Australian Rare Earths (ASX:AR3) is on the verge of increasing the current resource of its Koppamurra ionic clay-hosted rare earths project in South Australia following ‘strong’ drilling results from the area.
The company says the results, generated from 698 drillholes and an additional 5,000 assays gathered from the project, demonstrate that mineralisation extends north and south of the existing resource. The results are expected to be included in a resource update scheduled for the coming quarter.
Australian Rare Earths reports it expects to receive the final 2,000 assays gathered at the project shortly. Once received, these assays are expected to provide a ‘robust’ data set for a ‘significant’ update to the current Mineral Resource Estimate (MRE), scheduled for next quarter.
Key results include hole KM3892 with 3m @ 1,311 parts per million (ppm) total rare earth oxides (TREO) from 4m, with 21.7% combined neodymium-praseodymium (Nd-Pr) and 2% dysprosium (Dy), and hole KM4038 with 2m @ 2,181ppm TREO from 3m, with 21.8% combined Nd/Pr and 3.4% Dy.
Meanwhile, the company notes regional drilling also continues for resource definition of the northernmost exploration target, with road verge drilling planned to be undertaken on areas in between the existing exploration target areas, as announced by Australian Rare Earths on 10 May 2023.
This road verge drilling has been designed to both extend the exploration target and to begin establishing an MRE for the Frances region.
Speaking on the results, Australian Rare Earths Managing Director Rick Pobjoy says: “Advances to our project are coming at a very good time; we are highly encouraged by this weekend’s Australia-United States Joint Leaders’ Statement and the signing of the Climate, Critical Minerals and Clean Energy Transformation Compact between Australia and the US. Koppamurra is in the right place at the right time to take full advantage of this development.
The evidence is mounting of the significant potential within Koppamurra to stand as a globally significant multigenerational resource. We look forward to working together with resource estimation consultants on the next JORC update of this growing ionic clay-hosted rare earth mineral resource at Koppamurra.
“The evidence is mounting of the significant potential within Koppamurra to stand as a globally significant multigenerational resource”
These initial assay results received from Bureau Veritas are very welcome. They support our expectation for extensions of the existing resource and of the regional extent of the Koppamurra mineralisation.
Encouragingly, many of the mineralised intervals identified in the southern extension of the resource significantly exceed the average grade for the current Mineral Resource Estimate.”
Australian Rare Earths is an ASX-listed explorer and developer focused on executing a growth strategy that will ensure it is positioned to become an independent and sustainable source of rare earths, playing a pivotal role in the global transition to a green economy.
The company is committed to the exploration and development of its wholly owned flagship Koppamurra Project in South Australia and Victoria, which is considered prospective for ionic clay-hosted rare earths. The project is ‘uniquely’ rich in all elements required for the manufacture of rare earth permanent magnets, which are essential components in electric vehicles, wind turbines, and domestic appliances.
Write to Adam Drought at Mining.com.au
Images: Australian Rare Earths Ltd
