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Mount Ridley Mines Limited (ASX:MRD) - A Rare Earth Story.

Coffee with Samso Episode 150 with Guy Le Page, Non-Executive Director of Mount Ridley Mines Limited (ASX: MRD) is all about the REE story.

One of the best kinds of exploration stories are those that have substance and have a reasonable potential for it to come true.

The Mount Ridley REE project is something that stands out from the crowd. As an observer of the recent REE announcements coming out of the woodwork, I am learning bits and pieces. My understanding of the REE industry has been largely from my Coffee with Samso with Northern Minerals Limited (ASX: NTU).

The appearance of REE in Ionic Clays have made a splurge in recent times. I don't have much understanding of it and this was a great opportunity to talk to someone in this recent trend. It was refreshing to be able to talk to industry and learn whether REEs are REEs or not.

In this episode of Coffee with Samso, Guy shares with us the history and the contents of the MRD REE story. It was enlightening to hear from Guy that the REE deposit is not Ionic Clays and that they actually don't know much about the project. The company is in a learning phase and the upcoming drilling will drive a clearer picture on the whole project in the next twelve months.

What I like about this project is that it is 35km from a port, have a highway, railway and a gas pipeline adjacent to the project. This is critical (in any project) as the company continues to work on the technical aspects.

I encourage viewers to look at this story as an early exploration project or an early development mineral project.


00:00 Start

00:20 Introduction

01:52 Guy Introduction.

02:32 How did MRD come up with the project?

03:40 What elements of the REE does MRD have?

04:42 What does TREO mean?

05:56 What do we read in TREO?

07:11 The large Footprint for MRD.

07:50 Can investors assume the consistency of REE mineralisation?

09:11 Is this an alluvial process?

10:34 Can the project be host to other metals?

11:41 The REE market.

12:47 Could REE have ESG compliant issues which will lead to supply issues?

14:11 The geopolitical changes are driving the REE demand.

14:44 Co-Funding collaborations in Critical Metals.

15:35 News Flow for MRD.

16:41 Does MRD have environmental issues?

17:40 Why look at MRD?

18:49 The upside of MRD.

19:45 Conclusions



About Guy Le Page

Non-Executive Director

B.A., BSc (Hons), MBA, MAusIMM, FFIN

Mr Le Page is currently a Director & Corporate Adviser of RM Corporate Finance specialising in resources. He is actively involved in a range of corporate initiatives from mergers and acquisitions, initial public offerings to valuations, consulting and corporate advisory roles.

Mr Le Page was Head of Research at Morgan Stockbroking Limited (Perth) prior to joining Tolhurst Noall as a Corporate Advisor in July of 1998. As Head of Research, Mr Le Page was responsible for the supervision of all Industrial and Resources Research. As a Resources Analyst, Mr Le Page published detailed research on various mineral exploration and mining companies listed on the Australian Securities Exchange. The majority of this research involved valuations of both exploration and production assets.

Prior to entering the stockbroking industry, he spent 10 years as an exploration and mining geologist in Australia, Canada and the United States. His experience spans gold and base metal exploration and mining geology, and he has acted as a consultant to private and public companies. This professional experience included the production of both technical and valuation reports for resource companies.

Mr Le Page holds a Bachelor of Arts, a Bachelor of Science and a Masters’ Degree in Business Administration from the University of Adelaide, a Bachelor of Applied Science (Hons) from the Curtin University of Technology and a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia.

About Mount Ridley Mines Limited (ASX:MRD)

Mount Ridley Mines Limited is undertaking the exploration of a significant deposit of valuable clay-hosted rare earth elements in Western Australia. The Project was initially acquired for its nickel and copper sulphides potential and is now recognised as being prospective for ionic clay REE deposits.

Currently, this style of deposit is mined and processed only in China and Myanmar.

In November 2020 Mount Ridley Mines Limited (“MRD”) commenced a review of data for its namesake Mount Ridley Project and surrounding area.

The review concluded that areas of the Biranup and Nornalup geological provinces in south-eastern Western Australia have the potential for REE mineralisation, and in particular, the style of mineralisation referred to as Ionic Adsorption Clay (IAC-REE).

Globally, deposits of IAC-REE are most significant in southern China and are the world’s main source of heavy Rare Earth Elements.

The Project

REE mineralisation occurs as large, horizontal, near surface, sheet-like lenses up to a depth of 89 metres. REE mineralisation is interpreted to be present within the in-situ saprolite clay horizon. Patchy lower grade zones occur within transported cover which may vector towards stronger REE mineralisation deeper within the regolith.

Geological Survey of Western Australia (DMIRS) mapping[1] shows that the Mount Ridley Project REE mineralisation occurs within the weathered mantle (regolith) of the Recherche Super-suite, which is described as “granitic and mafic gneiss; may include intrusions of Esperance Super-suite”.

While the source of the REE mineralisation is currently unknown, a detailed sample and litho-geochemistry dataset from bottom of hole aircore samples has been established which includes whole-rock chemical analyses, sample pulps and some end-of-hole air core samples. These samples and data are being studied by the Company’s consultant geochemist to identify the primary rock-type and whether units are REE-enriched.

Re-assay of 950 air core samples (162 pending) returned significant REE values over an apparent strike in excess of 25 km with over 20 samples returning >1,000 ppm Mineralisation remains open in all directions with a peak value so far at the Keith’s Prospect from MRAC0711 with 10,461ppm (1.05%) from 23m downhole.

Significant REE intersections have been identified and grouped into 5 prospects – Winston’s, Keith’s, The Lake, Tyrell’s and Marcellus.

Planning underway for a 25,000m aircore program to test newly acquired tenements in addition to step-out and infill holes.

[1] (DMIRS) Department of Mines, Industry Regulation and Safety 1:100,000 Interpreted Bedrock Geology



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