ASX-listed Reach Resources has recorded impressive results from surface samples at its Wabli Creek project in Western Australia’s Gascoyne region, including 14.3 per cent niobium oxide and 6.7 per cent tantalum oxide.
While management emphasised the result is from grab samples of surface eluvium and may not reflect the average in‐situ grade of the host pegmatite, it also says the type of confirmed mineralisation at the site is rare and presents a unique exploration opportunity.
The latest samples also recorded up to 3689 parts per million total rare earths oxide (TREO), of which a significant 70.3 per cent was heavy rare earths oxide (HREO).
The company’s share price doubled during intraday trading following the announcement to touch 1.2 cents after closing at 0.6 cents prior to a trading halt on Monday. It recorded nearly double its previous highest trading volume.
Reach says independent geological experts RSC have advised that the consistent high‐grade niobium and HREO is associated with a rare-element pegmatite swarm about 2.5km long and which was identified from historical records at Wabli Creek. The company also believes the mineralisation likely extends under cover.
The latest numbers follow previous high-grade results from rock-chip samples in December last year that revealed 6.78 per cent niobium oxide, 3.71 per cent tantalum oxide and 2.57 per cent TREO, including 88 per cent HREO. The high proportion of HREO includes 7226ppm yttrium oxide, 3430ppm dysprosium oxide and 4880ppm ytterbium oxide.
Management says the source of the high‐grade niobium and HREO results is confirmed as a rare-element pegmatite swarm with a niobium, yttrium, fluorine geochemical signature.
Reach Resources chief executive officer Jeremy Bower said: “When we add the Wabli Creek niobium/HREE prospect together with our Morrissey Hill Lithium project, the Yinnetharra region of the Gascoyne is proving to be an amazing potentially mineral rich area for the Company and we are going at it full steam ahead. The Future is within Reach.”
Mr Bower told Bulls N’ Bears that the company’s learnings from its latest results had opened up targets that had not previously been considered because it had been so focused on lithium-cesium-tantalum pegmatites.
A field program is currently in progress which includes detailed surface geochemical soil surveys, mapping the individual niobium-tantalum pits at Wabli Creek and following the niobium-tantalum-rare earths mineralisation along strike. Drill testing of key targets is planned next quarter, subject to regulatory approvals.
The latest results build on confirmed high-grade copper-oxide mineralisation at the company’s Morrissey Hill project, also in the Gascoyne region, after recording up to 33.2 per cent copper from rock-chip sampling last month.
Also in May, Reach announced that samples from its Bonzer prospect, that forms part of Morrissey Hill, returned significant results, including one assay showing 2.3 per cent lithium oxide in addition to 4295ppm caesium, 705.8ppm tantalum oxide and 7978ppm rubidium.
While it is early days for Reach, the significant HREO samples show there could now be a little something different to like about the company and its emerging Gascoyne projects.
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