ABx Group (ASX:ABX) has begun an 18-hole reverse circulation (RC) drill program to test a recent new rare earths discovery near its Deep Leads Project in Tasmania, Australia.
The company, which has a market capitalisation of $22.13 million, says it plans to drill near discovery hole RM302, which lies roughly 5km northeast of Deep Leads. The program is aimed to determine whether ionic adsorption clay (IAC)-style rare earth mineralisation could extend in the northern section of the project.
As previously announced by ABx, discovery hole RM302 intersected 11m @ 1,700 parts per million (ppm) total rare earth oxide (TREO). ABx says the hole is considered to be ‘one of the best’ rare earth intercepts by the company to date and is located at the northeastern point of the company’s first drill coverage.
The company’s target area for exploration at the Deep Leads – Rubble Mound Project has expanded from 35km-square to more than 100km-square.
Commenting on the exploration activities, ABx Group Managing Director and Chief Executive Officer (CEO) Mark Cooksey says: “We are very excited to be undertaking this drill program to follow up on the stellar results from discovery hole RM302 and to better understand whether IAC rare earth mineralisation extends north of Deep Leads – Rubble Mound.
“The outcome of this program has the potential to be a significant value driver for ABx”
We anticipate this program should only take 2 weeks to complete, with assay results anticipated shortly thereafter. The outcome of this program has the potential to be a significant value driver for ABx.”
ABx Group is a high-tech Australian mineral resources company focused on the exploration of rare earth elements and chemicals such as aluminium fluoride. As of 30 June 2023, the company had $5.89 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: ABx Group