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Highlights:
- Extended Niobium Mineralisation: Encounter Resources (ASX:ENR) has reported new aircore drilling results extending niobium mineralisation at the Emily prospect.
- Significant Drill Results: Key intercepts include 24m at 2% niobium from 38m depth and 32m at 1.2% niobium from 68m depth.
- Future Drilling Plans: The company plans to conduct RC drilling at Emily in early 2025 to further explore and define the high-grade mineralisation.
Encounter Resources (ASX:ENR) has announced promising new results from its aircore drilling program at the Emily prospect, part of the Aileron project in the West Arunta region of Western Australia. The latest drill data has extended the known niobium mineralisation, reinforcing the potential of this key target area.
The company reported several significant intercepts, including 24 metres at 2% niobium from 38 metres depth, 32 metres at 1.2% niobium from 68 metres depth, 15 metres at 1.4% niobium from 36 metres depth, and 4 metres at 1.6% niobium from 38 metres depth. Notably, niobium was intersected to the end of the hole in the last three results, indicating the potential for further mineralisation at greater depths.
These results have expanded the footprint of the shallow high-grade niobium mineralisation at Emily, which is one of three key target areas for Encounter Resources, alongside the Green and Crean prospects. The mineralising event extends over 9 kilometres through Emily, Luni, and Green, highlighting the extensive nature of the mineralisation.
Encounter Resources plans to include Emily in its resource definition drilling program next year. The company will deploy a reverse circulation (RC) rig on-site in early 2025 to probe deeper and infill the high-grade mineralisation. This upcoming drilling campaign aims to enhance the understanding of the broader prospectivity of the Basin Creek copper system and further define the high-grade niobium mineralisation.
Despite the initial market excitement following the discovery of niobium at the Crean and Green prospects, Encounter Resources' share price has seen fluctuations. After briefly trading above 80cps, the share price is currently around 36cps, similar to its value before the discovery. The market's sustained interest in niobium remains to be seen.
Encounter Resources' Executive Chairman, Will Robinson, commented on the latest results, stating, “These latest results from Emily have expanded the footprint of the shallow high-grade niobium mineralisation and show the mineralising event that extends through Emily, Luni, and Green is over 9km. RC drilling will be completed at Emily in early 2025 to infill and extend the high-grade mineralisation to depth. Emily is one of our three advanced prospects, along with Green and Crean, where we are planning to conduct resource drilling in 2025.”
The continued exploration and development at the Emily prospect are crucial for Encounter Resources as it seeks to unlock the full potential of its niobium assets in the West Arunta region. The upcoming RC drilling campaign will be a key step in advancing the project and potentially increasing the resource base.
