Australian listed junior miner Prospect Resources says it will start exploration of rare earth elements (REEs) at its Chishanya carbonatite project in Dorowa, in eastern Zimbabwe.
“The potential for the carbonatites at Chishanya to host REE mineralisation represents an exciting opportunity for Prospect Resources,” the miner said in a trading update.
Previous work at the focussed on identifying copper mineralisation as well as the phosphate potential without exploring its REE potential.
REEs occur in a wide range of minerals which are useful in a variety of high technology growth industries. They are used to make powerful permanent magnets for lightweight electric motors, phosphors for TV monitors, catalysts for cars and chemical refineries, rechargeable batteries for hybrid and electric cars, generators for wind turbines, as well as numerous optical, medical and military devices.
REEs are dominated by China, which supplies 90 percent of the global demand.
“If the REE potential at Chishanya is recognised, this will be a fantastic addition to Prospect’s strategic portfolio of projects for high-tech battery metals,” said Prospect.
The miner also owns Arcadia Lithium Project in Zimbabwe, which is one of the largest hard rock lithium resources in the world, with about 808,000 tonnes of the resource.-Source