2022 Drill Program Confirms Scale and Significance of Cummins Range Rare Earth Deposit

RareX Limited (ASX: REE; “Rarex”) is pleased to provide an update on the growth drilling program currently underway at its 100%-owned Cummins Range Rare Earths Project in the Kimberleys, Western Australia.

HIGHLIGHTS

• Excellent progress with 2022 growth drilling program at Cummins Range
• Ten diamond holes completed to date over 500m of strike and to depths of 600m
• Drilling identifies three large south-westerly dipping carbonatite dykes ranging from 50m to 250m in width
• Mineralisation is controlled by structures related to the carbonatite dykes
• Multiple target areas favourable for carbonatite dykes remain untested
• Deeper diamond holes support geological interpretation of regolith mineralization extending to greater depths

The drilling is making excellent progress with a total of twenty six drill holes with ten diamond holes completed so far in the 2022 program. The ten diamond holes have been completed over a strike length of 500m, testing multiple mineralised positions to depths greater than 600m.

These holes, combined with the historical database, have been used to create a geological model. The model is constrained by drilling in the north-western portion of the 2km diameter pyroxenite carbonatite pipe. Over 50% of the pipe remains largely untested with less than 2,000m of sparsely drilled holes completed to less than 50m deep.

The geological model highlights the scale and quality of the Cummins Range deposit, as well as its substantial growth potential.

Carbonatite Architecture

The Cummins Range Resource¹ sits largely within the regolith overlying three sub-parallel carbonatite dykes that strike at 320 degrees and dip to the south-west at 55 degrees (Figure 2). The dykes range from 50m to over 200m wide and have proximal networks of carbonatite dykes generally less than 5m wide.

The high-grade regolith mineralisation sits above the central dyke and this has been named the Rare Dyke. The northern dyke is characterised at surface by high-grade phosphate mineralisation as previously announced in February (see ASX announcement dated 14 February 2022) and is named the Phos Dyke. The Pendent Dyke sits above the Rare Dyke.

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