{"id":846,"date":"2023-11-01T22:45:50","date_gmt":"2023-11-01T22:45:50","guid":{"rendered":"https:\/\/economicherald.net\/?p=846"},"modified":"2023-11-01T22:45:50","modified_gmt":"2023-11-01T22:45:50","slug":"in-the-shadow-of-the-mountain-locksley-on-a-quest-for-rare-earths-next-to-the-usas-only-producing-mine","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=846","title":{"rendered":"In the Shadow of the Mountain: Locksley on a quest for rare earths next to the USA\u2019s only producing mine"},"content":{"rendered":"<p>LKY gears up to drill new Mojave rare earths (REE) project in the Mojave Desert, US<br \/>\nThe project is next door to the US\u2019 only operating REE mine, Mountain Pass<br \/>\nSampling and mapping already returned up to 12.1% TREO at El Campo prospect<br \/>\nExploration manager David Ward: \u201cWe have very high-grade REEs that are outcropping, a market cap of ~$5m, $3.2m in cash, and massive upside\u201d<\/p>\n<p>\u00a0<\/p>\n<p><strong>Locksley Resources has high hopes for its freshly acquired Mojave rare earth elements (REE) project in California, which conveniently sits right next to the United States\u2019 only operating REE mine, Mountain Pass.<\/strong><\/p>\n<p>Producing since 1952, the Mountain Pass mine was the world\u2019s biggest source of rare-earth elements until China started dominating the commodity\u2019s global production in the late 1990s.<\/p>\n<p>Mountain pass has a very high average grade of more than 8% TREO (that\u2019s 80,000ppm) and accounts for around 15% of the world\u2019s supply of rare earths.<\/p>\n<p>The ore also includes a high proportion of high-value magnet rare earths, like neodymium and praseodymium (NdPr) which are in high demand for their use in electric vehicles and wind turbines.<\/p>\n<p>It\u2019s why, with China continuing to dominate the REE trade, Western nations like the US are working hard to secure domestic supply.<\/p>\n<p>In the shadow of Mountain Pass is <a href=\"https:\/\/stockhead.com.au\/company\/locksley-resources-lky\/\"><strong>Locksley Resources (ASX:LKY)<\/strong><\/a> and its Mojave project, where exploration manager David Ward is confident there\u2019s more discoveries to be made.<\/p>\n<p>\u201cThe project is right beside the only operating rare earth mine in the United States, Mountain Pass,\u201d Ward told <em>Stockhead<\/em>.<\/p>\n<p>\u201cThere are three big REE mines; one in Australia called Mount Weld, a big one in China, and Mountain Pass in the US which is one of the highest-grade rare-earth mines in the world and the only producing mine in the country.<\/p>\n<p>\u201cSo, often explorers find deposits in the shadow of the headframe. That\u2019s why we\u2019re there.\u201d<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p>Location of the Mojave project prospects relative to MP Materials Mountain Pass mine and claims. Source: LKY<\/p>\n<p>\u00a0<\/p>\n<h2><strong>\u2018Exceptional\u2019 12.1% TREO flagged at El Campo<\/strong><\/h2>\n<p>The company picked up 201 mineral claims making up the North Block and South Block of the Mojave project in the Mojave Desert, along with an additional five mineral claims making up the El Campo prospect area.<\/p>\n<p>Exploration at the project is off to a positive start, with mapping and sampling in the September quarter returning 12.1% (122,338 ppm) Total Rare-Earth Oxide (TREO) rock chips from the El Campo prospect.<\/p>\n<p>\u201cThat\u2019s exceptionally high grade for rare earths, and that sample itself returned 3.19% NdPr,\u201d Ward said.<\/p>\n<p>\u201cThey\u2019re the critical magnet rare earths that everyone wants and are really high value.\u201d<\/p>\n<p>Applications for drilling have now been lodged with the Bureau of Land Management (BLM) to undertake 5-6 holes to follow-up the high-grade TREOs at the El Campo lode.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Following the rare earths upstream<\/strong><\/h2>\n<p>The company also completed a stream sediment sampling program which identified six catchment areas which could be potential source areas for REE mineralisation in the North Block.<\/p>\n<p>\u201cWe\u2019ve got samples up to 0.26% TREO from the drainages which tells us that upstream from that sample point, there\u2019s going to be more of these rare earths,\u201d Ward said.<\/p>\n<p>Ward is keen to get up and drilling at the project to follow up the REE potential already identified at Mojave.<\/p>\n<p>\u201cWe\u2019ve got really high-grade rare earths that are outcropping on these project areas, a market cap of <strong>~<\/strong>$5m, $3.2m in cash in the bank, and massive upside,\u201d he said.<\/p>\n<p>\u201cAlong with El Campo, we\u2019re going to have another crew following up on the north block area towards the end of November.<\/p>\n<p>\u201cIf we get our approvals through sooner, then we\u2019ll be drilling ASAP.\u201d<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Locksley Resources, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/in-the-shadow-of-the-mountain-locksley-on-a-quest-for-rare-earths-next-to-the-usas-only-producing-mine\/\">In the Shadow of the Mountain: Locksley on a quest for rare earths next to the USA\u2019s only producing mine<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>LKY gears up to drill new Mojave rare earths (REE) project in the Mojave Desert, US The project is next door to the US\u2019 only <a href=\"https:\/\/economicherald.net\/?p=846\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":847,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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