Dundas Minerals expands search for critical minerals with rare earth assays

The next month is going to be catalyst-rich for battery metal and gold hopeful Dundas Minerals (ASX: DUN) following the completion of a four hole drilling program at its Matilda South prospect in Western Australia. 

A total of 1,381 metres was drilled to follow up on last year’s gravity surveys which confirmed large bodies of igneous rocks, typically associated with copper mineralisation.

Encouragingly, the cost of the drill holes was 50% (up to $180,000) co-funded by the WA Government Exploration Incentive Scheme.

Next steps

Samples from the first two drill holes have been sent for assays, while the remaining samples are set to be dispatched early next week. It usually takes about four to five weeks from the submission date for assay outcomes to be released. 

At least from visual inspection, the drill results are in-line with previous geophysical models, recording intercepts of mafic rock types, which contain a higher density compared to surrounding rocks. These findings provide important clues for copper exploration but the extent of any mineralisation will come from the pending assay results. 

Add rare earths to the mix

The samples from Matilda South will also be assayed for rare earth elements, given the prospect’s proximity to several ASX-listed rare earth explorers including: 

• Meeka Metals

• Mount Ridley Mines

• West Cobar Metals

• OD6 Metals

Source: Dundas Minerals

The four neighbours have all found early-stage success for rare earths and currently undergoing drilling efforts to support an inferred/maiden resource:

• Meeka Metals kicked off mineral resource drilling on 25 January after identifying shallow high-grade rare earth mineralisation in 2022 

• Mount Ridley intersected thick zones of high grade rare earths as part of an ongoing aircore drilling campaign in February 

• West Cobar is undergoing a 283-hole drill program which has returned several high-grade rare earth assays which will be compiled in 2Q23 

• OD6 Metals is expecting assays in April after an 83-hole drill program

“The geology of the Matilda South area is similar to surrounding tenements. Dundas’ Matilda South samples will be the first ever from the area to be assayed for REEs,” the company said in a statement. 

Dundas Minerals 12-month price chart (Source: Market Index)