Narryer Metals (ASX:NYM)
Critical minerals explorer Narryer Metals (ASX:NYM) listed on the ASX on last Thursday following a heavily oversubscribed initial public offering of $5million, at 20c per share.
While the company cut its teeth on nickel-copper-PGE’s at its namesake project within the well-known Yilgarn Craton – host of the world-class Julimar project – Krakatoa’s recent rare earth elements (REEs) strike at Mt Clere (just next door) has given Narryer’s nimble executive digging team a parallel plan to pivot should the opportunity arise.
Ionic clay-hosted REE deposits are typically considered to be amongst the cheapest and most readily accessible sources of valuable heavy rare earths – an at hand (or under foot) opportunity which fits perfectly into Narryer’s critical minerals exploration narrative.
While Narryer’s interest in the REE potential of its project has been piqued, it’s still very much in its earliest stages and the new opportunities certainly won’t change the fact that the project remains a cracking prospective for nickel-copper-PGE mineralisation.
The Narryer project consists of the Mt Nairn and Mt Gould project areas and has known mafic and ultramafic (M-UM) intrusives identified by previous explorers and the Geological Survey of Western Australia in Narryer Terrane.
Mt Nairn includes the Milly Milly Ultramafic Zone that includes a 20km zone of M-UM intrusive rocks that outcrop mapping and magnetics suggests structural complexity while rock chip assays have returned up to 0.6% nickel.
This is an area of focus for the company’s initial exploration with magnetic reprocessing and interpretation showing initial areas of interest.
Other prospects include Cn2, Irrida Area and Taccabba Well PGE Prospect area.
Besides the Narryer project, the company also holds the Ceduna and Sturt projects that target magmatic hosted nickel-copper-(cobalt)-(PGE) and IOCG / Tunkillia-style gold deposits.
M-UM intrusives are sited along major tectonic structures, which feature similar structural complexity to the geology of the southwest Yilgarn.Previous exploration had identified anomalous nickel sulphides and PGE’s while a recent aeromagnetic survey has better defined targets and identified new ones.
Narryer plans to spend $3.5m over the next two years with an initial focus in the Milly Milly Zone where the company plans to carry out electromagnetic work, surface geochemistry and drilling in the third quarter of 2022.
The company also plans to drill Taccabba Well chromite bands for PGE’s post listing with magnetics, mapping and surface geochemistry also planned at Taccabba Well in the current quarter.