RareX

December 2022 Quarterly Report

Australian sustainable rare earths company, RareX Limited (ASX: REE) (RareX or the Company), is pleased to provide its quarterly activities and cash flow reports for the quarter ended 31 December 2022.


Highlights

  • Outstanding results from 2022 growth drilling program confirm significance of Cummins Range deposit as an extensive mineral system with both rare earths and phosphate mineralisation.
  • Mineralisation now confirmed over a strike extent of 600m with results received from the outermost holes.
  • Drilling points to a significant step-up in scale from the 2022 Scoping Study, with an updated Mineral Resource Estimate (MRE) on track for later this quarter.
  • Preliminary metallurgical testwork delivers a premium phosphate concentrate from Cummins Range with results highlighting the potential to produce a valuable co-product used in phosphate fertilisers:
    • Greater than 39% P2O5 phosphate mineral concentrates produced with excellent recovery.
    • Conventional phosphate flotation circuits tested, supporting a simple and proven beneficiation flowsheet for phosphate mineral recovery.
  • Preliminary metallurgical testwork shows promising ore sorting performance with a high REE recovery to Ore Sort Product and good mass rejection:
    • Primary flotation testwork now underway both in Australia and with world experts, Baotou Mengrong Fine Material Co. Ltd.
  • Binding MOU signed with Ord River District Co-Operative to progress commercial off-take and product development opportunities for phosphate products.
  • Cash and investments of $6.7m (including recently announced R&D claim).
  • Drilling recommenced at Trundle Project in NSW (35% Free carried).
  • 28% shareholding in Cosmos Exploration Limited (ASX: C1X), which has established an exceptional portfolio comprising lithium (James Bay region, Canada), gold (Lachlan Fold Belt, NSW) and nickel-copper- PGE (Narryer Terrane, WA).
Management Comment

RareX Managing Director, Jeremy Robinson, said: “The December Quarter saw the completion of our highly successful 2022 growth drilling program, which has laid the foundations for what we expect to be a transformational period for RareX. The drilling has confirmed a substantial increase in the Project’s scale as a bulk-tonnage rare earths-phosphate deposit.

“With a major resource upgrade now on track for later this quarter, we expect this to underpin the Pre- Feasibility Study that will define the commercial parameters of a project potentially capable of producing a combined monazite-apatite (rare earths-phosphate concentrate), putting it in rarefied space as a resource development play on the ASX.”


Click here for the full ASX Release

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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