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(Sharecast News) - Focus Xplore reported encouraging progress from its exploration campaign at the Bay Road rare earth element (REE) project in Ontario on Monday, with new geological features identified that could point to high-value mineralisation.
The AIM-traded company, formerly known as Katoro Gold, said its technical team had linked a six-kilometre felsic dyke, previously recorded by the Ontario Geological Survey, to nearby lake sediments that are highly anomalous in key rare earth elements, including dysprosium and neodymium.
Using Planetary AI's Xplore system and high-resolution LiDAR data, Focus said it had mapped a series of linear features interpreted as potential felsic intrusions and pegmatites.
Field geologists had now confirmed multiple pegmatitic features within the intrusions, validating the AI-led remote sensing work.
The features had been mapped and sampled as part of the company's ongoing exploration efforts.
Focus said the findings supported the potential for significant REE-bearing mineralisation at Bay Road, and represented an important step toward advancing the project.
"At Bay Road, our research connected a prospective geological target and lake sediments we know are highly anomalous for some of the key 'magnet metals', dysprosium and neodymium," said chief executive officer Patrick Cullen.
"I am pleased to report we have made immediate progress, successfully making the connection between our desktop interpretations and observations made in the field.
"Applying Planetary AI's Xplore system has given us an advantage here, enabling us to detect and enhance target features that were not visible when we first reviewed the LiDAR data, and giving us the ability to guide the geologists directly to key areas of interest."
Cullen described the observations as "promising".
"The next step is to gather all the field data together and perform further analyses of samples back in Thunder Bay."
At 1425 BST, shares in Focus Xplore were down 9.47% at 0.04p.
Reporting by Josh White for Sharecast.com.