ACDC Metals reports values of key battery metals neodymium and praseodymium are a significant part of the basket of rare earth elements (REE) confirmed at its Goschen Central heavy minerals project in northern Victoria.
Neodymium accounts for 17.8% of the REE assays, with praseodymium making up 5.1%.
The other magnet elements are also present with dysprosium accounting for 3.1% and terbium 0.5%, making up a 26.5% slice of the REE found.
Goschen Central is located 50km south of Swan Hill.
Battery metals responsible for 90% of REE value
ACDC says these results compare favourably with nearby peer projects in the Murray Basin owned by VHM and Astron Corporation.
The four REE elements are components of the NeFeB (neodymium-iron-boron) batteries which are required for wind turbines, electric vehicles and other products.
More than 90% of the value of the REE industry is derived from the metals essential to the production of these magnets, the company notes.
A typical NdFeB magnet contains about one unit of neodymium which can be substituted by praseodymium.
Dysprosium and terbium are used in minor amounts in these batteries.
Exclusive licence for monazite technology
ACDC says mineralogy and test work show that a very large portion of the REE are present in monazite.
The company holds an exclusive licence for a technology that allows efficient extraction of REE from monazite.
A maiden resource estimate is on track for release in the current quarter, with a scoping study planned for the December quarter.
Chief executive officer Tom Davidson says he sees strong support for a high basket price for Goschen Central’s heavy mineral sand and REE products.
“It shows that our REE bearing-mineral monazite is extremely rich in the most valuable magnet rare earths.
“We have a big end-of-year ahead,” he added.
First drilled 35 years ago
The former CRA Exploration, which conducted widespread drilling across many projects in Australia, has left a legacy of discoveries that are still providing opportunities to a rash of mining companies.
CRA identified heavy mineral mineralisation at Goschen Central in the late 1980s and early 1990s.
In 2002, a Utah-based mining company reviewed an area similar to ACDC’s tenement.
Zircon grades were estimated to be 20% to 27% with additional rare earth and titanium minerals complementing the mineral suite, ACDC noted.
