BBX Minerals makes second rare earths discovery in Apui region

BBX Minerals (ASX: BBX) has made a new rare earth elements (REE) discovery across three new tenements in the Apui region of Brazil.

Initial reconnaissance soil sampling has revealed significant total rare earth oxide (TREO) values within the landholding, nearby to the Ema project where the company last month announced further positive REE assays.

The samples were collected at a depth of one metre across a total tested area of 92.39 square kilometres.

BBX reported 52 out of 53 samples with TREO ceric oxide above 200 parts per million and an average value of 555ppm.

Best results were 569ppm TREO average in 32 samples, with a maximum of 1000ppm (at Target 1); 576ppm TREO average in 11 samples, with a maximum of 920ppm (Target 2); and 503ppm TREO average in 10 samples, with a maximum of 710ppm (Target 3).

The obtained values demonstrate compatibility with near-surface TREO content found in the lateritic cap of other analogous ionic REE (iREE) deposits in Brazil as well as the Makuutu deposit in Uganda (currently 65% owned by Ionic Rare Earths, ASX: IXR).

Such deposits are amenable to low-cost mining and metallurgical processes.

Geochemical signature

The geochemical signature of the new samples — formed on top of a regolith primarily composed of sediments — is believed to exhibit notable differences from that observed at Ema, which has been developed over a predominantly-rhyolite protolith.

Rhyolite-associated deposits typically exhibit a higher proportion of praseodymium and neodymium.

BBX has initiated a program of broad-spaced auger drilling to obtain a more detailed understanding of the REE profile and potential enrichment within the weathered zone as well as the areal extent of mineralisation.

Second discovery

Chief executive officer Andre J Douchane said the company was pleased to be able to report a second discovery at Apui.

“This discovery expands our exploration area and leverages the existing logistics and resources surrounding the Ema discoveries,” he said.

“These projects can efficiently share management, sample preparation facilities, equipment and camp costs which will enhance our operational effectiveness… we are looking forward to the auger results with anticipation that the iREE will increase with depth as is typical with this style of mineralisation.”

Mr Douchane said the existing tenements and surrounding areas within the Apui region provide potential for further low-cost exploration opportunities to add to the company’s platinum group metals resource at the Três Estados project.