Nov 20, 2024

Narryer Metals Hits 22m @ 263 ppm Sc2O3 at Rocky Gully Project, Western Australia

Introduction:

Narryer Metals Limited (ASX:NYM) (Market Cap: $2.65M | Last Close: $0.02 | Cash: $750K) has reported notable scandium and rare earth element (REE) results from aircore drilling at its Rocky Gully project in the Great Southern region of Western Australia, highlighted by 22m @ 263 ppm Sc2O3 including 7m @ 410 ppm Sc2O3.

Drill Results:

22m @ 263 ppm Sc2O3 from surface, including 7m @ 410 ppm Sc2O3 (RGAC006)
25m @ 244 ppm Sc2O3 from surface, including 7m @ 410 ppm Sc2O3 (RGAC010)
19m @ 232 ppm Sc2O3 from 1m, including 5m @ 407 ppm Sc2O3 (RGAC011)
19m @ 212 ppm Sc2O3 from 1m, including 3m @ 339 ppm Sc2O3 (RGAC001)
20m @ 2929 ppm TREO from 3m, including 1m @ 10,600 ppm (1.06%) TREO (RGAC011)
5m @ 6936 ppm (0.7%) TREO from 8m, including 1m @ 17,702 ppm (1.8%) TREO (RGAC024)

Project Overview:

The Rocky Gully project is located in the Great Southern region of Western Australia, approximately 50 km west of Mt Barker. The project area covers 79 km2 and is strategically positioned along the Muir Highway with good access to existing infrastructure.

Drilling at the Ivar Prospect has identified extensive near-surface scandium and REE mineralization over an area of 1,400m by 800m.

Program Details:

The aircore drilling program consisted of 40 vertical holes totaling 1,183m, testing a 2km by 1.7km area corresponding to a geophysical target at the Ivar Prospect. Holes were drilled to depths between 12-52m and sampled at 1m intervals or 4m composites. The program has identified multi-commodity mineralization including scandium, rare earth elements, gallium, and vanadium within overlapping horizons in the regolith profile.

Understanding These Results:

The scandium grades reported are considered significant, with multiple intersections exceeding 200 ppm Sc2O3 over notable widths. The REE results are also noteworthy, with several intersections above 1% TREO.

The presence of high-value magnet rare earths (Nd, Pr, Dy, Tb) within the REE mineralization adds potential value to the project. The MREO/TREO ratios of up to 42% are favourable. Additionally, the identification of gallium and vanadium mineralization could provide further economic upside.

Management Commentary:

Richard Bevan, Executive Chairman of Narryer Metals:

“This is a great result from our initial air core program. We’ve delineated high grade zones of a range of critical metals including scandium, rare earths, gallium and vanadium. This mineralisation starts from surface and results to date reflect only the top 30m. The scandium and REE mineralisation compare favourably with other projects in Australia with respect to grade and potential scale and we can add to this with the other high value critical minerals present in the system.”

“It is also very promising that we are seeing high-grade TREO over 1% in assays. These grades are very high for clay hosted deposits and are more typical of hardrock mineralisation. We have only explored about 5% of the Rocky Gully tenement package and these results strengthen our belief there is potential to find a larger carbonatite mineralised deposit in the bedrock on the Project area.”

Next Steps & Catalysts:

Narryer plans to conduct further drilling to better define the higher-grade scandium and REE mineralization at the Ivar Prospect. The company will also initiate mineralogy, metallurgy, and beneficiation studies on existing drilling material to determine potential processing pathways.

Additional exploration is planned outside the Ivar Prospect area to follow up on new targets identified from regional magnetics, which may reflect part of a larger carbonatite / alkaline magmatic complex. The company has only explored about 5% of the total project area to date.

Commodity Outlook:

Scandium and rare earth elements are considered critical minerals by major economies including Australia, the US, and EU. Demand for these materials is expected to grow due to their applications in high-tech industries, renewable energy, and electric vehicles. The strategic location of the Rocky Gully project near existing infrastructure and potential processing hubs could provide advantages for future development.

Conclusion:

The initial drilling results from Rocky Gully demonstrate potential for multi-commodity mineralisation. The scandium and REE mineralization, combined with newly identified gallium and vanadium, presents an attractive exploration target to follow up on. With only a small portion of the project area explored to date, there is potential for further discoveries as Narryer continues to investigate the possibility of a larger mineralized system related to a carbonatite or alkaline magmatic complex.

Sources:

NYM Drill Results Announcement

Additional Figures:

Australia

ASX

Manganese

Nov 14, 2024