I recently came across 'Mount Ridley Mines Ltd' (ASX: MRD), which targets demand-driven metals in Western Australia. Its namesake Mount Ridley Project, located within a Frazer Range sub-basin, was initially acquired for its nickel and copper sulphide potential. However, it is now recognised as prospective for ionic clay REE deposits. The Mount Riley project comprises eight granted and one applied-for exploration licence with an area of approximately 3,400 km2, located 35 kilometres north of the deep-water port of Esperance, Western Australia. The Company also holds about 18% of the Weld Range West Iron Project in the mid-west of Western Australia. Areas of the tenements are also prospective for gold.

As per the reports available on its website, the work completed by MRD included the following:

Mount Ridley Project

Re-analysis of 1,109 composite samples, representing over 3,500m of drilling from 267 air-core holes drilled between 2017 to 2019. Samples were analysed for REE using a 'total digest' fusion technique designed to report each sample's total amount of REE.

Further re-analysis of 489 of the previously re-analysed samples, representing over 1,400m of drilling from 215 air-core holes, using a 'partial digest' modified aqua regia digestion technique ("AR"), intended to dissolve only soluble or loosely bound REE, typified by the ionic adsorption clay style of REE deposits. The test work indicated that at a grade of approximately 800ppm total rare earth oxides ("TREO"), 80% of light REO3, 76% of heavy REO4 and 80% of critical REO5 were taken into solution under the conditions trialled.

Weld Range West Project

Initiating a 1,200-sample soil geochemistry program targeting gold and nickel-copper-platinum group elements on tenements E20/873 and E20/946, targeting the western extension of the "Ulysses Shear Zone".

Mount Ridley Mines Limited announced on 1 July 2021 that laterally extensive REE mineralisation was identified at its Mount Ridley Project, near Esperance, Western Australia.

Highlights:

• 489 composite samples from 215 drill holes, representing 1,409 metres of drilling anomalous with rare earth elements ("REE"), were re-assayed using a weak aqua regia acid solution to indicate the proportion of readily soluble REE.
• The test work indicated that at a grade of approximately 800ppm total rare earth oxides ("TREO"), 80% of light REO4, 76% of heavy REO5 and 80% of critical REO6 were taken into solution under the conditions trialled.
• An updated geological model suggests REE mineralisation occurs in Eocene-aged sediments of the Salmon Gums Plains, part of the on-shore Eucla basin.
• Drill holes that have returned elevated REE extend over an area 25 kilometres long and 3 kilometres wide. Drilling is planned to frame out further the extent of mineralisation, which is currently open in all directions.

Mount Ridley, Rare Earths Project, shows the potential to have a significant quantity of critical rare earth mineralisation. Mineralisation is apparent in drilling over an area of 25 kilometres by 3 kilometres and is open to further delineation in all directions. REEs make the world's strongest permanent magnets, fundamental to manufacturing electric generators and hybrid vehicle power systems. 

However, there is not much information on the Company's financial health. Nevertheless, with a market cap of around $39M and its share price hovering under 0.01, it looks to be a good candidate for the watchlist. 

Any insight into the MRD from other straw members or meeting with their management team would be appreciated