Reach Resources

17.65% Niobium & Exceptional REE Results from In-Situ Source at Wabli Creek Project

Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) is pleased to advise that assay results from the latest field program at Wabli Creek have identified a primary source of high grade Nb/REE mineralisation previously only found in surface eluvial samples on site (Figure 2).


HIGHLIGHTS

  • In-situ or bedrock source of high-grade Niobium (Nb) and Rare Earth Elements (REE) has been discovered during the latest program of rock chip sampling at Wabli Creek, Gascoyne, W.A.
  • The recently identified ovoid late-stage intrusive feature (ASX Announcement 28 May 2024) is considered the likely parental source of the Nb-Y-Ta-Ti-REE enriched pegmatites at Wabli Creek. Further, geochemistry indicates that a carbonatite association cannot be ruled out in addition to the pegmatites.
  • This ovoid intrusive feature is younger than the surrounding country rock, with a diameter in excess of 3km’s and a circumference greater than 8km’s.
  • Granitic pegmatite is now confirmed as a primary source of mineralisation with in-situ assay results including:
    • 17.65% Nb2O5, 0.15% Y2O3, 10.81% Ta2O5, 31.39% TiO2, 0.37% TREO (24WRCK049)
    • 13.22% Nb2O5, 0.13% Y2O3, 6.27% Ta2O5, 18.97% TiO2, 1.13% TREO (24WRCK046)
  • These outstanding results have been chipped straight off bedrock (in-situ) and hold similar concentrations to the previously reported high grade weathered surface material (eluvial samples previously reported 32% Nb2O5 and 2.57% TREO -ASX Announcement 21 December 2023). Importantly, the in-situ assay results taken straight from the bedrock were taken approximately 0.5km from the historically reported 32% Nb2O5.
  • The majority of the ovoid intrusive feature most prospective for Nb-Y-Ti-REE mineralisation (the margin zone), is poorly exposed and remains under-explored.
  • Detailed airborne magnetic and radiometric surveys recently acquired are currently being interpreted by Southern Geoscience to identify and refine key priority targets for further exploration.
  • The Company is actively progressing its heritage discussions with the Native Title custodians of the land and will return to site for additional sampling in the short term.

Most importantly, these latest high-grade assay results (17.65% Nb2O5 and 13.22% Nb2O5) confirm that the hard rock source material holds the same or similar high-grade concentrations as the weathered surface material (eluvial material), previously reported by the Company (32% Nb2O5 and 2.57% TREO - ASX Announcement 21 December 2023). Further, the in-situ samples have been chipped straight off the bedrock (in-situ) approximately 0.5km from the previously reported sample returning 32% Nb2O5.

Figure 1: Large black rock fragments chipped directly from the in-situ granitic pegmatite outcrop, Wabli Creek, Gascoyne, W.A (Sample – 24WRCK046).

Located in the highly prospective Gascoyne Province of Western Australia, approximately 150km north of Gascoyne Junction, the Wabli Creek project has previously reported high grade niobium and TREO eluvial results up to 32% Nb2O5 and 2.57% TREO (ASX Announcement 21 December 2023).

These latest in-situ results, in addition to the large ovoid intrusive feature (ASX Announcement 28 May 2024), provide a fundamental change in the prospectivity at Wabli Creek.

Figure 2: High grade assay results from granitic pegmatite collected at the margins of the late stage, ovoid intrusive feature, Wabli Creek, Gascoyne, W.A (24WRCK046 & 24WRCK049), including historical results approximately 0.5km away reporting 32% Nb2O5 (ASX Announcement 21 December 2023).

During the Company’s current program, a total of 49 rock chip samples were taken from Wabli Creek (E09/2377), during May 2024. Sampling was focused on the Priority 1 geochemical targets outlined by Sugden Geoscience (ASX Announcement 21 December 2023).


Click here for the full ASX Release

This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Highlights


  • SQM reported total revenues for the nine months ended September 30, 2024 of US$3,455.0 million compared to total revenues of  US$6,155.9 million for the same period last year.

