MetalsGrove’s latest fieldwork run finds multiple pegmatites prospective for lithium, REEs

Thu 27 Oct 22, 11:21am (AEST)
A red kangaroo standing in grasslands in the Flinders Ranges National Park in the Australian Outback
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Key Points

  • MetalsGrove will launch maiden drilling at Bruce Prospect before EOY
  • Company has identified multiple outcrops and pegmatites prospective for lithium and REE mineralisation; results pending
  • Company has also identified quartz system prospective for copper-gold

MetalsGrove’s (ASX:MGA) Bruce Rare Earth prospect in the NT has had its potential for lithium and rare earth element (REE) mineralisation bolstered today as the company announces its latest fieldwork discoveries. 

Multiple pegmatites have been identified on-site, including small outcrops, with rock chip sampling highlighting potential ahead of a 10,000m aircore drill run to be commenced before the end of the year. 

All in all, MetalsGrove states its Bruce Prospect, which is adjacent to tenements owned by IGO (ASX:IGO), is prospective for REES, Lithium pegmatites, and copper-gold. 

Three target areas within the Bruce Prospect itself were the subject of fieldworkers’ interest; Whistleduck, Plenty River, and Whitehorse. 

At Plenty River, earlier this year the company identified a magnetic anomaly along strike from a former mine.

Fieldworkers further identified newly mapped pegmatites in the southern part of the prospect area, as well as quartz veins prospective for copper-gold trending in an east-west direction. 

Priority targets to be logged 

“The field mapping will assist in refining priority drill targets for testing in the upcoming drill program to get underway in Q4 2022,” MetalsGrove MD Sean Sivasamy said. 

“The drilling will be designed to test the bedrock conductor and historical pegmatite mines.” 

“We are delighted with the outcomes of this fieldwork at Bruce which further confirms the strong potential of this region.” 

Drilling to get underway shortly 

All three targets within the Bruce Prospect will now be the subject of the company's maiden drill run on-site, an aircore campaign. 

The exploration team has its eyes on pegmatites up to 10m wide and with a strike length of over 200m towards the southern border of the tenement. 

44 rock chip samples collected in the latest boots-on-the-ground activity will further be analysed and used to inform the design of the drill run. 

Three month charts for MetalsGrove
Three month charts for MetalsGrove
Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. MetalsGrove was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.


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Written By

Jonathon Davidson

Finance Writer

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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