ABx Group (ASX:ABX) is continuing its research into a low impact method of extracting its rare earth element (REE) mineralisation after its 2024 drilling campaign that began in January ended on 6 March.
It was the first drilling specifically for REE at the ‘high-grade’ Rubble Mound zone that has previously only been drilled for shallow bauxite zones.
The company today (13 March 2024) reports ‘high-grade’ REE results from the recently completed 97-hole drilling campaign at Rubble Mound, which enlarged the extent of the ’high-grade’ REE zone within the extensive 52 million tonne Deep Leads-Rubble Mound resource1
The results also expand the areal extent of the REE mineralisation and confirms that ABx’s northern Tasmanian REE exploration target area exceeds 100km-square.
ABx, which has a market capitalisation of $16.50 million, reports the new results are ‘highly’ enriched in rare earths with the most critical supply risk, dysprosium and terbium, with Dy+Tb exceeding 4.5% total rare earth oxide (TREO).
This remains the ‘highest’ proportion of Dy and Tb of any clay-hosted rare earths resource in Australia, and is considered to be ‘very high’ globally.
Managing Director and Chief Executive Officer (CEO) Mark Cooksey says: “A focus of the recent drilling campaign was to expand the Rubble Mound high-grade zone within the existing resource, and this has been achieved.
A distinctive feature of the ABx deposits is the high proportion of Dy and Tb, and the results confirm this pattern. We look forward to providing the remainder of the assay results from this drilling campaign, and a resource update, which will include Wind Break for the first time.”
In this campaign, 66 assay results have been returned out of the 97 holes, while 230 assays remain pending.
Once the assays have been received, a resource update will be conducted that will include the resources at Wind Break for the first time.
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 adsorption clay rare earth project in northern Tasmania, and establishment of a plant to produce hydrogen fluoride and aluminium fluoride from recycled industrial waste, via its 83%-owned subsidiary, ALCORE.
As of 31 December 2023, the company had $5.82 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: ABx Group
