Kingfisher Mining Limited (ASX:KFM) has revealed that results its Mick Well Prospect drill programme has delivered high-grade TREO assays, establishing significant potential for a rare earths project at its 100% owned projects in the Gascoyne Mineral Field in Western Australia.
The company has received results from the reverse circulation (RC) drilling of three targets at its Mick Well Prospect and one target at its Kingfisher Prospect.
Significant new drill results associated with a discovery of rare earths mineralisation include:
• MWRC004: 12m at 1.12% TREO with 0.21% Nd2O3 and Pr6O11 from 40m, including 4m at 1.73% TREO with 0.31% Nd2O3 and Pr6O11 from 40m.
The company says the results compare favourably with the world-class Yangibana Project which includes Mineral Resources of 27.42Mt @ 0.97% TREO with 0.33% Nd2O3 and Pr6O11. Yangibana is located 105 km north of the company’s Mick Well Project and is also associated with Durlacher Suite rocks; the same Durlacher Suite rocks outcrop and are associated with the recently discovered mineralisation at Mick Well.
Neodymium and Praseodymium (NdPr) are highly sought-after elements. Their primary use is in permanent magnets which are used in electric vehicles and wind turbines. The NdPr market is in deficit and future demand for NdPr is expected to remain strong due to the clean energy economy.
The drilling at Mick Well also returned other anomalous analytical results which are still being evaluated and will form the basis of on-going targeting and exploration.
The anomalous results from Mick Well include:
• MWRC005: 4m at 0.27% TREO with 506 ppm Nd2O3 and Pr6O11 from 16m and 4m at 0.12% TREO with 222 ppm Nd2O3 and Pr6O11 from 76m.
• MWRC003: 4m at 0.18% TREO with 388 ppm Nd2O3 and Pr6O11 from 88m.
• MWRC002: 4m at 0.17% TREO with 247 ppm Nd2O3 and Pr6O11 from 12m
The drilling programmd at Mick Well and Kingfisher was designed to test targets that were initially identified from the Versatile Time Domain Electromagnetic (VTEMTM Max) airborne survey completed by the company in July 2021.
The survey produced several high-quality conductor targets and the drill holes were designed to test three of the VTEMTM conductors at Mick Well (MW1, MW2 and MW3) and a conductor on the interpreted structure strike extensions at the historic Kingfisher prospect (KF1).
Targets MW2 and MW3 were selected for priority drilling due to the discrete magnetic lows which were spatially associated with VTEMTM conductors.
The potential for rare earth elements associated with the targets was recognised from anomalous rock chip samples that were collected during the drilling programme.
Three-dimensional modelling of the magnetics data for targets MW2 and MW3 has been completed and has revealed the discrete magnetic lows are pipe-like features that have significant vertical extents, with the MW2 pipe extending to a depth of 1000m.
The RC drilling completed at Mick Well and Kingfisher included 12 holes for 1,552 metres. Drill holes MWRC003, MWRC004 and MWRC005 were completed at the MW2 target, with drill holes MWRC001 and MWRC002 completed at the MW3 target.
Each of drill holes at the MW2 target returned anomalous results, with an impressive 12m at 1.12% total TREO from 40m downhole, including 4m at 1.73% TREO intersected in MWRC004. Significantly, the mineralisation intersected in MWRC004 is in fresh (unoxidised) rock and appears to be zoned, with an outer zone of anomalous copper mineralisation which includes 32m at 0.16% Cu from surface, 8m at 0.08 g/t Au from 24m and the 12m wide zone of rare earth mineralisation from 40m.
The company considers this zonation of mineralisation to be highly encouraging for the potential for larger scale mineralisation systems to be present within the area.
The mineralisation at Mick Well is associated with carbonate complexes which consists of the carbonatite intrusions and dykes, amphibolite, gneiss and ultramafic rocks as well as alteration and veins related to the intrusions.
The orientation of the mineralisation within this complex geological setting is not yet known, all reported intervals in this announcement are down hole lengths.
The pipe-like features have now been interpreted to be associated with the intrusion of the carbonatites and potentially other ultramafic rocks which outcrop close to the MWRC004 drill site.
Kingfisher’s Executive Director and CEO, James Farrell, said the Mick Well drilling and recent field mapping programs have contributed important information to the on-going regional exploration. Field mapping has resulted in the identification of outcropping carbonatites and associated alteration at more than 20 field sites.
The information from mapping has already been combined with the airborne magnetic and electromagnetic surveys and will greatly assist with on-going exploration.
A high-level reinterpretation of the magnetics data following integration of the new mapping has potentially identified an additional 14 pipe-like features at Mick Well and Kingfisher and re-assessment of the lower conductivity responses from the VTEMTM survey has produced another 15 priority areas for follow-up fieldwork.
All newly identified magnetic and electromagnetic targets are associated with interpreted carbonatite intrusions.
“The discovery of rare earths mineralisation at our Gascoyne projects is an outstanding result for the Company and its shareholders,” Mr Farrell said.
“The discovery of the mineralisation and numerous outcropping carbonatites has highlighted the significant exploration potential of the area. Kingfisher has recently expanded its land holding in the region with targeted pegging of tenements considered prospective for rare earth elements.
“The company is developing a full exploration strategy for this extensive exploration tenure as it continues to increase its efforts in the search for highly sought after rare earth elements.
“During the first year since listing, the Company has completed two large airborne electromatic surveys at its Ashburton and Gascoyne Mineral Fields’ projects and drilled ten targets, including seven new targets at Mick Well, Kingfisher and Boolaloo.
“The return of anomalous results from two of the four targets tested at Mick Well and Kingfisher is highly encouraging and we look forward to receiving the results from the three copper-gold targets at Boolaloo which are still pending and are expected later this month.
“Kingfisher’s board and management would like to extend thanks to its shareholders for their patience over the last year as it has established itself and become a successful ASX-listed explorer”.
The company holds exploration licences covering 969km2 and has recently increased its interests in the Gascoyne Mineral Field by nearly 40% through the targeted pegging of additional tenure interpreted to be prospective for rare earth elements.
The tenure includes rocks of the Proterozoic Durlacher Suite that hosts the world-class Yangibana Deposit which includes 27.42Mt @ 0.97% TREO# as well as the Archaean Halfway Gneiss.
For further information please visit: https://kingfishermining.com.au/
