Bruce Project Round 16 Co-funded Greenfields Drilling (2023/24) EL 31225

Abstract

The Bruce Project is situated 230km northeast of Alice Springs. The Project lies in the Irindina Province of the Arunta Region. Numerous rare earth element (REE) occurrences have been discovered in the Harts Range and Plenty River mica fields within the Irindina Province. REE-enriched sweats and skarns surrounding known REE-bearing pegmatites indicate a significant potential for REE mineralisation within the province. The Project was historically considered prospective for Au-Cu; however, the potential for REE has yet to be assessed. MetalsGrove is exploring for pegmatite, breccia, vein and alteration-hosted rare earth mineralisation at Bruce. Several pegmatite swarms with coincident REE anomalies have been delineated over the southern half of the Bruce Project, at the Plenty River prospect. A recently completed aeromagnetic and surface geochemistry program delineated a 1,000x600m intrusive system at Bruce which is prospective for REE mineralisation. Significant REE assay results returned from recent rock chip samples include 578ppm TREO, 489ppm TREO-Ce, 197ppm LREO, 381ppm HREO, 361ppm CREO, and 152ppm MREO. MetalsGrove Mining Ltd completed 11- holes reverse circulation drilling program under Round 16 - Co funded Greenfield Drilling exploration grant by Northern Territory Government, totalling 1,622m, from June 5 to 20, 2023. The drilling tested high K/REE pegmatites and magnetic intrusive geophysical targets. The targets were delineated using geological, geophysical and geochemical data. All the drill holes intersected the top of the modelled magnetic anomaly and exhibited iron-oxide-carbonate-silicate alteration, with moderate to strong magnetic units of biotite garnet schists containing trace sulphides. The results remain inconclusive as to whether the source of the magnetic anomaly feature has been adequately tested and explained. Significant results from the drill program include carbonatite REE grades of up to 0.68% TREO, 35% MREO/TREO, 28% NdPr/TREO and 36% Y2O3/TREO with multiple zones of mineralisation. Drilling has also intersected carbonatite of 38% MREO/TREO, 58% HREO/TREO 28% NdPr/TREO and 36% Y2O3/TREO. The HREO/TREO, MREO/TREO and NdPr/TREO ratios intersected downhole are comparable to other REE projects in the area and indicate potential for the Project and warrant future exploration on the tenement. MetalsGrove is currently conducting a geochemical soil sampling program at the Bruce Project and will use the results of the current drill program in delineating drill targets for a follow up RC program.