Equinox Resources Discovers High-Grade Rare Earth In Brazil

Equinox Resources Ltd (ASX: EQN) has revealed a significant new rare earth discovery at its Mata da Corda Rare Earth Project in Brazil.

The company received high-grade surface sample results including 5024 ppm total rare earth oxides (TREO), 4454 ppm TREO and 3505 ppm TREO.

These are the first results from the new frontier project in Minas Gerais State, which spans an area of ~847 square kilometres.

Drilling to uncover more REE

The results have confirmed that the weathered host rocks in this region are the main hosting body for high-grade REE mineralisation, which starts at surface.

Equinox expects drilling to uncover significantly elevated levels of REE grades at depths within a more weathered clay layer below.

The entire region has never been explored for rare earths, giving a first-mover advantage to Equinox.

Surface sampling started

Equinox CEO Zac Komur said: “We’ve made a groundbreaking discovery at our Mata da Corda project, uncovering exceptionally high-grade rare earth clay mineralisation across a vast, uncharted expanse in the heart of Brazil.

 “With the quality of the region confirmed, our team has launched an intensive surface sampling campaign to pinpoint optimal drilling targets, and preparation of all necessary environmental licenses and land access requirements to commence drilling.”

 What’s next?

With a cash balance of A$2.16 million at the end of March, Equinox has planned an aggressive program over the next six months.

The company is planning to undertake the following activities:

  • Complete concentrated surface saprolite samples and identification of the drill prospects – Q2 CY24
  • Application for Preliminary Environmental Licence on the prospect – Q2 CY24
  • Securing land access across the target prospect – Q3 CY24
  • Issue of the drill plan and securing drilling contractor – Q3 CY24
  • Commencement of drilling at Mata da Corda prospect – Q3 CY24

 

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