Critica (ASX:CRI) has returned a record intersection of 67m @ 3,074 parts per million total rare earth oxide from drilling at the Jupiter discovery, part of the Brothers Rare Earth Element Project in Western Australia.
The drilling program was designed to increase drill density in the “high-grade” zones of Jupiter, with the aim of providing enhanced certainty in the continuity of this mineralisation.
Critica, which has a market capitalisation of $32 million, says the latest assay results from drillhole JPAC088 firmly validate the “high-grade” continuity.
Managing Director Philippa Leggat says the technical team is continuing to show that Jupiter hosts rare earth mineralisation over 10km confirming the potential of Jupiter and Brothers to host “one of the largest clay-hosted rare earth discoveries in Australia.”
“With aircore and diamond drilling complete, and final assays pending, we are well positioned to provide a detailed and high-quality dataset to our independent geologists for preparation of our maiden resource estimate,” she says.
“We also have several laboratories working on all aspects of our comprehensive metallurgical program, with successful beneficiation outcomes being our first goal.
“Despite existing cyclical pricing challenges in the rare earth market we have recently seen a meaningful uptick in the neodymium-praseodymium price, affirming our confidence that the long-term fundamentals of the rare earth market remain strong.”
Leggat adds that the world is going to continue to use motors, which in turn needs permanent magnets that require rare earths.
“Combustion engines, electric engines, drones — the list of uses for permanent magnets is long and their uses are pervasive,” she says.
“Being in Australia, we are also well-positioned to benefit from the array of geopolitical factors influencing the global rare earth supply chain.
“Critica’s strategy is to take advantage of the rare earth price cycle by rapidly advancing our flagship asset in what we believe to be a temporarily low price environment. We are well funded and focused on the ongoing addition of intrinsic value to Jupiter and the Brothers Project.”
Assays remain pending for 163 holes from the resource infill drilling program at Jupiter. Meanwhile, a maiden resource estimate is on track for release by the end of 2024.
The Jupiter discovery is a clay-hosted rare earths project that was identified in late 2023. Jupiter is part of the broader Brothers Project which sits within Mt Magnet and the Yalgoo mining district of Western Australia.
Critica is an explorer and developer focused on critical mineral deposits to feed global demand for the minerals that are vital to modern technology and the green energy transition.
Write to Aaliyah Rogan at Mining.com.au
Images: Resources Technology and Critical Minerals Trailblazer
