Equinox Resources Unveils Promising Rare Earth Element Discoveries at Mata da Corda
EQN (EQN) Share Update August 2024 Thursday 8th
Equinox Resources Announces High-Grade Rare Earth Element Findings at Mata da Corda
Equinox Resources Limited (ASX: EQN) has revealed significant high-grade rare earth element (REE) findings from its Mata da Corda project in Brazil, alongside the commencement of a new drilling program.
Instant Summary:
- Phase 1 RC drilling program has commenced at Mata da Corda REE Project.
- Surface sample results show ultra-high grade clay areas up to 10,110 ppm TREO.
- Additional surface samples confirm high-grade REE clays, with notable results including 5,879 ppm TREO and 5,212 ppm TREO.
- Significant anomalies in Titanium dioxide (TiO2) with percentages up to 20%.
- Drilling aims to test the depth of the clay profile and confirm the behavior of the grades at depth.
Drilling Program Commencement
Equinox Resources Limited has initiated its Phase 1 RC drilling program at the Mata da Corda REE Project in Brazil. The drilling aims to explore the depth of the clay profile in areas with ultra-high grade surface samples, some reaching up to 10,110 ppm TREO.
The first RC hole has been drilled at tenement 833405/2023, located approximately 1 kilometer north of the KP Fértil Mine operated by Harvest Minerals. This area has shown an average of 2500 ppm TREO in surface samples. The initial set of drill holes is expected to be completed by mid-August, targeting higher surface sample anomalies identified by field geologists.
High-Grade Surface Sample Results
Additional assay results from surface clay samples have confirmed ongoing high-grade REE clays at the Mata da Corda project. Notable results include:
- 5,879 ppm TREO (sample EQ-MC-866)
- 5,212 ppm TREO (sample EQ-MC-867)
- 4,733 ppm TREO (sample EQ-MC-592)
- 4,067 ppm TREO (sample EQ-MC-699)
- 3,928 ppm TREO (sample EQ-MC-868)
- 3,690 ppm TREO (sample EQ-MC-856)
Potential for Secondary Product
Surface sample results have also revealed significant anomalies in Titanium dioxide (TiO2), indicating promising potential for a secondary product. Notable TiO2 results include:
- 20% TiO2 (sample EQ-MC-592)
- 19% TiO2 (sample EQ-MC-699)
- 18% TiO2 (sample EQ-MC-736)
- 17% TiO2 (sample EQ-MC-602)
- 17% TiO2 (sample EQ-MC-868)
- 16% TiO2 (sample EQ-MC-575)
The samples were collected from the oxidized clay layer, which typically hosts lower levels of mineralization compared to what is expected directly beneath in the clay. The ongoing drilling will confirm the behavior of these grades at depth.
The positive results from the surface samples and the commencement of the drilling program are likely to boost investor confidence in Equinox Resources. The high-grade REE findings and the potential for Titanium dioxide as a secondary product could significantly enhance the company's resource base and future profitability.
Investor Reaction:
Analysts are likely to react positively to the high-grade REE findings, as they indicate substantial resource potential at the Mata da Corda project. The commencement of the drilling program is also seen as a proactive step towards resource validation and expansion.
Conclusion:
Investors should keep an eye on the progress of the drilling program and subsequent results. Equinox Resources' strategic approach to exploring and confirming the high-grade REE and TiO2 potential at Mata da Corda is crucial for future growth and investor confidence.