Resources Top 5: Rare earths stocks are in rare form
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Here’s your top ASX small cap resources winners in morning trade Wednesday, October 7.
WA rare earths play RareX (ASX:REE) will drill the recently acquired Weld North project for the first time in November.
Weld North covers a large, circular anomaly prospective for a carbonatite intrusive complex, similar to those that host the majority of the world’s existing rare earth element production.
That includes the nearby world-class Mt Weld mine, owned by $1.5bn producer Lynas (ASX:LYC).
“The circular shape and size comparison to Mt Weld indicates that the Weld North magnetic anomaly is highly prospective for a significant rare earths discovery,” the explorer says.
RareX is also progressing the more advanced Cummins Range rare earths project, and hunting copper-gold porphyries in NSW’s Lachlan Fold with JV partner Kincora Copper.
The stock is up ~850 per cent over the past six months.
Recent drilling under the previously mined pits has returned multiple thick, high-grade intersections like 19m at 5.11 grams per tonne (g/t) and 8m at 4.4g/t.
“The one metre results have confirmed the potential for very high grades to extend to significant vertical depth, particularly underneath the Central Pit,” Great Northern managing director Cameron Mclean says.
“Results from underneath the Northern Pit are pointing to excellent further potential in this area and the planned deeper diamond drilling program which is about to commence is designed to test for extensions of the higher grade gold results.
“Anomalous gold mineralisation at Big Rush is now documented to occur over at least 1km of strike, with additional strike extensions apparent.”
The stock is now up 200 per cent over the past six months.
American Rare Earths, which stands to benefit from Trump’s executive order on critical minerals supply, is now up 536 per cent over the past six months.
Piedmont, which signed a deal with electric vehicle giant Tesla, is up 440 per cent over the same period.
Also up on no news is QEM (ASX:QEM), which is progressing the unique Julia Creek dual commodity vanadium-oil shale project in Queensland.