Kendrick Resources (LON: KEN) rises 10% in early trading and has reported further high-grade rare earth drill results from its Teufelskuppe project in Namibia, strengthening evidence of a large and continuous rare earth mineralised system as the company advances towards a maiden JORC-compliant Mineral Resource Estimate.
New portable XRF results from three diamond drill holes confirmed extensive mineralisation, with standout grades including 15.10% total rare earth oxides (TREO) in hole TKDD002 and 10.91% TREO over 1.25 metres in TKDD003. Previously reported exceptional results from TKDD001, including 8.14% TREO over 21.16 metres, were also reaffirmed, while additional unanalysed core returned grades of up to 6.42% TREO.
The company said mineralisation remains continuous both laterally and at depth, with light rare earth elements accounting for more than 95% of the total rare earth content. Neodymium and praseodymium, the key elements used in permanent magnets for electric vehicles, renewable energy and defence technologies, make up around a quarter of the project’s rare earth content.
Kendrick has begun work to upgrade its existing in-house resource estimate to JORC 2012 standards while drilling continues to define the scale of the carbonatite-hosted deposit. Management believes the current 14-million-tonne surface resource represents only a small portion of the project’s overall potential.
Chairman Colin Bird said the latest drilling continues to demonstrate strong geological continuity, which should underpin the forthcoming mineral resource estimate, with drilling progressing rapidly to expand the project’s resource base.
