Drilling Expands Phos Dyke Phosphate Zone At Cummins Range

RareX Limited (ASX: REE; RareX or the Company) is pleased to advise that it has identified significant extensions to the high-grade zone of primary phosphate mineralisation immediately north of the Rare Dyke rare earths zone at its flagship 100%-owned Cummins Range Rare Earths Project in the Kimberley region of Western Australia.

HIGHLIGHTS

• Strong phosphate mineralisation logged in the form of coarse apatite in ultramafic rocks in recent RC drilling designed to extend the Phos Dyke Phosphate Zone.
• 20 RC holes completed on a 40m x 40m drill pattern to the north-east of the Phos Dyke, over an area of up to 200m X 150m.
• Apatite mineralisation logged over down-hole widths of up to 130m, with an average width of 50m. Assays awaited for all RC holes.
• Rock phosphate prices continue to trade at historically high levels at above US$320/t, reflecting supply restrictions coming out of Europe.
• Phosphate is currently in high demand for fertiliser production and food security.
• The phosphate market is also expanding rapidly with applications in the battery materials sector.
• 2022 drilling program continuing at Cummins Range, with diamond drilling now moving to in-fill drilling of the Rare Dyke primary mineralisation to allow its incorporation in the Mineral Resource Estimate.
• Large volume of samples currently in the laboratory awaiting assay.
• Scoping Study well advanced on the regolith zone, with results expected to be reported shortly.
• Preliminary metallurgical results for the primary zone expected in the coming weeks.

As part of the 2022 drill program, 20 RC holes were completed in the Phos Dyke Phosphate Zone designed to test for extensions to the high-grade phosphate and rare earths in this area.

Encouragingly, recent drilling has intersected strong zones of primary phosphate mineralisation in the form of coarse apatite in ultramafic rocks. Strong monazite and bastnasite have also been intersected in multiple drill holes.

The apatite occurs over broad intervals within an ultramafic rock called phoscorite, which is composed of apatite-phlogopite-magnetite-diopside. Figure 1 is an example in core and Figure 2 is an image of recent RC drilling of phoscorite.

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