Special Report: RareX (ASX:REE) has flagged that exploration will resume at its Cummins Range rare earths project with a 6,000m drill program to grow existing resources.

The drilling will also seek to convert the higher-grade portion of the current inferred resource to the higher confidence indicated status, collect samples for metallurgical test work and target additional discoveries outside of the existing resource.

Indicated resources have sufficient information on geology and grade continuity to support mine planning.

Cummins Range currently hosts Australia’s fourth largest rare earth resource of 13 million tonnes grading 1.13 per cent total rare earths oxide (TREO), a significant portion of which is believed to consist of high-value neodymium and praseodymium.

The two elements are commonly used in the manufacture of permanent magnets that are essential for electric vehicles and offshore wind turbines.

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In December 2019, the company carried out a passive seismic survey over the project that highlighted multiple new exploration targets within highly prospective trends.

These targets could lead RareX to discover further resources as only a small portion of the prospective trends have been effectively tested by drilling.

RareX originally planned to start the program in April, but had to put its plans on hold due to COVID-19 travel restrictions.

The Western Australian government has since relaxed restrictions, with further changes expected in the coming weeks to allow further travel throughout the state.

Planned drill program at Cummins Range Pic: Supplied

 

In March, RareX signed up Talaxis, a specialist rare earths project developer and wholly owned subsidiary of Noble Group, as a strategic partner to help drive development of the project.

This story was developed in collaboration with RareX, a Stockhead advertiser at the time of publishing. This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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