September 2022 Quarterly Activities Report And Appendix 5B

Heavy Rare Earths Limited (“HRE” or “the Company”) is pleased to announce its September 2022 quarterly activities report for the first quarter since listing on the Australian Securities Exchange (ASX).

• Commenced trading on ASX late-August 2022
• Commenced re-assay of samples from maiden drill program at Cowalinya with results reported post the end of the quarter
• Commenced metallurgical program during the quarter building on previous encouraging acid leach sighter test work
• Commenced resource exploration and expansion drilling program at Cowalinya during the quarter
• Well funded to progress with company objectives and exploration activities

HRE’s key exploration project is Cowalinya in the Norseman-Esperance region of Western Australia. This is a clay-hosted rare earth project with a JORC Inferred Resource of 28Mt @ 625 ppm TREO1 and a desirable rare earth composition where 25% are the valuable magnet rare earths and 23% the strategic heavy rare earths.

ASX Listing

On 22 August 2022, the Company’s securities were admitted to the official list on the ASX and commenced trading on 24 August 2022. The Company raised $6 million and issued 30 million shares at an offer price of $0.20 per share to institutional and retail investors.

Cowalinya Rare Earth Project, Western Australia

Analytical (Re-Assay) Program

During the quarter the Company announced that 729 two-metre composites from 102 of the 109 air core holes drilled at Cowalinya in 2021 had been delivered to LabWest Minerals Analysis (“LabWest”) in Perth for re-assay by Lithium Borate Fusion/ICP-MS.

The results of the re-assay of these two-metre composites were released subsequent to the end of the quarter.

Click here for the full ASX Release

This article includes content from Heavy Rare Earths, 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.