Chase Mining (CML) has identified a rare earths and base metal project in the Northern Territory following a review of geochemical and geophysical work by Geoscience Australia.
The North Barkly Project is made up of three exploration licence applications that cover 1,950 square kilometres of pastoral land in the Barkly Tablelands. The project is 500 kilometres north-west of Mount Isa and 150 kilometres south-west of McArthur River.
In recent years, the Barkly region has been subject to geophysical, geochemical and geological investigation by Geoscience Australia which revealed potential for repetitions of the large mineral deposits such as those mined in the McArthur River and Mount Isa areas.
The North Barkly project is believed to host rare earths potential based on large drainages with peak rare earths and niobium assay values, long weathering history and lack of outcrops being favourable for near surface enrichments, and high sediment assay values of the more valuable rare earths such as neodymium.
Additionally, base metal potential also exists in the project based on a historical 88-metre intersection of copper-lead-zinc mineralised black shale, and very large drainage in an area with peak values of copper, cobalt, bismuth, molybdenum, tellurium, niobium, palladium, uranium, vanadium and tungsten.
Once exploration licences are granted, Chase Mining plans to conduct detailed sampling to define the sources of the stream sediment metals and rare earths. It will also further examine current and future data by Geoscience Australia. If and when targets are well defined, the company hopes to undertake drilling.
Company shares were up 14.3 per cent to trade at 1.6 cents at 1:50 pm AEDT.
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