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Heavy Rare Earths Limited (“HRE” or “the Company”) is pleased to announce its March 2023 quarterly activities report for the third quarter since listing on the Australian Securities Exchange (ASX).
- 441-hole rare earth exploration and resource expansion drilling program at Cowalinya complete with thick sequences of clay-rich saprolite intersected across the project area
- Assays from 257 holes deliver numerous high-grade intercepts up to 7222 ppm TREO
- Discovery of Western Zone of mineralisation within a 5-kilometre x 3-kilometre area features thickest mineralised intercept to date – 42 metres @ 790 ppm TREO
- New applications for rare earth exploration tenements lodged in Western Australia
- Well-funded to progress with company objectives and exploration activities
HRE’s key exploration project is Cowalinya in the Norseman-Esperance region of Western Australia. This is a clay-hosted rare earth project with a JORC Inferred Resource of 28 Mt @ 625 ppm TREO1 and a desirable rare earth composition where 25% are the valuable magnet rare earths and 23% the strategic heavy rare earths.
Cowalinya Rare Earth Project, Western Australia
Resource Exploration and Expansion Drilling Program
During the quarter the Company announced assays from 296 of its 441-hole resource exploration and expansion drilling program at Cowalinya (refer to ASX announcements 3 January 2023, 31 January 2023, 1 March 2023 and 29 March 2023) completed in the September-December 2022 period.
These assays confirmed the widespread occurrence of shallow, thick and/or high-grade rare earth mineralisation in clay-rich saprolite over a 5 x 3-kilometre area west and south-west of the Cowalinya South deposit (Figure 1). This Western Zone discovery is open to the north and north- west, has an average thickness of 11.3 metres, and includes the following significant drill intercepts (on a grade-thickness basis) reported during the quarter:
- 14 metres @ 1033 ppm TREO from 22 metres (AC212)
- 10 metres @ 2087 ppm TREO from 17 metres (AC221)
- 17 metes @ 1069 ppm TREO from 11 metres (AC223)
- 19 metres @ 3190 ppm TREO from 16 metres (AC225)
- 42 metres @ 790 ppm TREO from 12 metres (AC226)
- 14 metres @ 1135 ppm TREO from 10 metres (AC269)
- 26 metres @ 1113 ppm TREO from 14 metres (AC274)
- 18 metres @ 1344 ppm TREO from 19 metres (AC275)
- 10 metres @ 1580 ppm TREO from 29 metres (AC279)
- 29 metres @ 701 ppm TREO from 14 metres (AC287)
- 24 metres @ 747 ppm TREO from 11 metres (AC289)
- 12 metres @ 1207 ppm TREO from 18 metres (AC302)
- 16 metres @ 814 ppm TREO from 25 metres (AC309)
- 36 metres @ 656 ppm TREO from 18 metres (AC312)
- 12 metres @ 1212 ppm TREO from 22 metres (AC344)
- 21 metres @ 867 ppm TREO from 24 metres (AC387)
- 20 metres @ 755 ppm TREO from 15 metres (AC411)
- 22 metres @ 1018 ppm TREO from 16 metres (AC412)
- 16 metres @ 929 ppm TREO from 11 metres (AC415)
- 6 metres @ 2597 ppm TREO from 9 metres (AC424).
Figure 1: Plan view of Cowalinya air core drilling on E63/1972 showing holes with significant intervals of REE mineralisation and drilled extent of Western Zone. Background image: Landgate digital elevation model.
Figure 2: Cross section along Western Zone drill line A-B (6356600N). Location of A-B shown on Figure 1.
Subsequent to the end of the quarter, the Company announced assays from another 57 air core holes (refer to ASX announcement 12 April 2023) which further enhanced the potential for a material increase in rare earth resources for the project. The process to update the project’s resource inventory is expected to commence during May 2023 following receipt of assays from a further 36 holes in the south-eastern part of the Company’s E63/1972 tenement.
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HRE:AU
Heavy Rare Earths
Overview
Demand for rare earth elements (REEs) is rapidly increasing. These minerals are necessary to manufacture permanent magnets, auto and fluid cracking catalysts, and are also used in emerging technologies. Much of the world’s REE comes from China, making countries investing in clean energy largely reliant on Chinese supply. However, Australia is quickly ramping up production and was the fourth-largest REE miner in 2021, providing the market with 22,000 tonnes. The country also has the fifth largest reserves globally, with 4 million tonnes.
Heavy Rare Earths Limited (ASX:HRE) is committed to supporting the transition to sustainable technologies by providing new sources of these critical minerals. HRE has 100 percent ownership of two REE projects in Australia. The flagship Cowalinya Project is located in the premier mining jurisdiction of Western Australia and has demonstrated potential for a significant rare earth resource with an ideal composition. The company raised AU$6 million in its IPO, indicating foundation investor confidence and funding campaigns to advance its assets.
The Cowalinya Project has a JORC-compliant inferred mineral resource of 28 million tonnes at 625 parts per million (ppm) total rare earth oxides (TREO). The resource has an ideal composition of 25 percent magnet REEs and 23 percent heavy REEs, and importantly also contains low concentrations of radioelements.
The company has also confirmed a substantial new body of rare earth mineralisation at Cowalinya. Assays from 215 holes from HRE’s 441-hole rare earth exploration and resource expansion drilling program in 2022 have revealed multiple high-grade REE intercepts (up to 7222 ppm TREO) and the project’s thickest mineralised intercept to date at 42 meters @ 790 ppm TREO from 12 meters in hole AC226 – within a substantial new Western Zone of rare earth mineralisation.
Heavy Rare Earths’ second project, Duke, is located in the Northern Territory and close to both road and rail. The Company plans to commence exploring the asset for heavy REE-enriched deposits similar to the Browns Range project in Western Australia in the middle of 2023.
A management team with extensive experience in the natural resources sector leads the company, with expertise in rare earth exploration and development, financial management and corporate administration. HRE’s leadership team creates confidence in its ability to bring new REEs to market to support the energy transition.
Company Highlights
- Heavy Rare Earths is an Australian exploration and development mining company focusing on rare earth assets to support the clean energy transition.
- The company has 100 percent mineral rights ownership of two assets in premier mining jurisdictions, Western Australia and the Northern Territory.
- The flagship Cowalinya Project has a JORC-compliant inferred resource of 28 million tonnes at 625 ppm TREO with the highly sought-after composition of 25 percent magnet rare earths and 23 percent heavy rare earths.
- Heavy Rare Earths has confirmed a substantial new body of rare earth mineralisation at Cowalinya in 2023.
- An experienced management team leads Heavy Rare Earths with a range of expertise throughout the mining sector, including project management, corporate administration, and rare earth exploration and development.
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Rare Earth Elements in Western Australia and the Northern Territory