ABx Group (ASX:ABX) has posted ‘high-grade’ rare earth element (REE) results from maiden REE drilling at the Wind Break deposit in Tasmania which confirm the 100km-square exploration target area.
The $17.75 million market capitalisation company says results, generated from a 30-hole drilling campaign, returned ‘thick’, clay-hosted, and ‘high-grade’ REEs in an old timber plantation.
Wind Break sits about 15km northeast of the 52 million tonne Deep Leads-Rubble Mound REE resource.
ABx reports drilling began on schedule on 15 January and will focus on ‘large’ potential extensions of the Deep Leads and Leech Scrub ‘high-grade’ zones.
Drilling is yet to begin at the ‘high-grade’ Rubble Mound zone for REE mineralisation.
Meanwhile, ABx is continuing its research into a low impact method of extracting its REE mineralisation.
Managing Director and Chief Executive Officer (CEO) Dr Mark Cooksey says results confirm the company’s exploration technology is “unravelling the origins of this unique rare earths resource and leading us to the richer, thicker rare earths mineralisation”.
“Our ionic adsorption clay rare earths resources are exceptionally enriched in the two most critical rare earths, namely dysprosium and terbium, and the Wind Break discovery continues this pattern. It also confirms that ABx’s REE are predominantly found in scrub country that has been converted to hardwood and pine plantations that are more amenable for development than Tasmania’s highly valuable farmland.
ABx strongly endorses the value of agricultural and rural land.”
ABx Group is a uniquely positioned, high-tech Australian company delivering materials for a cleaner future. The current areas of focus are creation of an ionic absorption clay rare earth project in northern Tasmania and establishment of a plant to produce hydrogen fluoride and aluminium fluoride from recycled industrial waste.
As of 30 September 2023, ABx Group had $6.896 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: ABx Group