ABx Receives First Mixed Rare Earth Carbonate Sample from Deep Leads

ABx Group (ASX:ABX) said the Australian Nuclear Science and Technology Organisation (ANSTO) has produced the first mixed rare earth carbonate (MREC) sample from the Deep Leads resource in Northern Tasmania.

A Tuesday (December 2) press release states that the ANSTO sample contains 4 percent dysprosium and 0.7 percent terbium, more than twice the amount of any other peer. The company notes that these high proportions suggest its MREC basket price is 17 to 51 percent higher than all peer MRECs.

According to ABx, it is the first company to discover rare earths in Tasmania, and Deep Leads is a priority project.

Its JORC-compliant mineral resource is 89 million tonnes at the Rubble Mound and Wind Break deposits.

“We’ve been eagerly anticipating confirmation of this MREC product, which is simply the best we know of from any ionic rare earth resource outside of China,” said ABx Managing Director and CEO Mark Cooksey.

He added that this week's results, alongside Deep Leads’ resource size, grade and location, make it a compelling opportunity and encourage high investor interest.

The project also places Tasmania on the rare earths map, with ABx anticipating attention from customers seeking high dysprosium and terbium and low uranium and thorium.

ABx said that its next steps include sharing the MREC composition and samples with possible offtake partners.

Column leach tests on a bulk sample from Deep Leads are being conducted, with initial results expected in December.

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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.