Outstanding New Drill Intercepts At Cummins Range: 455m at 0.5% TREO and 5% P2O5 & 326m at 0.4% TREO and 4% P2O5

Further to its announcement of 20 September 2022, RareX Limited (RareX, the Company) (ASX: REE) advises that assays have been received for a further two diamond drill-holes, CDX0022 and CDX0027, at its 100%-owned Cummins Range Rare Earths and Phosphate Project in the Kimberley region of Western Australia (the Project, Cummins Range).

HIGHLIGHTS

• Assays for next two diamond holes set new records at the Cummins Range Rare Earths and Phosphate deposit:
  • 455.6m at 0.5% TREO and 5% P2O5 returned in CDX0027, with multiple high-grade rare earths intersections above 0.5% TREO cumulatively 100.4m at 1.9% TREO including 17m at 2.4% TREO from CDX0027
  • 326.4m at 0.4% TREO and 4% P2O5 returned in CDX0022 with multiple high-grade rare earths intersections above 0.5% TREO cumulatively 60.5m at 1.8% TREO including 6.2m at 4.2% TREO
• Results follow the previous record intercept of 384.4m at 4% P2O5 and 0.4% TREO in CDX0020, reported on 20 September
• Rare Dyke is strongly mineralised to 500m down-dip with a >450m wide rare earths and phosphate mineralised alteration halo
• Drilling continues at Cummins Range with over 15,000m completed

The latest results include: 455.6m at 5% P2O5 and 0.5% TREO and multiple high-grade rare earths intersections cumulatively 100.4m at 1.9% TREO including 17m at 2.4% TREO from CDX0027; and 326.4m at 4% P2O5 and 0.4% TREO with multiple high-grade rare earths intersections cumulatively 60.5m at 1.8% TREO including of 6.2m at 4.2% TREO from CDX0022.

These two drill holes have been drilled on the same drill section down-dip from the 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, highlighting the strong potential to expand and upgrade the current MRE.

CDX0027 and CDX0022 are located 100m to the south-east of CDX0020, which intersected 384.4m at 4% P2O5 and 0.3% TREO (ASX: 20 September 2022).

RareX Managing Director, Jeremy Robinson, said: “Our 2022 drilling program is continuing to provide overwhelming evidence that Cummins Range is a world-class mineral system, hosting both rare earth oxides and top-quality rock phosphate. The potential to extract both valuable minerals was confirmed by the encouraging metallurgical testwork results we announced yesterday, which confirmed the potential to produce a high-quality phosphate concentrate.

“The latest drilling is now adding significant volume and scale to the deposit, with these latest intersections occurring well beyond the current Mineral Resource envelope. They will be incorporated in our next MRE update, which will in turn underpin a Pre-Feasibility Study to determine the optimum scale of this exciting and globally significant project.”

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