Rare Earths

Meeka Gold confirms rare earths mineralisation onsite Esperance project

Mon 16 May 22, 1:44pm (AEST)
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Key Points

  • 52 of 85 holes drilled return high-grade rare earths mineralisation at project northwest of Esperance
  • High-value magnet rare earths and critical minerals make up half of all identified mineralisation
  • Further assay results for eastern block of project acreage due later this month

Meeka Gold (ASX:MEK) is up 7% in post-lunch trades as the company announces "spectacular" rare earth grades from the company's Cascade Rare Earths Project northwest of Esperance. 

Of all 82 holes drilled, 52 returned high-grade intersections up to 4,029ppm Total Rare Earth Oxides (TREO) in saprolite clays. 

Of those TREO intersections, 50% are high-value magnet rare earths and critical rare earths respectively, each representing a quarter share. 

The 4,029ppm intersection is 3m thick, with a further 7m at 3,826ppm from 36m. The company's thickest intersection, at 29m, returned a count of 629ppm TREO. 

An overview schematic of the Cascade project Western Block
An overview schematic of the Cascade project Western Block

Further results pending 

Assaying of a further 105 holes from the eastern block of Cascade are expected later this month; results from today regard holes on the western Cascade block. 

Meeka Gold is the 100% owner of the Cascade REE Project. 

The company will in June release a forward activity plan based on the assay results to be delivered in late May. 

Meeka Gold is confident it will secure a commercially viable pathway forward to exploit high prices currently attached to rare earths on the domestic and international market. 

A good time to produce REEs, TREO

Electrification initiatives borne from decarbonisation strategies at the private sector and public sector levels sees higher demand for TREO and REE materials for EV batteries and wind turbine components. 

The materials are also used in military and defence applications; Swedish SIPRI this year noted global military expenditure hit US$2tn in 2021. 

TREO and REE materials are also key elements within communications technology manufacturing; Australia sits as a partner with the US as both countries fund strategies to secure domestic critical mineral supply chains. 

Meeka Gold's charts over the last three months; shares are up 7.5% today
Meeka Gold's charts over the last three months; shares are up 7.5% today

 

Written By

Jonathon Davidson

Journalist

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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