GeoMegA Resources (TSX-V:GMA, StockForum), a Montreal-based firm focused on rare earth elements and engaged in the acquisition, exploration, development and operation of Canadian mining properties, announced results today from their phase 3 drill programme at Montviel, located in Quebec.
Phase 3 drilling consisted of seven holes and a total of 2,058 metres drilled and was intended to define the extensions of the dyprosium enriched heavy REE zone.
According to the news release, the programme defined a heavy rare earths zone over 150 metres (East-West) by 130 metres vertical. It also revealed that the dyprosium enrichment was 400% compared to the Core Zone with drill hole #78 intersecting 384 ppm Dy203, 90 ppm Tb203, 242 ppm Eu203 and 4 667 ppm Nd203 over 7.5 metres.
Complete results from the campaign are expected by the end of the month.
The global permanent magnet market is estimated to hit US$22.9 billion by 2018 and neodymium (Nd) and dyprosium (Dy) are the most critical REEs in their manufacture.
GeoMegA was in the news recently when the company developed a REE separation breakthrough that both optimized the process and lessened environmental impact.
Shares rose 15.69% on the news to $0.295 per share.
Currently there are 42.8m outstanding shares with a market cap of $12.6 million.