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Heavy Rare Earths Limited (ASX: HRE) is an Australian rare earth exploration and development company. HRE’s key exploration project is Cowalinya, near Norseman in Western Australia. This is a clay-hosted rare earth project with an Inferred Resource of 28 Mt @ 625 ppm TREO and a desirable rare earth composition where 25% are the valuable magnet rare earths and 23% the strategic heavy rare earths.
Highlights:
- High-grade assays up to 5192 ppm TREO intersected in three new areas
- Areas defined by intersections of shallow, thick and/or high-grade rare earths in holes drilled 400 metres apart
- Potential for 14-kilometre strike extension to newly-discovered Western Zone of mineralisation
- Highly encouraging assays reported in holes near HRE’s recently acquired tenements E63/2144 and E63/2145
- Resource consultant engaged to update existing Mineral Resources and estimate an Exploration Target for the project. Delivery anticipated in Q3 2023.
Significant new drill intersections include:
- 12 metres @ 1690 ppm TREO (22.7% magnet REOs) from 16 metres (AC487)
- including 2 metres @ 5192 ppm TREO from 20 metres
- 7 metres @ 1303 ppm TREO (23.7% magnet REOs) from 7 metres (AC473)
- 10 metres @ 1286 ppm TREO (34.4% magnet REOs) from 16 metres (AC471)
- 8 metres @ 1175 ppm TREO (24.4% magnet REOs) from 31 metres (AC520)
- including 2 metres @ 3449 ppm TREO from 31 metres
- 20 metres @ 977 ppm TREO (23.6% magnet REOs) from 20 metres (AC446)
- including 8 metres @ 1596 ppm TREO from 22 metres
- 30 metres @ 923 ppm TREO (26.7% magnet REOs) from 11 metres (AC468)
- including 8 metres @ 1684 ppm TREO from 25 metres
- 31 metres @ 758 ppm TREO (30.5% magnet REOs) from 19 metres (AC467)
- including 16 metres @ 1062 ppm TREO from 23 metres
Assays are reported for the first time from 41 vertical air core holes drilled along existing access tracks in the northern and central parts of E63/1972 to the north and west of the Cowalinya North resource1 (Figure 1).
HRE Executive Director, Richard Brescianini, said, “Today’s assays have added an exciting ‘blue sky’ element to Cowalinya with excellent rare earth intersections, both in width and grade, drilled up to 14 kilometres from our recent Western Zone discovery. This is a very significant development for the project and builds on our success in demonstrating the widespread and coherent nature of rare earth mineralisation within our ground.
“Results reported by HRE since last October underline the potential for a material increase in resources at Cowalinya. The work aimed at achieving this has now commenced and will be completed over the coming months.”
Figure 1: Plan view of Cowalinya air core drilling on E63/1972 showing holes with significant intervals of REE mineralisation, existing Cowalinya North and South resources, newly discovered Western Zone, and location of cross-section A-B-C-D (Figure 2).
Drill results from new area up to 14 kilometres from Western Zone (A-B in Figure 1)
A number of shallow, thick and/or high-grade intersections in saprolite have been discovered along a line of consecutive 400 metre-spaced holes located up to 14 kilometres north-west of the newly discovered Western Zone of rare earth mineralisation. They include:
- AC467: 31 metres @ 758 ppm TREO from 19 metres
- AC468: 30 metres @ 923 ppm TREO from 11 metres
- AC471: 10 metres @ 1286 ppm TREO from 16 metres
- AC472: 19 metres @ 811 ppm TREO from 11 metres
- AC473: 7 metres @ 1303 ppm TREO from 7 metres.
These holes are at the western end of the 8-kilometre-long section A-B in Figure 2.
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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