MEG finds more carbonatites at Idaho Rare Earths Project

Our North American critical minerals Investment, Megado Minerals (ASX:MEG), recently acquired historical geophysics data from a 2011 survey of its US based rare earths project.

And the data from this program should help inform MEG’s ongoing exploration efforts.

Key takeaway: The survey has revealed a number of previously unidentified intrusive carbonatites in certain areas of MEG’s project.

These are in addition to the carbonatites that MEG has already encountered - the project recently returned assays from rock chips which graded as high as 15.85% total rare earth element (TREE):

Carbonatites are the same type of rocks that host $6.1BN Lynas Rare Earths Mount Weld rare earths project.

MEG has flagged that it is continuing the permitting process to enable drilling at North Fork, and is looking to use a drone-based remote sensing survey to further home in on targets in Idaho.

An area of particular interest for MEG, is called Lower Lee Buck, which can be seen on the map below:

And this is the historical geophysics program:

We’ve done a bit of tinkering and managed to roughly overlay the two images to give a sense of the structural trends that MEG is working with:

We can see a clustering of high grade rock chip samples located in areas with geophysics anomalies.

We take this as a promising sign as we look ahead to a drilling program at MEG’s Idaho rare earths project.

What’s next for MEG?

As per its timeline in its latest presentation, we expect the following:

🔄Fieldwork and sampling at Canada lithium project (Q1-Q3)

🔄Fieldwork and geophysics at USA rare earths project (Q1-Q3)

🔄Drilling program at USA rare earths project (Q2-Q3)

🔄Geophysics at Canada lithium project (Q3-Q4)