  • Net loss (1),(2) for the nine months ended September 30, 2024 of (US$524.5) million or (US$1.84) per share, compared to net income (2) of  US$1,809.5 million or US$6.33 per share for the same period last year.

  • Solid sales volumes in lithium, iodine, and fertilizer businesses.

  • SPN and Potassium businesses posted healthy growth showing market recovery.

  • Slight increase in iodine prices, due to strong market demand and limited supply.

  • First lithium sales from the SQM International lithium division.

SQM will hold a conference call to discuss these results on Wednesday, November 20, 2024 at 10:00am ET (12:00pm Chile time).

Participant Dial-In (Toll Free): 1-844-282-4852

Participant International Dial-In: 1-412-317-5626

Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=xdNdTppQ

SANTIAGO, Chile , Nov. 20, 2024 /PRNewswire/ -- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today net loss ( [1] ),(2)   for the nine months ended September 30, 2024 , of (US$524.5) million or (US$1.84) per share, compared to US$1,809.5 million or US$6.33 per share reported for the same period last year.

(PRNewsfoto/Sociedad Quimica y Minera de Chile, S.A. (SQM))

Gross profit (3) reached US$1,033.3 million (29.9% of revenues) for the nine months ended September 30, 2024 , lower than US$2,674.3 million (43.4% of revenues) recorded for the nine months ended September 30, 2023 . Revenues totaled US$3,455.0 million for the nine months ended September 30, 2024 , representing a decrease of 43.9% compared to US$6,155.9 million reported for the nine months ended September 30, 2023 .

The Company also announced net income for the third quarter of 2024 of US$131.4 million or US$0.46 per share, a decrease of 72.6% compared to US$479.4 million or US$1.68 per share for the third quarter of 2023. Gross profit for the third quarter of 2024 reached US$280.8 million , 62.7% lower than the US$753.6 million reported for the third quarter of 2023. Revenues totaled US$1,076.9 million for the third quarter of 2024, a decrease of 41.5% compared to US$1,840.3 million for the third quarter of 2023.

SQM's Chief Executive Officer, Ricardo Ramos , stated, "We are publishing our third quarter 2024 financial results with positive volume growth in almost all of our business lines compared to last year. Fertilizer markets have shown solid market dynamics with a market size recovery. Our Specialty Plant Nutrition volumes grew more than 20% year-on-year while our revenues in this business line increased close to 12%."

He continued, "Iodine demand continued to be strong, leading to an increase in our sales volumes and revenues compared to last year. Prices continued to move up slightly quarter over quarter since the beginning of this year and we have used part of our inventories to answer market needs."

Mr. Ramos further stated, "In lithium, we reported sales volumes of more than 51 thousand metric tons of lithium products, an 18% growth year-on-year, demonstrating strong demand in the market. As anticipated, prices during the third quarter continued their downward trend, with average realized prices 24% lower than the second quarter this year. Although demand continues to grow at a strong pace, mainly driven by strong EV sales growth in China , we continue to see the prices pressured by an oversupply that persists despite the curtailment announcement we have seen over the past few weeks."

Mr. Ramos closed by saying, "Our more than 30-year track record in the lithium market has proved that we have a long-term view in this business. Despite current market prices, we strongly believe in the lithium market and its fundamentals which are highly related to the clean energy transition. SQM is in a strong competitive position and well prepared to continue developing our projects in Chile and abroad to harvest the benefits of this transition."

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

For further information, contact:

Gerardo Illanes / gerardo.illanes@sqm.com
Isabel Bendeck / isabel.bendeck@sqm.com

For media inquiries, contact:

Maria Ignacia Lopez / ignacia.lopez@sqm.com
Pablo Pisani / pablo.pisani@sqm.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the completion and implementation of the proposed partnership with Codelco, the development of Salar Futuro Project, Company's capital expenditures, financing sources, Sustainable Development Plan, business and demand outlook, future economic performance, anticipated sales volumes and sales prices, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.

News Provided by PR Newswire via QuoteMedia

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