European Lithium (ASX:EUR) has delivered a maiden resource of 45 million tonnes @ 0.4% rare earth oxide for the Tanbreez Rare Earth Project in Greenland.
The resource estimate was prepared in 2016 for Rimbal Proprietary – a private company registered in Australia and not required to report the resource. It is now being reported by European Lithium following acquisition of the project in 2022.
In June 2024, Critical Metals Corp (NASDAQ:CMC) entered into a heads of agreement with Rimbal to acquire up to 92.5% in Tanbreez.
European Lithium and Critical Metals hold a combined interest of 49.5% in Tanbreez.
European Lithium is Critical Metals’ largest shareholder and now considers Tanbreez to be material.
Executive Chairman Tony Sage says declaring the mineral resource is a milestone that allows the next results and drilling to continue growing the resource.
“The deposit drilling only covers 5% of the total project area and deeper and extension drilling will commence shortly to deliver an even higher resource,” Sage says.
“We are measuring the real potential for Tanbreez on the significant investment over the past two decades by Rimbal and this major discovery as my team takes this amazing deposit into a world-class rare earth element development project.”
Critical Metals is planning to conduct further verification work, including infill drilling, metallurgical testwork, mine design and feasibility studies.
The Tanbreez Project is a critical mineral asset positioned to provide a sustainable, reliable, long-term supply of rare earths for North America and Europe.
According to Meteoric Resources (ASX:MEI), the global rare earths market is valued at US$2 billion and is forecast to reach $12 billion by 2030.
China currently accounts for 57% of the global rare earth mined production and 85% of refined production of rare earth oxides.
Write to Aaliyah Rogan at Mining.com.au
Images: European Lithium
