Barkly Rare Earths (ASX:BAK) is tendering for a second rig after northwest holes intersect rare earths 6–8km from earlier results.
The company reports assays for 16 more holes from its 10,000m phase-one program at the Barkly Project in the Northern Territory, all drilled in September.
Of the 16 additional holes, 13 returned significant intercepts. These results take the tally to 56 of 60 holes reported, spread up to 23km apart.
All eight southern holes, in and around the southwestern part of the 40-million-tonne inferred mineral resource at 2,100 parts per million (ppm) total rare earth oxide (TREO), return significant intercepts. Five of the eight northwest holes also hit, with four of them outside the exploration target.
BAK0032 returned 2,171ppm TREO over 1.5m from 10.5m, including 4,550ppm over 0.5m. BAK0284 delivered the widest phase-one intercept to date, at 5.5m grading 1,035ppm TREO from 22m.
Magnet rare earth oxides make up 29–38% of TREO in the new intercepts, in line with the resource’s 34% ratio. Notably, uranium and thorium remain low.
Managing Director Craig Wright says the results support the scale of the project.
“It gives me real confidence in the scale of what we are drilling at Barkly, and we are tendering for a second rig so we can build out the resource faster,” Wright adds.
Drilling restarted on 5 October after a delay waiting on replacement parts. Samples from 26 holes are at or heading to the laboratory, with results expected through the December quarter.
The company targets an updated mineral resource in the same period, subject to drilling and assay progress.
Barkly Rare Earths is an Australian explorer advancing rare earth, vanadium, and base metals projects.
Write to JC Villarba at Mining.com.au
Images: Barkly Rare Earths
