MEG: More rare earths at Idaho rare earths project; 15.85% TREE

As part of its continuing fieldwork at its USA rare earths project, our latest Catalyst Hunter Investment Megado Minerals (ASX:MEG) released promising rock chip assays last week.

The results include some peak results of:

• 15.85% total rare earth element (TREE) including 2.79% Nd-Pr (Neodymium and praseodymium)
• 12.81% total rare earth element (TREE) including 2.22% Nd-Pr

These are high grade results and align well with other high grade rare earths rock chip sampling campaigns we’ve seen from another company in our Catalyst Hunter Portfolio. Lanthanein Resources recently confirmed a rare earths discovery in WA following a maiden drill campaign.

We think this bodes well for upcoming drilling at MEG’s rare earths project in Idaho.

Importantly, the two rock chip assays came from the below locations at the company’s North Fork rare earths project:

From this fieldwork we are starting to see clustering of high grade results around the Silver King prospect with some more results around the Jackpot prospect.

MEG’s latest announcement outlined how the company has already established two dike/sills (north and south) of 210 and 170 metres in strike length which are exposed at surface.

We expect that if MEG can prove out a near surface high grade rare earths discovery in its upcoming drill campaign (slated for late Q2-Q3), this would be well received by the market due to the USA’s strong desire to secure its critical minerals supply chain.

MEG’s news follows a press release in late-January from neighbouring rare earths company, US Critical Materials Corp, saying that rare earth samples from 125 feet underground at its Sheep Creek property in Montana (the green section in the map above) had grades that exceeded any other domestic rare earth resource.

In that announcement, the company confirmed carbonatite mineralisation at depth, below high-grade surface samples of 17.05% TREO (Total Rare Earth Oxide) and 16.44% TREO.

MEG’s latest results fall broadly in line with those results — a good sign ahead of a maiden drilling campaign at the Silver King prospect.

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)