New High-Grade Assays At Cowalinya Show Potential To Add 14 Kilometres Of Mineralised Strike

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.

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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