RareX (ASX:REE) - Managing Director, Jeremy Robinson - The Market Herald

  • RareX (REE) has delivered more outstanding drill results from the Cummins Range Rare Earths Project in WA
  • The aim of this drilling was to upgrade the current inferred resource and define a high-grade component
  • Of the 18 holes drilled, grades peaked at 14.8 per cent total rare earth oxides and 1.5 per cent niobium pentoxide
  • RareX is now waiting on results from a further 21 holes which are expected in two to three weeks
  • Additionally, the company is expecting to release an updated mineral resource early in the New Year
  • RareX is up 7.69 per cent in early morning trade, with shares worth 14 cents each

RareX (REE) has delivered more outstanding drill results from the Cummins Range Rare Earths Project in WA.

The aim of this drilling was to upgrade the current inferred resource of 13 million tonnes at 1.13 per cent total rare earth oxides (TREO) with 22.1 per cent neodymium and praseodymium (NdPr).

Drilling also aimed to define a high-grade component of the resource.

Best results include 16 metres at 3.8 per cent TREO and 0.2 per cent niobium pentoxide, including three metres at 14.8 per cent TREO, and 25 metres at 4.4 per cent TREO and 0.6 per cent niobium pentoxide including six metres at 9.4 per cent TREO and 1.5 per cent niobium pentoxide.

Sections 307,315 and 307,370 remain open along strike to the north and south, while section 307,315 also remains open at depth.

“The thick, bonanza grade mineralisation in the north-west sector of the deposit was certainly a pleasant surprise and we are now seeing much thicker zones in the central part of the deposit while still achieving some really strong grades well above the average grade of the current inferred resource,” Managing Director Jeremy Robinson commented.

“We are now awaiting results from the final 21 holes, which should be received over the next two to three weeks. That will pave the way for work to begin on the updated mineral resource, which we are targeting for completion and reporting early in the New Year,” he added.

RareX is up 7.69 per cent in early morning trade, with shares worth 14 cents each at 10:30 am AEDT.

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