RareX targets resource growth as Cummins Range gets first diamond drilling in 39 years
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Special Report: RareX (ASX: REE) has its eyes set on resource growth at its Cummins Range rare earths project as it begins the first diamond drilling campaign there in 39 years.
The last time such a program was carried out in 1982 the project, which sits 130km south of Halls Creek in WA’s Kimberley, was in the hands of CRA, now Rio Tinto.
Since then the rare earths market has evolved significantly, with RareX among the explorers jostling for position to supply the tech-facing critical minerals to the world.
Diamond drilling is the most expensive form of mineral drilling and is typically used to target mineralisation at depth.
3000m of the stuff is planned at Cummins Range to test for extensions along strike and below high-grade intercepts.
It will also allow specific gravity readings to be taken that will back a maiden indicated resource at Cummins Range alongside drilling for water monitoring bores to be installed as part of RareX’s feasibility study.
Another 3000m of reverse circulation drilling will also be undertaken as RareX progresses a pre-feasibility study on the Cummins Range project, with Stark Drilling and DDH1 Drilling on board for the 3-4 month program.
The deposit already hosts a JORC-2012 compliant inferred resource of 13Mt at 1.13% total rare earths oxides, for 147 million kg, with 22% of that neodymium and praseodymium.
NdPrs are among the most sought after and valuable rare earths minerals, 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.
The Cummins Range deposit outcrops in multiple locations, highlighting its open pit mining potential, but it has returned some enticing grades from depth with an updated resource in the final stages of calculations.
That included strikes such as 47 m at 3.1% TREO and 0.1% Nb2O5, 6m at 5.1 % TREO
and 66m at 1.8% TREO and 0.3% Nb2O5, with intervals within that broader intercept grading as high as 5.6%.
Progressing the project even further, last week RareX announced the appointment of Canyon Resources, Danakali and BHP executive James Durrant as general manager of projects to drive Cummins Range towards development.
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.