Substantial New Body Of Rare Earth Mineralisation Confirmed At Cowalinya

Heavy Rare Earths Limited (“HRE” or “the Company”) is pleased to report assays from another 51 air core holes from its recently completed 438-hole rare earth exploration and resource expansion drilling program at its 100 per cent-owned Cowalinya project on E63/1972 in the Norseman-Esperance region of Western Australia.

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• Assays received for additional 51 holes from HRE’s rare earth exploration and resource expansion drilling program at Cowalinya
• Thickest mineralised intercept at Cowalinya to date – 42 metres @ 790 ppm TREO from 12 metres in hole AC226 – within a substantial new Western Zone of rare earth mineralisation
• Drill intersections from the Western Zone include:
  • AC225: 19 metres @ 3190 ppm TREO (32.5% magnet REOs) from 16 metres
    
    • including 8 metres @ 5382 ppm TREO from 24 metres
  • AC279: 10 metres @ 1580 ppm TREO (27.4% magnet REOs) from 29 metres
    
    • including 4 metres @ 2486 ppm TREO from 31 metres
  • AC275: 18 metres @ 1344 ppm TREO (22.2% magnet REOs) from 19 metres
    
    • including 2 metres @ 3492 ppm TREO from 19 metres
    • including 4 metres @ 1936 ppm TREO from 27 metres
  • AC302: 12 metres @ 1207 ppm TREO (23.8% magnet REOs) from 18 metres
    
    • including 2 metres @ 3455 ppm TREO from 26 metres
  • AC274: 26 metres @ 1133 ppm TREO (25.7% magnet REOs) from 14 metres
    
    • including 10 metres @ 1559 ppm TREO from 16 metres
  • AC226: 42 metres @ 790 ppm TREO (25.4% magnet REOs) from 12 metres
    
    • including 6 metres @ 1795 ppm TREO from 26 metres

On reviewing the results, HRE Executive Director Richard Brescianini commented, “The assays being reported today are the most significant of the program to date. We are now seeing solid evidence of a new and substantial body of rare earth mineralisation in saprolite to the west of our Cowalinya South resource. This Western Zone is consistently thicker and appears to have better grade characteristics than Cowalinya South. It is unconstrained in its lateral extent.

“In the coming weeks, we will report assays from another 107 holes to the west and south- west of Cowalinya South which have the potential to expand this exciting new discovery. I am confident this will be the foundation of an updated resource for the project which I anticipate will be estimated by mid-year.”

Assays of saprolite in the 9 km² area immediately west of the Cowalinya South resource¹ continue to return thick developments of rare earth mineralisation featuring a higher average grade (784 ppm TREO) and width (11.9 metres) compared with the existing resource, including consistently enhanced concentrations of the important magnet rare earths. Within this zone are numerous shallow high-grade intervals that are summarised in Table 1, including:

8 metres @ 5382 ppm TREO from 24 metres depth in hole AC225 (within 19 metres @ 3190 ppm TREO from 16 metres)

4 metres @ 4266 ppm TREO from 17 metres in hole AC221 (within 10 metres @ 2087 ppm TREO from 17 metres).

This large new Western Zone of rare earths is now apparent in a systematic drill pattern up to 4.3 kilometres west of the existing resource along five adjacent 400-metre-spaced drill lines between 6358200N and 6359800N (Figure 1). Subject to confirmatory assays from a number of holes west of AC233, AC289, AC218 and AC201, this zone could also extend westwards into HRE’s recently acquired E63/2144 tenement.

Cross sections along two of these five drill lines are shown in Figures 2 and 3. Section A-B along 6359400N now contains complete assays for holes AC225 and AC226 in which mineralisation previously remained open at depth (refer to ASX announcement 31 January 2023). Rare earth mineralisation has now been shown to continue uninterrupted to bedrock in both holes, with AC226 assaying 42 metres @ 790 ppm TREO from 12 metres depth, the thickest mineralised intercept drilled at Cowalinya to date.

Assays for the program’s remaining 246 holes, including from the central and northern parts of the tenement for which none have been received, will be reported by the Company in the period ahead.

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