Mamba (ASX: M24) shares rise on Hyden Ree drilling intersecting wide and shallow mineralisation

May 25, 2023 02:27 PM AEST | By Neha Simpy

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Mamba (ASX: M24) shares rise on Hyden Ree drilling intersecting wide and shallow mineralisation — Image source: © Alexmillos | Megapixl.

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Highlights:

Mamba Exploration Limited (ASX:M24) rose 4.761% and was trading at AU$0.110 on Thursday.

M24 Hyden REE project in the wheatbelt of WA has intersected substantial widths and grades of clay-hosted TREO mineralisation.

Out of the fifty-eight holes concluded, 45 intersected substantial mineralisation, with twenty-six holes ending in mineralisation.

Western Australian-focused exploration company Mamba Exploration Limited (ASX:M24) rose 4.761% and was trading at AU$0.110 on Thursday, 25 May 2023, at 2:14 pm AEST after it declared Hyden REE drilling intersection updates.

Let’s get apprised of the ASX mineral exploration stock- M24 project’s latest update.

The company reported that the maiden shallow aircore drilling concluded across the eastern gravity anomaly at the Hyden REE project in the wheatbelt of WA had intersected substantial widths and grades of clay-hosted TREO mineralisation. Some of them are as follows:

32 metres at 1,480 ppm TREO from 16 metres to EOH consisting of 12 metres at 1,899 ppm in 23HYD032.
48 metres at 1,086 ppm TREO from 8 metres to EOH consisting of 24 metres at 1,197 ppm in 23HYD065.
59 metres at 904 ppm TREO from 4 metres to EOH consisting of 24 metres at 1,052 ppm in 23HYD028.
41 metres at 1,073 ppm TREO from 4 metres to EOH consisting of 28 metres at 1,203 ppm in 23HYD034.
44 metres at 1,068 ppm TREO from surface to EOH consisting of 32 metres at 1,151 ppm in 23HYD071.
35 metres at 1,125 ppm TREO from surface to EOH consisting of 28 metres at 1,233 ppm in 23HYD072.
32 metres at 1,015 ppm TREO from 4 metres to EOH consisting of 24 metres at 1,148 ppm in 23HYD057.

Out of the fifty-eight holes concluded, 45 intersected substantial mineralisation, with twenty-six holes ending in mineralisation. The substantial intersections can be widely broken down into three categories, those with very broad and higher-grade zones (with an interval x grade of greater than 30Kppm TREO), those with broad zones of moderate grade mineralisation (interval x grade of 10K to 30Kppm, along with narrower or lower grade zones of mineralisation (interval x grade of less than 10K ppm TREO).

Additional evaluation is being undertaken of the complete geochemical data set to better comprehend the source, along with the mineralogy of the REE mineralisation under the project. It will help in the ongoing exploration efforts.

While the geochemical evaluation persists, metallurgical leaching test work has also begun on several zones of mineralisation from both the clay target zone and the eastern gravity target region.

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