MEG finding more carbonatites at its US rare earths project
Our North American critical minerals Investment, Megado Minerals (ASX:MEG) just put out an update from its US rare earths project.
MEG recently ran a hyperspectral survey over the project as part of pre-drilling target generation works.
Our key takeaway from today’s announcement was:
- That MEG keeps showing up NEW carbonatite targets.
Carbonatites are the same type of rocks that host $6.6BN Lynas Rare Earths Mount Weld rare earths project.
Up until today MEG has already managed to define high priority areas to drill including where rock chips returned grades as high as 15.85% total rare earth element (TREE):
Below are the new areas where MEG has found more potential carbonatites where there has been very limited rock chip sampling to date.
MEG also flagged today that the permitting process for a drill program on the project was well advanced.
We are looking forward to MEG running its first drill program since we first made our Investment in the company.
What’s next for MEG?
Target generation at its James Bay lithium project 🔄
We want to see the results from the field program MEG is running at its James Bay lithium project.
MEG’s last guidance for a drill program on the project was for the end of 2023/early 2024.
Fieldwork at US rare earths project 🔲
Similar to its Canadian project, MEG is looking to run a sampling program across the US rare earths project in the coming months.
We will be watching out for news from that program and the permitting for a drill program concurrently.
