Primary rare earths hit is a sign of more to come for RareX
Link copied to
Initial assays from diamond drilling at RareX’s Cummins Range rare earths project have confirmed the presence of thick, high-grade primary mineralisation and niobium.
Hole CDX007 returned an exceptional intercept of 34.6m grading 1.3% total rare earth oxides (TREO) and 0.4% niobium oxide (Nb2O5) including 3.6m at 2.5% TREO and 0.7% Nb2O5 within a broader 61.4m zone of mineralisation.
This result and encouraging visual observations from recent drilling are a strong hint that there is a significant high-grade zone of primary mineralisation that could represent a strong boost to existing resources of 18.8Mt at 1.15% TREO and 0.14%Nb2O5.
Importantly, RareX (ASX:REE) notes that the ratio of high-value neodymium-praseodymium to other rare earths in the primary zone is the same as that found in the weathered zone while the niobium grade is twice of the current resource.
A deeper hole has also intersected multiple stacked lenses, all with massive to disseminated rare earths as monazite.
Final assays from its reverse circulation drilling program have also been positive with CRX0066 intersecting two wide breccia zones with significant rare earths mineralisation.
This hole returned intercepts of 40m at 1.8% TREO and 0.3% Nb2O5 including 13m at 3.1% TREO and 0.4% Nb2O5 and 31m at 1.4% TREO and 0.4% Nb2O5 including 3m at 3.3% TREO and 0.3% Nb2O5.
“We are very pleased with the initial results of what has been the first diamond drill program to be undertaken at Cummins Range in over 40 years,” managing director Jeremy Robinson said.
“The presence of disseminated to massive monazite in fresh rock over multiple lenses to depths of nearly 300m is very encouraging and highlights the huge potential of the underexplored Cummins Range Carbonatite.
“While the early onset of the wet season has forced us to suspend drilling for the time being, we were able to complete over 5,000m including over 3,000m of diamond core.
“We have a large number of assays that will be received over the wet season, generating strong news flow over the next 2-3 months that will help to scope out the potential of the Cummins Range Project as a major new rare earths development opportunity.”
Assays are pending for the remaining diamond drill holes.
This article was developed in collaboration with RareX, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.