Ausmon Resources' Rare Earth Exploration Yields Promising Results - September Quarter 2024
AOA (AOA) Share Update October 2024 Tuesday 22nd
Ausmon Resources Reports Encouraging Rare Earth Exploration Results
Ausmon Resources Limited has released its activities report for the September quarter of 2024, highlighting significant progress in rare earth elements (REE) exploration across several Australian regions.
Instant Summary:
- Encouraging REE and Zirconium results from Parrakie with TREO up to 1,253 ppm.
- New tenements granted in South Australia and Queensland for REE exploration.
- Renewal of key tenements in New South Wales for cobalt and base metals exploration.
Exploration Activities Overview
During the September quarter of 2024, Ausmon Resources focused heavily on exploring rare earth elements (REEs) in South Australia and Queensland. The company reported promising results from its aircore drilling at the Parrakie site in South Australia, with total rare earth oxides (TREO) reaching up to 1,253 ppm in some drill holes.
In addition to Parrakie, Ausmon Resources has expanded its exploration footprint by securing new tenements, including the Peake tenement in South Australia and Turkey Hill in Queensland, which are set to bolster its REE exploration efforts. These new areas add approximately 4,306 km² to their exploration portfolio.
Significant Findings and Future Plans
The drilling at Parrakie revealed several intersections with high concentrations of TREO, suggesting the potential for significant ionic clay REE mineralization. The company plans to continue its exploration with a Phase 3 aircore drilling program in the December quarter of 2024, pending approval from the Department of Energy and Mining.
In New South Wales, Ausmon Resources renewed its tenements near Broken Hill, focusing on cobalt, copper, lead, zinc, and silver exploration. The company is also preparing for further exploration activities in the Tumut region, targeting gold and base metals.
The promising results from the Parrakie drilling program could positively impact Ausmon Resources' stock, as investors may view the potential for significant REE deposits as a strong growth opportunity. The expansion of exploration activities into new tenements further enhances the company's prospects in the rare earth sector.
Investor Reaction:
Analysts are likely to react positively to the news, given the increasing demand for rare earth elements globally. The strategic expansion into new tenements and the promising drilling results could bolster investor confidence in Ausmon Resources' future growth potential.
Conclusion:
Investors should keep a close eye on Ausmon Resources' upcoming exploration activities and results, as the company continues to expand its footprint in the rare earth elements sector. The next phase of drilling and exploration could provide further insights into the potential value of these resources.