RareX drilling sets stage for Cummins Range resource upgrade
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Special Report: RareX is set to upgrade resources at its Cummins Range rare earths project as drilling highlights the potential for high-grade primary mineralisation at depth.
Final assays from its successful maiden infill and extensional drilling program at the project in Western Australia’s Kimberley region confirmed depth extensions of previously reported wide mineralised zones.
Notable results are 2m grading 20.6 per cent total rare earth oxides (TREO) and 0.1 per cent niobium within a broader 47m zone at 3.1 per cent TREO and 0.1 per cent niobium along with 6m at 5.6 per cent TREO and 0.5 per cent niobium within 66m at 1.8 per cent TREO and 0.3 per cent niobium.
RareX (ASX:REE) managing director Jeremy Robinson says the results reinforce the scale, quality and commercial potential of the Cummins Range deposit, which provides the basis of the company’s low CAPEX development strategy.
“We are looking forward to delivering an updated Mineral Resource next quarter and resuming drilling targeting the recently identified higher grade potential in the primary zone, which has the potential to further expand our resource base,” he added.
“With rare earths prices continuing to perform strongly, this is an exciting time to be progressing a high-quality asset in a Tier-1 jurisdiction and we believe that Cummins Range could represent a company-making opportunity for our shareholders over the next few years.”
Work on the updated resource will begin following the Christmas break while selected intervals of most geological interest will be submitted for gold and platinum group element assays.
Results from this are expected to be reported in January along with results from the recently completed drilling at Weld North.
Cummins Range is one of two known rare earth deposits bearing carbonatites in Australia.
It has a current resource of 13Mt grading 1.13 per cent TREO with valuable neodymium and praseodymium (NdPR) making up 22 per cent of the rare earth content.
NdPr is commonly used in the manufacture of permanent magnets that are essential for electric vehicle motors and offshore wind turbines.
The project also contains significant amounts of niobium – a critical mineral that can be produced as a valuable by-product.
Besides the most recent assays, RareX’s infill and extensional drilling program has returned outstanding results such as 62m at 2.62 per cent TREO and 0.48 per cent niobium that includes an ultra high-grade zone of 6m at 9.44 per cent TREO and 1.46 per cent niobium.
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.