Enova Mining Confirms Presence of Rare Earth Element Mineralization at Brazil Project; Shares Down 27%

Enova Mining (ASX:ENV) received high-grade assay results from the first batch of four drill holes at the Coda North project in Brazil, confirming the presence of extensive rare earth element mineralization, according to a Friday filing with the Australian Securities Exchange.

The drilling program utilized diamond and reverse circulation methods, completing 19 diamond drill holes and 27 reverse circulation holes. Over 1,500 samples were collected and sent to SGS Geosol laboratories for analysis. Results included up to 18 meters at 4,447 parts per million total rare earth oxides and up to 57.6 meters at 10% titanium dioxide, the filing said.

The next phase of resource definition drilling will concentrate on expanding and refining high-grade mineralized zones, according to the filing.

Shares fell nearly 27% in midday trading.

Price (AUD): $0.01, Change: $-0.0040, Percent Change: -26.67%