Spectrum Rare Earths (ASX:SPX) has completed exploration diamond...

Spectrum Rare Earths (ASX:SPX) has completed exploration diamond drilling at its Skyfall Magnetic Rare Earth Prospect in the Northern Territory.

The four holes totalling about 400 metres targeted extensions of mineralisation near previous diamond drilling and about 2 kilometres along strike to the south.

This has intersected target geology in the at surface target zone in both locations.

Deeper drilling has also confirmed that the best potential at Skyfall appears to be in the near surface clay hosted mineralisation.

Spectrum intends to fast track the second stage metallurgical testing to investigate the means to economically extract the higher value magnetic/heavy rare earths from these clays.

Core from the drilling is being process with about 150 metres of core cut for assay. High priority results are expected in the coming month.
   
Skyfall has an existing Exploration Target of 17 to 21 million tonnes at 0.4-0.6% Total Rare Earth Oxides (38% Magnetic Rare Earths).

This unusually high distribution of valued Magnetic Rare Earths (MEUs) is promising given that it is reportedly experiencing the strongest growth rates across the sector due to their demand in efficient energy technologies, primarily in the automobile industry.

Demand had hit almost 120,000 tonnes in 2013 and is expected to grow to more than 160,000 tonnes in 2016.