mt barrett could be new mt weld: report

Datamotion Asia Pacific says independent research has shown its Mt Barrett rare earths tenement to have similar properties to the world's richest rare earths deposit, Lynas Corp's neighbouring Mt Weld.

Geophysicists John Carew and Bruce Craven from Southern Geoscience found Mt Barrett had a similar magnetic profile to Mt Weld in a review of the deposit commissioned by Datamotion.

"The source of this anomaly has been previously interpreted as a late magnetic intrusive and is considered prospective for a magnetite-gold mineralisation and or a Mt Weld-style REE mineralisation," the report said.

The report also indicated that the size and shape of the Mt Barrett deposit made it possible for vertical drilling, which would intersect both the magnetic source and any associated mineralisation.

Datamotion said it would now complete a gravity survey, followed by a drilling program at Mt Barrett.

Datamotion also announced it had commenced earning on 70 per cent of the Mt Barrett project, by satisfying the initial $300,000 minimum spend of the project joint venture agreement with Oroya Mining.

The exploration and drilling program has an approved budget of $450,000.