Codrus Minerals (ASX: CDR) has confirmed exceptionally high grades from grab samples at the Karloning REE-Niobium Project in WA, where it recently secured an exciting growth and diversification opportunity in the rare earths sector.
Last month, Codrus entered into a farm-in and joint venture agreement with Talgomine Minerals Pty Ltd to earn up to a 90% interest in the Karloning Project, which is located in Western Australia’s Wheatbelt
The Project, which is located 30km north of the regional town of Mukinbudin and 260km north-east of Perth, provides Codrus with an opportunity to explore for the high-value REE’s used in the manufacture of high-strength permanent magnets – namely praseodymium, neodymium, terbium and dysprosium.
Managing Director, Shannan Bamforth, said these elements are in high demand because of the explosive growth in industries that rely on permanent rare earth magnets such as electric vehicles, wind turbines and other renewable energy applications.
Mr Bamforth said while these permanent magnet REE’s are the key high-grade values returned in the grab samples, significant grades of other rare earths, tantalum and niobium were also observed,
“We are excited by the high grades returned from samples that exceeded the upper detection limit in the original assaying, as announced when we acquired the project last month,” he said.
“Seeing grades for heavy REE elements of this magnitude is very positive, particularly given that these metals are intrinsically linked to the decarbonisation thematic. This provides a very strong platform from which to launch our maiden exploration program on the project.
“The Karloning pegmatite is located in an existing quarry, providing us with a unique opportunity to see the geology and make a rapid assessment of the exploration potential. We believe the pegmatite has significant scale, and assays for the four high grade grab samples has returned truly impressive grades of the four key REE’s required in the manufacture of permanent rare earth magnets.
“We plan to commence ground-based exploration activities shortly, and the results will assist us to firm up targets for drilling in early 2023. We are attracted to the rare earths sector because of its strong fundamentals and the relative scarcity of quality exploration opportunities.”
Planned Work Programmes
Initial planned work programmes at the site include completing either drone or ground magnetics and ground radiometric surveys as a priority. Soil sampling across the tenement package will be completed at 100m line spacing with 50m sample spacing along the lines.
The results of these surveys will underpin the maiden drilling programme, planned for Q1 CY2023, which will focus on defining the extents of the pegmatite and primary controls on the distribution and continuity of REE mineralisation.
Work will commence on the JV ground as soon as is practicable and on the 100% CDR tenement (E70/6306) as soon as the tenement is granted.
For further information please visit: https://codrusminerals.com.au/
