RareX is poised to catch the rare earths wave
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Special Report: RareX has identified multiple drill targets to expand its rare earths resource in Western Australia.
2020 could be a bright one for the heavier rare earths with rising demand and greater interest by countries around the world in securing supplies of critical minerals.
The timing could not be better for RareX (ASX:REE), formerly Sagon Resources, which recently completed a seismic survey over its Cummins Range project in Western Australia’s Kimberley region.
This survey has identified several new drill targets that could significantly increase the project’s resource inventory.
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).
More importantly though, a significant percentage of this resource is believed to consist of neodymium and praseodymium – high-value, critical elements that are used in the permanent magnets which are essential for electric vehicles and wind turbines.
The survey identified four areas to the west, east, north and at depth that are adjacent to the existing resource envelope as well as the Southern Target, which is outside the resource envelope.
Of these, the Western and Eastern target areas are considered to be a high priority for drilling due to the presence of high-grade mineralisation at the edges of the existing Cummins Range resource.
The Western Target spans about 300m north to south by 150m east to west.
It is located along strike from holes that intersected 5m at 1.2 per cent TREO from a depth of 95m and 8m at 1.7 per cent TREO from 17m.
Meanwhile, the Eastern Target (750m north to south by 250m east to west) is close to a hole that intersected 15m at 3.13 per cent TREO from 36m within a broader zone of 46m at 1.6 per cent TREO.
RareX is also continuing work to integrate the seismic results with its current drilling data and resource model to better define controls on higher grade material within the resource.