Ausmon Resources - Promising Rare Earth Drilling Results at Parrakie - 29 July 2024
AOA (AOA) Share Update July 2024 Sunday 28th
Ausmon Resources Reports Encouraging Rare Earth Drilling Results at Parrakie
Ausmon Resources Limited (ASX: AOA) has released promising results from its second phase drilling program at the Parrakie tenement in South Australia, indicating significant rare earth element (REE) mineralization.
Instant Summary:
- Significant Total Rare Earth Elements (TREO) assay results from multiple drill holes.
- High-grade Zirconium (Zr) identified at 4,400 ppm in one drill hole.
- 55 vertical holes drilled totaling 1,200 meters in the northwest corner of the tenement.
- Potential for significant ionic clay REE mineralization identified.
- Strategic land position with additional tenements granted and under application.
Drilling Results
The second phase drilling program conducted in June 2024 at Parrakie EL 6795 in South Australia has yielded encouraging Total Rare Earth Elements (TREO) assay results. Significant drill intersections include:
- 24PKAC052: 1m @ 1,253.9 ppm TREO from 12m, in clayey sand above Gambier Limestone
- 24PKAC068: 1m @ 1,156.8 ppm TREO from 17m, in clayey sand above Gambier Limestone
- 24PKAC094: 1m @ 1,015.2 ppm TREO from 12m, in Karoonda Surface ferricrete above Gambier Limestone
- 24PKAC071: 1m @ 1,019.4 ppm TREO from 19m, in clayey sand above Gambier Limestone
- 24PKAC079: 1m @ 912.6 ppm TREO from 9m, in sand
- 24PKAC054: 1m @ 847.3 ppm TREO from 19m, in clayey sand
Additionally, a high-grade Zirconium (Zr) concentration of 4,400 ppm was identified in an interval between 13m and 14m in hole 24PKAC061.
Drilling Program Details
A total of 55 vertical holes were drilled, covering 1,200 meters at an average depth of 12 meters per hole in the northwest corner of the tenement. All holes intersected the target Loxton/Parilla Sands, and every drilled meter was scanned by pXRF with 80 drill intervals submitted to ALS Laboratory in Adelaide for the full REE suite using method ME-MS81.
Geologist's Comments
The Chief Geologist remarked, 'The results from this Phase 2 drilling in the NW corner of the Parrakie tenement are exciting. We see potential for the area to host significant ionic clay REE mineralization and we are looking forward to a Phase 3 drilling.'
Strategic Land Position
Ausmon Resources now holds a strategic land position with the recently granted Wilkawatt tenement in the south and the under-application Peake tenement adjacent to the west of Parrakie. The company is finalizing PEPRs (Government Approval for Drilling Operations) for drilling in other tenements, namely Kingston, Mt Rough, and Wolseley.
The encouraging results from the Parrakie drilling program could positively impact Ausmon Resources' stock as investors react to the potential for significant REE mineralization. The high-grade Zirconium finding further enhances the project's attractiveness. However, the market's reaction will depend on subsequent phases and the company's ability to advance the project efficiently.
Investor Reaction:
Analysts have noted the promising TREO assay results and the potential for significant REE mineralization. Investor sentiment appears cautiously optimistic, with some expressing interest in the upcoming Phase 3 drilling and the company's strategic land acquisitions.
Conclusion:
Investors should keep an eye on Ausmon Resources' progress in the Parrakie tenement and the results of the upcoming Phase 3 drilling. The company's strategic land position and promising drilling results could present a valuable opportunity for those interested in rare earth elements.