Perpetual drilling extends Raptor high-grade REE discovery across two tenements

Assays from a further seven drill holes from first pass drilling has extended the potential scale of Perpetual Resources’ Raptor REE discovery.

High-grade REEs have now been intersected in two tenements at Perpetual’s Raptor project. Pic: Getty Images

• Perpetual drilling extends potential scale of high-grade REE discovery at Raptor

• Grades intersected to date compare favourably to those noted in nearby projects

• High levels of valuable magnet REEs neodymium and praseodymium noted

• Further results on other Raptor tenements due in coming weeks

• Perpetual to fast-track delineation of a resource across the Raptor Project

Special Report: Perpetual Resources has extended the high-grade rare earths discovery at its Raptor project in Brazil after assays from a further seven drill holes returned up to 6,327ppm TREO.

Not only has the drilling now confirmed high-grade REE mineralisation to be present across two of the project’s licences, it has also continued to return elevated levels of the valuable magnet rare earths neodymium and praseodymium.

Standout drill assays from this batch of drill results include 5m at 5,591 parts per million (ppm) total rare earth oxides (TREO) with 35% NdPr content and 3m at 3,569ppm TREO (27% NdPr) from 6m.

Perpetual Resources (ASX:PEC) adds that not only do the results expand the potential scale of the discovery within the Tier 1 Caldeira region, all drill holes consistently intersected mineralisation from shallow depths and end in mineralisation, a strong indicator of depth continuity.

The results add more weight to the company’s belief that Raptor could host a significant Caldeira-style ionic adsorption clay-hosted REE discovery especially given the grades intersected to date compare favourably to those noted in nearby projects such as Meteoric Resources’ (ASX:MEI) resource estimate of 545 million tonnes at 2,561ppm.

“With results from all but eight holes of the maiden drill program now in, we’re seeing a growing high-grade rare earth discovery at our Raptor Project in Minas Gerais, Brazil,” PEC’s REE specialist Karl Webber said.

“Mineralisation extends across multiple tenement areas, with further results still pending. Notably, all holes intersected mineralisation from just below surface to the end of hole, indicating strong potential at depth.

“The Nd+Pr oxide content in higher-grade (>2,000ppm TREO) zones consistently exceeds 20%, reinforcing the case for further drilling to test for extensions of the mineralisation.”

Regional map showing latest results at Raptor. Pic: Perpetual Resources

Raptor REE discovery

PEC noted that the assays from the seven holes not only confirmed the continuity of existing high-grade REE mineralisation at the Portão Verde prospect, they also identified a new mineralisation frontier at the Pina Colada prospect with the 5m intersection at 5,591ppm TREO.

With the two prospects being 2.7km apart, the results enhance the scale and growth potential of the Raptor project.

The company had previously noted that the saprolitic mineralisation hosted in weathered alkaline rocks is characteristic of Caldeira-style mineralisation, which was why it had decided to acquire the project in the first place.

Assays from the remaining eight holes in the first pass drill program are expected by mid-September with planning for a follow-up program expected to start shortly.

Perpetual is aiming to fast track the definition of a JORC resource in early 2025.

This article was developed in collaboration with Perpetual Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Perpetual drilling extends Raptor high-grade REE discovery across two tenements