Quantum begins field work at Jungle Well and Laverton projects
Quantum Rare Earth Developments (CVE:QRE) announced Friday it has initiated field work at its Jungle Well and Laverton rare earth element (REE) projects in western Australia.
The exploration target at Jungle Well is located less than 200 kilometres from the Mount Weld project, owned by Lynas Resource, which is amoung the largest and richest REE producing deposits worldwide, with an estimated 17.49 million tonnes of 8.1% Rare Earth Oxide (REO).
Sampling at the Jungle Well in 2007 returned between 6.98% and 8.07% REE, while follow up exploration in 2009 found two samples of 5.74% REE and 8.29% REE.
The current exploration program will confirm these results and will evaluate the site for its potential to host a large, high-grade REE deposit, Quantum said.
Quantum's Laverton project, located 45 kilometres north of Mount Weld, also features anomalies that could represent the existence of carbonatite. The site is also being evaluated for its potential to host REE deposits.
In other news, the Vancouver, B.C.-based company, whose stock on the TSX Venture Exchange jumped 4.92% to $0.32 per share Friday morning, announced that drilling results at its Elk Creek niobium and rare earth property in Nebraska are expected to be released within the coming weeks.
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