The Conversation (0)
November 28, 2022
Australian sustainable rare earths company, RareX Limited (ASX: REE) (RareX or the Company), is pleased to report results from a further two diamond drill-holes completed as part of the 2022 drilling program at its 100%-owned Cummins Range Rare Earths and Phosphate Project in the Kimberley region of Western Australia.
Highlights
- Assays received for two new diamond drill-holes completed as part of the 2022 drilling program at the Cummins Range Rare Earths and Phosphate Project, WA.
- CDX0023 intersected 373m at 0.3% TREO, 4% P2O5 from 14m:
- Including a cumulative 51.7m at 1.3% TREO, which includes:
- 8m @ 1.4% TREO & 3% P2O5from 131m; and
- 5.3m @ 1.8% TREO & 3% P2O5from 297m; and
- 8.85m @ 1% TREO & 6% P2O5from 325.3m; and
- 4.45m @ 1.8% TREO & 5% P2O5from 347.8m
- Including a cumulative 51.7m at 1.3% TREO, which includes:
- CDX0024 intersected 264.3m at 0.4% TREO 4% P2O5 from 150m:
- Including a cumulative 71m at 1.1% TREO, which includes:
- 27.7m at 1% TREO and 3% P2O5;
- 5.2m at 1% TREO and 4% P2O5; and
- 5.85m at 2.1% TREO and 4% P2O5
- Including a cumulative 71m at 1.1% TREO, which includes:
- Results to contribute towards key Mineral Resource Upgrade due next quarter
- Assay results awaited for 49 holes and expected to be received over the coming months
The holes, CDX0023 and CDX0024, returned exceptional wide intercepts of significant rare earths and phosphate mineralisation, confirming the significant scale and potential of the mineralised system at Cummins Range.
The results will contribute to a resource upgrade scheduled for Q1 2023.
Drilling has now stopped for the wet season, with a total of 16,000m of reverse circulation (RC) and diamond drilling completed in 2022.
RC drilling focused on the shallow Phos Dyke phosphate and rare earths mineralisation, including a north- east fence line (CRX0076-CRX0079) with consistent visual apatite, confirmed by XRF.
Diamond drilling tested the down-dip extension to fresh rock rare earths and phosphate mineralisation on the Rare Dyke to 500m below surface.
Commenting on the results, RareX Managing Director, Jeremy Robinson, said: “The wide intercepts continue to come through for Cummins Range and we expect to see a strong flow of news through until January next year now the program is complete.
"Once we have received all assay results, work will commence on what we expect to be a significant resource upgrade in the first quarter of next year.
“The mineralised system is now wider than it is long, with dimensions reaching 750m of strike, a width of 900m wide and extending to a depth of 500m.”
This article includes content from RareX, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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