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MTM Critical Metals Limited (ASX:MTM) (MTM or the Company) has entered into a binding agreement to acquire 100% of Flash Metals Pty Ltd (Flash), the beneficial owner of three key exploration licenses prospective for niobium and rare earth elements (REE) in the West Arunta region of Western Australia.
Highlights:
- MTM to acquire 100% of Flash Metals Pty Ltd, the beneficial owner of 3 granted exploration licences in Western Australia’s West Arunta region, immediately adjacent to ground held by WA1 Resources (ASX:WA1) and Encounter Resources (ASX:ENR).
- Deal includes acquisition of the Mukinbudin Niobium-REE Project, comprising 2 granted exploration licences located 250km northeast of Perth in the South West Mineral Field of Western Australia.
- Flash also holds an option to exclusively negotiate the rights to Flash Joule Heating technology developed by Rice University in Houston, USA which has demonstrated the potential to treat REE mineralisation and more efficiently recover critical metals from critical metal-rich recycling and waste streams.
Covering ~140km2, the granted West Arunta Niobium-REE licences are located immediately adjacent to tenements held by WA1 Resources Limited (ASX:WA1, $484m mkt. cap.) and Encounter Resources Limited (ASX:ENR, $107m mkt. cap.), where niobium-REE mineralised carbonatites have recently been discovered:
The West Arunta region is one of Australia’s critical metal exploration hotspots with over $60m in exploration expenditure collectively invested in the district by a number of ASX companies including Rio Tinto Limited (JV with Tali Resources Pty Ltd) (ASX:RIO), CGN Resources Limited (ASX:CGR), and IGO Limited (ASX:IGO).
The Flash transaction also includes the acquisition of the Mukinbudin Niobium-REE Project, comprising two exploration licences located 250km northeast of Perth in the South West Mineral Field of Western Australia. The tenements that are included in the Flash transaction comprising the West Arunta Niobium REE Project (E/80/5858, E80/5874 and E80/5875) and the Mukinbudin Niobium-REE Project (E70/6048 and E70/6359) are together, the WA REE Tenements (Appendix I).
Flash also has an option (FJH Option) to exclusively negotiate the licencing rights to an early-stage processing technology for REE and precious metals known as Flash Joule Heating (FJH), which has been developed by researchers at Rice University in the USA (see Rice University article at https://news.rice.edu/news/2022/rare- earth-elements-await-waste).
MTM Managing Director, Mr Lachlan Reynolds said the Flash acquisition provides the Company with compelling exploration opportunities in line with its strategy to discover and develop critical metal projects.
“We are very excited to acquire such prospective ground in the West Arunta province, where there is an opportunity to discover new niobium-rare earth deposits in historically untested ground right next door to some emerging mineralised carbonatite projects identified by both WA1 Resources and Encounter Resources,” Mr Reynolds said.
“Additionally, Flash Joule Heating has shown promise during test work for metal recycling and for treatment of waste such as coal fly ash but we are very keen to see what applications it may have for treating rare earth mineralisation, where a breakthrough could unlock immense value from otherwise economically marginal deposits.”
Mr Reynolds said the immediate focus at West Arunta is to complete heritage agreements with the local Native Title holders and proceed with a first-pass exploration program.
West Arunta Niobium REE Project
Figure 1: The West Arunta Niobium-REE Project comprises three granted exploration licences in eastern central Western Australia, located within the Gibson Desert about 130km west of the Northern Territory/ Western Australia border in the East Kimberley Mineral Field.
Historical exploration in the West Arunta WA REE tenement areas is very limited. There has been no drilling on the ground, nor have any systematic geochemical sampling or geophysical surveys been completed. The West Arunta region has historically been explored for gold and copper with reconnaissance airborne geophysics and limited ground geophysical and geochemical surveys. The location of the West Arunta WA REE Tenements and their proximity to tenements held by WA1 and Encounter are shown in Figure 1.
