Oroya Mining (ASX: ORO) is targeting rare earth elements in a new drilling program at the Mt Barrett Project joint venture with Datamotion Asia Pacific (ASX: DMN).
The joint venture has planned for two drill holes at the site with a combined depth of 900 metres, and will take up to three weeks to complete.
The project received a boost earlier in the month with the Southern Geoscience Consultants Report stating:
'The low density material overlying the magnetic core may represent deep weathering. In some carbonatites, deep weathering is a mechanism for REE enrichment.
'For targeting of REE mineralisation, the lowest density zone overlying the magnetic source may be more prospective than other parts of the system.
'A northerly inclined drill hole designed to intersect the low density zone within the modelled magnetic source should provide information on the nature and prospectivity of the possible shear or thrust zone on the northern edge/contact of the magnetic intrusive.'
Datamotion is earning 70% in the project and Oroya is free carried for 30% to a decision to mine.
DMN Price at posting:
0.3¢ Sentiment: ST Buy Disclosure: Held
