Perth-based rare earth element (REE) development company RareX (ASX:REE) has intercepted more broad REEs and phosphate mineralisation ahead of a resource upgrade at the Cummins Range Rare Earths-Phosphate Project in Western Australia.
The company says 90% of the assays received from a further 22 drillholes completed at the project have reported ‘significant’ REE and phosphate mineralisation. These results include 10 REE intercepts over 200m wide, and 2 phosphate intercepts over 400m wide.
‘Significant’ results include CDX0038 with 426.9m @ 0.4% total rare earth oxides (TREO) and 4% phosphorus pentoxide (P2O5); CDX0024 with 406m @ 0.3% TREO and 4% P2O5; CDX0043 with 9.8m @ 3.3% TREO and 5% P2O5, including 2.2m @ 11.5% TREO; and CDX0050 with 10m @ 3.6% TREO and 6% P2O5, including 3m @ 9.5% TREO.
Commenting on the results, RareX Managing Director Jeremy Robinson says: “The impending resource upgrade at Cummins Range is shaping up as a pivotal development in the company’s strategy to develop a long-life mining and processing operation at Cummins Range.
While the delays in receiving assays have been incredibly frustrating, we believe we are now on the cusp of a major resource upgrade to be delivered in the coming weeks that will provide investors with a much clearer picture of the true scale and significance of the Cummins Range project.
The significance of the rare earths mineralisation in monazite in the Phos Dyke with high concentrations of highly valuable Nd-Pr (neodymium-praseodymium) and HREO (heavy rare earth elements) is also an exciting economic proposition.”
“…we believe we are now on the cusp of a major resource upgrade to be delivered in the coming weeks…”
RareX reports the new results continue to show ‘very consistent’ REE and phosphate mineralisation in all holes which will be included in a ‘significant’ upgrade to the current mineral resource of 18.8 million tonnes @ 1.15% TREO and 10% P2O5.
The company also says the turnaround time for assay results has more than doubled in recent months. Due to the delay in receiving the final batch of assay results of the 2022 drilling program, RareX has decided to split the mineral resource update into a Rare Dyke resource and a Pho Dyke resource.
The Rare Dyke mineral resource is scheduled to be announced in late March, and the Pho Dyke is expected to be announced in conjunction with an updated global mineral resource in the second half of April.
RareX is a Perth-based rare earths development company committed to becoming a near-term producer of neodymium and praseodymium. The company’s focus is developing REE deposits at its flagship Cummins Range Rare Earths-Phosphate Project in the East Kimberley region of Western Australia.
Images: RareX Limited & iStock