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MTM:AU
High grade Massive Sulphide Intercepts Confirmed at Oval
HIGHLIGHTS:
- OVD027 confirms the continution of high grade massive sulphide from OVD0211 with an intercept of 6.1 metres of 4.16% Cu, 3.51% Ni, 0.G3g/t E3, and 0.13% Co from G8.2 metres encountered between broader high grade zones of:
- A dense disseminated intercept - 26.2 metres of 0.44% Cu, 0.52% Ni, 0.12g/t E3, and 0.03% Co from 72.0 metres and
- A net textured intercept - 15.3 metres of 1.15% Cu, 0.79% Ni, 0.35g/t E3, and 0.04% Co from 104.3 metres;
- A high grade broad intersection is confirmed at the central part of the Oval area by OVD026. It includes a massive sulphide intercept in hole OVD026 of 1.8 metres of 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co from 105.0 metres within broader mineralisation of:
- 19.8 metres of 1.23% Cu, 0.98% Ni, 0.36g/t E3, and 0.05% Co from 91.2 metres.
OVD026 is located 100 metres northwest of the previously announced 8.8 metres of massive sulphide identified in drillhole OVD021.
On completion of the Phase 2 exploration work and receipt of all assays, Managing Director Gan-Ochir Zunduisuren, commented:“The 2024 Phase 1 and 2 drilling and exploration programs have confirmed the broad presence of high-grade mineralisation in the Oval gabbroic intrusion. The grades intercepted in some of the drillholes are exceptional and may be indicative of broader potential over a larger area, given Oval is a greenfields discovery.
The 2025 exploration program will focus on obtaining information on the size/metal content potential of the Oval Cu-Ni-PGE mineral system as well as targeting the possible deeper magmatic sources at Oval. Broader exploration is also planned at potential extensions of Oval and nearby look-a-like prospects. We look forward to updating shareholders on progress, with drilling expected to commence in around 8 weeks”.
Summary of Phase 2 exploration drilling at Oval Cu-Ni-PGE project
The Company’s recent drilling work has predominantly focused on finding high-grade mineralisation in the olivine-amphibole gabbro at the Oval project. The multiple intercepts of massive sulphide mineralisation with different ratios of metal contents throughout the Oval gabbroic intrusion is highly encouraging for the presence of one or more deeper sources of high grade mineralisation in the opinion of ABM.
Figure 1. Plan view of drillhole locations on high resolution magnetics map (RTP)
Drillhole OVD02c
Drillhole OVD026 was designed to test the Down-Hole Electromagnetic (DHEM) conductor plate identified as OVD007_L2_B (reinterpretation of OVD007_L2_A2 by Southern Geoscience Consultants), which exhibits a conductance of 1,000 siemens. The drilling intersected a total of 1G.8 metres of mineralisation with 1.23% Cu, 0.G8% Ni, 0.36g/t E3, and 0.05% Co from G1.2 metres including;
- 4.8 metres of @ 0.45% Cu, 0.43% of Ni, 0.14g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 91.2 metres,
- 6.6 metres of @ 1.56% Cu, 0.G0% Ni, 0.50g/t E3, and 0.04% Co of net textured mineralisation from G6.0 metres,
- 2.4 metres of @ 1.52% Cu, 1.3G% Ni, 0.43g/t E3, and 0.07% Co of semi massive sulphide mineralisation from 102.6 metres,
- 1.8 metres of @ 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co of massive sulphide mineralisation from 105.0 metres, and
- 4.2 metres of @ 0.57% Cu, 0.45% of Ni, 0.21g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 106.9 metres (Table 1 provides a detailed breakdown of mineralisation intervals).
OVD026 is located in the Oval area, which is approximately 100 metres northwest of the previous intersection identified in drillhole OVD0213. This intercept may represent an extension of the known massive sulphide mineralisation in the Oval area and highlights the potential for further expansion of massive sulphide zones within the broader prospect area (Figures 1 and 3).
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This article includes content from Asian Battery Metals PLC, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
