Extensive Phosphate And Rare Earths Mineral System Emerging At Cummins Range With 384 Metre Intersection

RareX Limited (RareX, the Company) (ASX: REE) is pleased to report significant new results received from diamond and reverse circulation (RC) drilling being undertaken as part of the 2022 growth drilling program at its 100%-owned Cummins Range Rare Earths and Phosphate Project in the Kimberley region of Western Australia.

HIGHLIGHTS

• Phosphate intercept of 384.4m at 4% P2O5 and 0.3% TREO in diamond hole CDX0020
• Multiple strong rare earths zones intersected including 11.6m at 1.9% TREO
• Outstanding results also received from six reverse circulation (RC) holes including:
  • 153m at 11% P2O5 and 0.4% TREO (CRX0081) including:
    • 20m at 25% P2O5 and 10m at 31% P2O5
  • 46m at 1.1% TREO and 15% P2O5 (CRX0074) within a wider phosphate intercept of:
    • 108m at 10% P2O5
• Results show that Cummins Range is emerging as major phosphate and rare earths system
• Assays pending from multiple deep diamond holes

The first assays for a complete diamond drill hole have been received for CDX0020, which returned an impressive intercept of 384.4m at 4% P2O5 and 0.3% TREO and a high-grade rare earths zone of 11.6m at 1.9% TREO.

Assays have also been received for six RC drill holes which returned wide and high-grade phosphate and rare earths intercepts including 153m at 11% P2O5 and 0.4% TREO from hole CDX0081.

Multiple broad intercepts over one hundred metres have the potential to significantly expand both the rare earths and phosphate components of the Cummins Range deposit and add to the current JORC 2012 Indicated and Inferred Mineral Resource Estimate (at a 0.5% TREO cut-off) of 18.8 million tonnes at 1.15% TREO and 10% P2O5 (ASX: 19 July 2021).

These outstanding results add further momentum to the Cummins Range Project following the delivery of the recent positive Scoping Study (ASX: 12 September 2022) and are expected to further enhance project economics.

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