SUMMARY
- The REE soil anomaly at Gadolin (previously called QC2) has been extended to over 1km strike
- The anomaly remains open in several directions, with up to 2,045ppm REO and up to 21% heavy REOs
- Reconnaissance sampling of multiple other pegmatites and outcrops completed with results in coming weeks
- Further sampling underway to firm up maiden drill targets
Caprice Resources Ltd (ASX: CRS) (“Caprice” or “the Company”) is pleased to advise that the Company continues exploration at the Mukinbudin Rare Earth Element Project (“Mukinbudin”, the Project”), located 25km northwest of Mukinbudin and 250km northeast from Perth in Western Australia.
Initial sampling at the Gadolin prospect, previously given the nomenclature QC2, delineated a +300m long REE anomaly (see ASX 5/5/23, 18/5/231 ). Follow up extensional and infill sampling has extended this anomaly to over 1km of strike and remains open.
In addition, multiple other targets across the Project have been either soil or rock chip sampled. Many of these targets traverse recognised pegmatites or significant geological features. Of high significance is a 3km long outcropping pegmatite body, geologically very similar to Gadolin, located on the eastern side of the property. A scout soil sampling line was undertaken to test for REE potential, with more detailed sampling to be undertaken within the next week.
Given the success of the soil program to date, the Company continues exploration, focussing on testing the previously identified pegmatites, as well as southern extensions of the Gadolin anomaly.
This next phase of exploration is aimed at firming up targets ahead of the maiden drill program planned for Q3 2023.
Managing Director, Andrew Muir, commented:
“These latest results from Gadolin highlight the REE potential of the Mukinbudin Project. Whilst Gadolin is the largest and most advanced, we are optimistic that our sampling has already identified additional quality prospects. Once all samples have been received, we will look to undertake drilling to test the primary targets in the next quarter.
“In addition to our work to date at Mukinbudin, we note recent nearby drill results from Codrus Minerals Limited and Cygnus Metals Limited. Combined with the presence of IGO Limited and Rio Tinto Limited in the area, we see the potential for the Mukinbudin region to become a new REE province.”
About us:
Caprice Resources Limited (ASX: CRS) holds a 100% interest in the Mukinbudin REE Project, located in the wheatbelt of WA acquired in December 2022.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au