(Sharecast News) - Corcel revealed the preliminary drilling outcomes from its joint venture with Riversgold at the Mt Weld rare earth elements (REE) project on Tuesday.
The AIM-traded company said the site is situated AROUND 1.5 kilometres west-northwest of Lynas Rare Earth Element's Mt Weld rare earth oxide mine near Laverton in Western Australia.
It said the drilling campaign had yielded promising results, as indicated by initial composite reverse circulation (RC) drill samples.
Those samples had shown assays of up to 2,200 parts per million total rare earth oxide - a positive development for the joint venture.
Thus far, 52% of the planned initial reverse circulation programme, totalling approximately 2,000 metres, had been completed.
The drilling programme was carried out on tenement P34/4489, situated directly west of Lynas' "globally significant" Mt Weld rare earth oxide mine.
"Elevated initial results out of Mt Weld reinforce our fundamental view of the exciting mineral and commercial prospectivity of the project, located, as it is, adjacent to one of the world's largest REE operations, outside of China," said chief executive officer Scott Kaintz.
"We look forward to additional results firming up the potential for a mineral resource estimate in due course."
At 1415 BST, shares in Corcel were down 3.23% at 0.3p.
Reporting by Josh White for Sharecast.com.
Corcel (CRCL)