Karloning REE Project
Karloning Rare Earth Project, Western Australia
The Karloning project is located 325km northeast of Perth near the wheatbelt town of Mukinbudin.
Codrus currently operates on two 100% owned tenements and in two joint ventures where early results, in the small area that has currently been tested, have discovered high grade clay hosted REE mineralisation.
Karloning Project location showing the location of existing E70/5339 (Talgomine Joint Venture CDR earning in) and E70/6306 (100% CDR), where the AC drilling program was focused. The new Fleet Street Farm-In tenement E70/5630 and the new 100% CDR applications E70/6472, E70/6462 are also shown.
Rare Earth Elements
The Karloning Project represents an outstanding opportunity for the company to participate in helping Australia become a leading supplier of rare earth elements in the critical minerals supply chain.
Rare Earth Elements (REE) are a suite of 17 metallic elements utilised in many modern technologies including Electric Vehicle Motors, Permanent Magnets, Wind Turbines and Smart Phones.
Rare earths feature prominently in the minerals required to support the transition to renewable energy and decarbonisation. As a result of this, their strategic and economic importance leads them to be listed as critical minerals by many jurisdictions including, Australia, US, Canada, UK and the EU.
Exciting project in the carbonisation and critical minerals space
Central to many clean energy applications including EV’s and wind turbines
Exposure to strategic commodity sector with Government support and strong growth outlook
Aggressive exploration work program planned for 2023/24
Drilling
Two drill programs have been completed to date, an initial proof of concept reverse circulation drilling program returning excellent widths and grades:
- 11m grading 2,825ppm TREYO from 9m, including 2m grading 6,883ppm TREYO from 13m (KGRC001**)
- 24m grading 1,503ppm TREYO from 8m, including 12m grading 2,081ppm TREYO from 8m (KGRC008***)
- 36m grading 1,191ppm TREYO from 12m, including 16m grading 1,505ppm TREYO from 12m (KGRC010*), and
- 28m grading 1,191ppm TREYO from 12m (KGRC007*)
- 16m grading 1,656ppm TREYO from 12m (KGRC011***)
(* 4m composite samples, **1m samples, ***1m and 4m composite samples reported)
A follow up air core program has rapidly expanded the footprint of the system and confirmed the system extends over a kilometre and is open to the northeast, where the company holds tenements extending a further ~15km.
The drilling demonstrated a strong correlation between the thickness of clay development and REE grade.
Results from the air core drilling included:
- 29m grading 5,915ppm TREYO from 12m, including 4m grading 12,366ppm (1.23%) TREYO from 24m (KGAC054)
- 20m grading 1,554ppm TREYO from 8m, including 4m grading 2,014ppm TREYO from 18m (KGAC057)
- 14m grading 1,423ppm TREYO from 12m, including 2m grading 2,194ppm TREYO from 16m (KGAC058)
- 12m grading 1,337ppm TREYO from 6m, including 2m grading 2,156ppm TREYO from 8m (KGAC009)
- 10m grading 1,812ppm TREYO from 8m (KGAC060)
- 10m grading 1,540ppm TREYO from 12m (KGAC016)
Significantly, up to 24% of the mineralisation is contained in the high-value REE’s which are critical in the supply chain for manufacturing magnets (MREO) for electric motors.
This includes Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy) and Terbium (Tb) (MREO = Magnet Rare Earth Oxides)).
Collar plan coloured by grade x thickness of REE development.
Geology
The geology within the tenements (E70/5339 and E70/6306) where exploration has focussed to date comprises mainly medium-to-coarse grained biotite granite and adamellite with a large quartz-microcline pegmatite, known as the Karloning Pegmatite.
The mineralisation of the clay hosted REE’s is in this granite where it is weathered. The weathering profile from surface to the top of fresh rock varies across the area explored to date with the mineralisation generally being more pronounced where the remnant weathered profile is greater than 10m.
The Karloning REE Project now covers ~246km2 of contiguous prospective ground, which represents an increase of more than sixteen-fold on the Company’s original ground position.
Exploration over the significant expansion is commencing and will comprise of geophysics followed by further air core drilling targeting high grade clay hosted REE mineralisation.
Of particular interest is that the underlying source granite, that has been drilled to a maximum depth of 200m downhole, is uniformly anomalously mineralised in REE. Some examples of this are:
- 138m grading 709ppm TREYO from 16m to EOH (KGRC003)
- 144m grading 713ppm TREYO from 4m to EOH (KGRC004)
- 154m grading 678ppm TREYO from 0m to EOH (KGRC005)
- 240m grading 676ppm TREYO from 4m to EOH (KGRC013)
