ABx Group (ASX:ABX) has expanded the resource outline northwest of the Deep Leads Rare Earth Element (REE) Project in Tasmania, via a 37-hole drilling campaign.
The company has received 316 assays from 37 holes drilled, with several intercepts being considerably thicker than usual and extending the REE mineralisation across the plateau.
ABx, which has a market capitalisation of $12.25 million, reports drillhole DL520 is the nearest hold in the northwest block to these new holes that were tested for extraction during desorption tests.
In the tests conducted by ANSTO, extractions at low-acid (pH 4) of well above 50% were obtained.
CEO Dr Mark Cooksey says the results expand the resource outline for Deep Leads’ rare earth zone and also enhances the areal extent from drillhole DL520.
“DL520 is one of the nearest existing drillholes and is also where rare earth extractions of over 50% were measured using low-acid (pH 4) conditions — confirmed in desorption tests by the Australian Nuclear Science and Technology Organisation and in-house tests,” Cooksey says.
ABx’s strategy is to produce a mixed rare earth carbonate that is enriched in dysprosium and terbium, which are two heavy rare earths with the highest supply risk.
The dysprosium and terbium exceeds 4.3% of Deep Leads’ total rare earth oxides (TREO), which ABx says is the highest proportion of dysprosium and terbium of any clay-hosted rare earth resource in Australia.
The company aims to produce mixed rare earth carbonate that can be sold to rare earth separation plants, for conversion into separate rare earth oxides.
ABx is undertaking several discussions with potential customers and investors have confirmed the particular strengths of the company’s rare earth deposits.
The Deep Leads Project lies 45km west of Launceston in Tasmania, Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: ABx Group
