ABx Group (ASX:ABX) has returned 2.03 grams per tonne gold in a sample from scout rare earths sampling at its Beaconsfield South tenement in Tasmania.
The company collected rock samples south of the old Beaconsfield gold mine as a first-pass test for rare earths. Other samples also returned anomalous gold values, while historical data also points to gold anomalism.
ABx treats the result as an outlier, describing it as a “flash in the pan”. The company has reduced the result in its figures to avoid skewing the data.
Supporting values in other samples prompted the company to examine historical gold data, which is being reinterpreted.
Previous explorers, including Allstate Explorations in the 1980s and 1990s and Stella Resources in the 2000s, targeted the area when gold prices were below $400 per ounce. Gold now trades around $5,900 per ounce.
Data from 22 ABx rock samples and 689 historical samples point to two possible lode trends: a 15km line from Peak Hill to Glengarry and the 8km Careless Kelly trend.
Rugged terrain around Mount Careless and Kellys Lookout remains unprospected.
ABx says its focus remains on the Deep Leads Ionic Clay Rare Earths Project and its ALCORE fluorine technology.
With the gold results still at an early stage, the company is weighing options for the tenement, including bringing in a joint venture partner.
Managing Director Mark Cooksey says ABx is assessing the data before inviting expressions of interest, possibly early in 2027.
“We welcome engagement with stakeholders as we consider strategic options for this opportunity,” Cooksey says.
ABx Group is an Australian materials developer advancing rare earths, bauxite, and fluorine technology projects across Queensland, New South Wales, and Tasmania.
Write to JC Villarba at Mining.com.au
Main image: ABx Group
