Locksley confirms rare earths potential just 1.5km from giant Mountain Pass mine

• Stream sediment sampling returns up to 0.26% TREO at Mojave project in the US
• The project sits next to the Mountain Pass mine which accounts for ~15% of global supply
• A new area of REE potential has been identified at North Block
• Drilling planned in the near-term

Locksley Resources has reported solid assay results from seven stream sediment samples at its Mojave Rare Earth Element (REE) project in California, USA.

The Mojave project is next to MP Materials’ Mountain Pass mine, the largest rare earths project in the Western world, accounting for ~15% of global supply.

The company has already reported high-grade rock chips up to 12% TREO and 3.19% NdPr at El Campo and this latest round of sampling has returned assays ranging from 0.103% to 0.26% TREO.

Locksley Resources (ASX:LKY) management says the results represent a new area of REE potential amongst Mojave’s North Block, with four stream sediments with TREO’s ranging from 0.13% to 0.21% just 1.5km from the Mountain Pass mine.

A new area of REE potential

A total of 51 stream sediment samples were collected within the North Block claim, separate to the already existing identified 860m striking interpreted mineralised horizon associated with high-grade outcropping samples at the El Campo Lease.

The sampling points with anomalous elevated REE geochemistry, especially if condensed, indicate the possibility of a REE deposit upstream from where the samples were collected.

“The recent stream sediment sampling program has provided further encouraging grades, indicating six catchment areas with elevated TREO results up to 0.26%,” LKY managing director Steve Woodham said.

“These elevated results at the North Block prove the entire area is prospective for REE and provides the group with further potential drilling targets.”

Drilling planned in the near-term

The company has lodged applications with the Bureau of Land Management for core drilling to test the down dip continuity of mineralisation, with priority holes targeting the down-plunge at El Campo’s monster 12.1% TREO lode.

Drilling of the six new catchment targets is also being considered at the North Block.

“The company is well funded to commence further work and the board look forward to informing the market closer to the commencement of drilling,” Woodham said.

This article was developed in collaboration with Locksley Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post Locksley confirms rare earths potential just 1.5km from giant Mountain Pass mine appeared first on Stockhead.

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