RareX looks set to upgrade Cummins Range rare earths resource
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Special Report: RareX’s infill drilling program to increase confidence in the Cummins Range rare earth resource appears to have hit the nail squarely on its head.
Assays from the first three infill drill holes returned outstanding results such as 36m at 4.6 per cent total rare earth oxides (TREO) from surface including an ultra-high assay of 3m at 25.1 per cent TREO from 15m and 41m at 4 per cent TREO from 29m including 3m at 13.9 per cent TREO from 30m.
Notably, RareX (ASX:REE) noted that the high-grade zones are significantly above the known resource grade at the project, which is currently 13 million tonnes grading 1.13 per cent TREO.
Executive director Jeremy Robinson says the company could not have wished for a better start to the infill drilling, which was aimed at upgrading the Cummins Range resource to the higher confidence indicated category, defining a possible high-grade zone and potentially increasing the scale of the resource.
Indicated resources have sufficient information on geology and grade continuity to support mine planning.
“These first three holes have already gone a long way towards achieving these first two objectives, with the width and grade of the intercepts significantly exceeding our expectations,” Robinson noted.
“We are delighted with these initial results and look forward to updating the market on the balance of the assays as they come to hand.
“This drill program represents a major step forward in terms of adding value to the Cummins Range Project and putting it on a clear trajectory towards development.”
RareX expects to receive the remaining assays from the recently completed infill and extensional drilling program totalling 6,143m over the next month.
Additionally, assays will now be reported for niobium and phosphate given the nature of the Cummins Range deposit.
Both niobium and phosphate are possible by-product streams for the project.
Niobium is highly valued as it is a rare strategic metal that is used primarily in the manufacture of high-strength, low alloy steel; high temperature applications; and to manufacture superconducting magnets for medical and scientific uses.
The company added that as appreciable silver was also detected in some of the assays and favourable geology for other precious metals was encountered during the program, it will also carry out additional assays for gold and platinum group elements.
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.