channel samples
o Silver King Prospect: 2m @ 10.3% TREO incl. 1.2% CREO; and 2m @ 5.8% TREO; and 1.52m @ 17.7% TREO
o Jackpot Prospect: 0.76m @ 21.5% TREO; and 0.76m @ 14.5% TREO
o Monazite Queen Prospect: 0.91m @ 21% TREO; and 3m @ 2.16% TREO
For further information please visit: https://megadogold.com/
