RareX Limited (ASX: REE; RareX or the Company) is pleased to report initial assays from diamond drilling targeting the high-grade primary mineralisation at its 100%-owned Cummins Range Rare Earths Project in the Kimberley Region of Western Australia with a Mineral Resource of 18.8Mt at 1.15% TREO + 0.14% Nb2O5 (Indicated Resource of 11.1Mt at 1.34% TREO + 0.17% Nb2O5; Inferred Resource of 7.7Mt at 0.88% TREO+ 0.11% Nb2O5 (0.5% TREO cut-off)) including highgrade tonnes to 6.5Mt at 1.98% TREO (inc. 0.38% NdPr) + 0.21% Nb2O5.
HIGHLIGHTS
- Significant primary mineralisation confirmed in diamond drill-hole CDX007, which returned an outstanding intercept of:
- 34.6m at 1.3% TREO and 0.4% Nb2O5, including 3.6m at 2.5% TREO and 0.7% Nb2O5 within an overall zone of 61.4m at 1% TREO and 0.3% Nb2O5
- Reverse Circulation (RC) drill-hole CRX0066 intersected two wide breccia zones with significant rare earths mineralisation, returning an intercept of:
- 40m at 1.8% TREO and 0.3% Nb2O5, including 13m at 3.1% TREO and 0.4% Nb2O5
- Below this zone was a further wide zone comprising:
- 31m at 1.4% TREO and 0.4% Nb2O5, including 3m at 3.3% TREO and 0.3% Nb2O5
- Attractive economic drivers in the primary zone
- Neodymium-Praseodymium (NdPr) ratio in the primary zone is the same as in the weathered and is up to 24% NdPr comparable with the Mt Weld deposit also in Western Australia
- Niobium grade of 0.4% Nb2O5 is twice the current resource grade and comparable with other known deposits such as the Niobec Mine in Quebec, Canada
- Deeper hole, CDX0016, has intersected multiple stacked lenses, all with massive to disseminated rare earths as monazite
- Further assays expected to come over the next two months
These highly encouraging initial assays, coupled with further visual results from recent drilling, provide further strong evidence that there is a substantial high-grade primary mineralized zone at Cummins Range offering significant potential to expand the current Mineral Resource.
All of the Reverse Circulation (RC) drill assays have also now been received, together with a portion of assays from diamond hole CDX0007. The remainder of the assays are expected to be received over the next two months.
Hole CDX0007, shown in Figure 1, is the first assayed diamond drill-hole at Cummins Range in 40 years and was drilled into an area where a displacement fault had been interpreted. This interpretation has now been supported by the hole intersecting a 77m wide breccia zone that has assayed 61.4m at 1% TREO and 0.3% Nb2O5.
The lower 34.6m of this breccia is in fresh rock with common disseminations of monazite grading at 34.6m at 1.3% TREO and 0.4% Nb2O5, including 3.6m at 2.5% TREO and 0.7% Nb2O5.
RareX’s view is that this provides clear evidence that the primary zone can host significant highgrade mineralisation, opening up substantial growth opportunities for the Cummins Range Project at depth below the weathered zone.
RC drill hole CRX0066 was completed 90m to the north-east of CDX0007 and intersected two wide breccia zones with significant rare earths mineralisation, the first of which comprises 40m at 1.8% TREO and 0.3% Nb2O5, including 13m at 3.1% TREO and 0.4% Nb2O5.
Below this zone was another zone of 31m at 1.4% TREO and 0.3% Nb2O5, including 3m at 3.3% TREO and 0.3% Nb2O5. These intersections are considered to be true width. The geological understanding of this area is a high priority for RareX and a further three diamond drill holes have been drilled with assays pending.
Red the full ASX release here.
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