Narryer Metals Uncovers High-Grade Scandium Targets at Rocky Gully Project
NYM (NYM) Share Update August 2024 Tuesday 27th
Narryer Metals Identifies High-Grade Scandium Targets at Rocky Gully Project
Narryer Metals Limited (ASX: NYM) has provided an exciting update on its exploration activities at the Rocky Gully Project in Western Australia, revealing high-value scandium targets in an upcoming aircore drilling program.
Instant Summary:
- Rocky Gully Project shows strong evidence of high-grade scandium mineralisation.
- Scandium is a critical mineral used to strengthen aluminium.
- Recent surface sampling identifies high-grade scandium, up to 413 ppm Scandium Oxide (Sc2O3).
- Previous drilling at Ivar Prospect area identified some of the highest grades of Sc2O3 (>500 ppm) in Western Australia.
- Re-assaying of key historic drill samples for scandium is underway.
- Follow-up air core drilling program planned to determine the lateral extent of scandium and REE mineralisation near surface.
- RC Drill program to test geophysical carbonatite targets.
Exploration Update
Narryer Metals Limited has announced a significant update on its Rocky Gully Project, located in the Great Southern region of Western Australia. The company plans to investigate high-value scandium targets through an upcoming aircore drilling program. This program will complement the ongoing Rare Earth Elements (REE) exploration at the project.
The Rocky Gully Project has already shown potential carbonatite rock and a related alkaline intrusive system at the Ivar Prospect. This is likely the source of scandium and REE mineralisation observed in previous drilling. Recent diamond drilling highlights include results of 7.3m @ 334ppm Sc2O3 and 9m @ 248ppm Sc2O3.
Surface Sampling and Re-Assay
Recent surface sampling has identified high-grade scandium at Rocky Gully, with laterite samples containing up to 413 ppm Sc2O3. Additionally, re-assaying of previous RC drilling has revealed high-grade scandium, including 24m @ 337 ppm Sc2O3 and 8m @ 546 ppm Sc2O3.
To further explore the scandium potential at the Ivar Prospect, drill samples from nine historic RC holes have been submitted for assay. The follow-up aircore drilling program aims to explore the lateral extent of shallow mineralisation (less than 30m depth) of both scandium and REE.
Future Drilling Plans
Narryer Metals has completed stakeholder engagement, permitting, and site preparation for the upcoming aircore drilling program. This program will cover a 1.7km by 2km area, targeting a coincident magnetic low and gravity high. The drilling is expected to provide more target areas for potential REE carbonatite mineralisation, which will be tested with RC drilling in the future.
Executive Chairman Richard Bevan stated, 'The Company believes it has multiple pathways to success at the Rocky Gully carbonatite project. We will target geophysical anomalies with a new RC program, developed from ground surveys completed in 2023.'
The identification of high-grade scandium targets at the Rocky Gully Project is a positive development for Narryer Metals. Scandium is a critical mineral with high market value, primarily used to strengthen aluminium. The upcoming drilling programs have the potential to significantly increase the project's value and attract investor interest.
Investor Reaction:
Analysts are likely to view this announcement positively, given the high market value of scandium and its critical applications in various industries. The planned drilling programs and the potential for discovering a significant scandium deposit in Western Australia could boost investor confidence in Narryer Metals.
Conclusion:
Investors should keep an eye on the results of the upcoming drilling programs at the Rocky Gully Project. The identification of high-grade scandium targets and the potential for further discoveries could add significant value to Narryer Metals. Stay tuned for further updates as the company progresses with its exploration activities.