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Enova Mining surges 50% on Brazil REE find with strong NdPr hits
Enova Mining surged 50% on a rare earth discovery in Brazil with NdPr averaging 25% of TREO. The auger results from four holes point to a near-surface saprolite system, but the company remains focused on its Naked Hill resource drilling.
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Enova Mining (ASX:ENV) jumped 50% after reporting rare earth element mineralisation at its Santo António Do Jacinto project in north-eastern Minas Gerais, Brazil. The early-stage find includes significant neodymium-praseodymium content, the two elements most sought after in permanent-magnet manufacturing.
Initial auger drilling confirmed REE enrichment from surface across multiple holes within near-surface saprolite, the weathered rock layer that typically hosts such deposits. The company said the mineralisation sits within saprolite overlying the Santo António do Jacinto Porphyritic Granite Complex, which it said supports its geological model for a granite-derived REE system.
CEO Eric Vesel said the results warrant more aggressive testing. "Initial auger drilling at Santo António do Jacinto has confirmed significant rare earth element mineralisation within near surface saprolite overlying the Santo António Do Jacinto Porphyritic Granite Complex," he told shareholders.
The standout metric is the neodymium-praseodymium (NdPr) ratio, which averaged about 25% of total rare earth oxides across the intercepts. Broad hits included 6.0 metres at 2,176 parts per million TREO with 26% NdPr, and 6.0 metres at 1,136 ppm TREO with 24% NdPr, including a 2.0-metre section at 2,140 ppm TREO and 26% NdPr.