RareX moves closer to Khaleesi drilling with finalisation of new access agreement

Rare earths explorer and developer RareX (ASX: REE) is set to undertake a major exploration campaign at its Khaleesi project in Western Australia after finalising a critical access agreement.

RareX and Deep Yellow (ASX: DYL) subsidiary Narnoo Mining have agreed upon an operational plan to conduct activities around the Mulga Rock uranium project and Narnoo’s miscellaneous licences that overlap with RareX’s permits in the region.

The company says the agreement has removed the last hurdle to the granting of its E39/2410 and E39/2415 licences.

Mulga Rock project

Access to the RareX licences had been impacted by their proximity to Mulga Rock, one of only four projects in WA to receive state ministerial approval to proceed with uranium mining.

Mulga Rock is currently considered the only one of those four likely to be developed in the near future.

RareX subsidiary RareXploration is in ongoing discussions with Narnoo regarding a separate access agreement for the recently staked E39/2494 area.

Additional licences granted

RareX has received further good news regarding Khaleesi with the WA government granting the company licences E39/2495 and E39/2496, enabling it to accelerate exploration of the area.

Spanning over 1,000 square kilometres, Khaleesi is a significant rare earth, niobium, base and precious metals exploration venture located approximately 290km north-east of Kalgoorlie.

While historical drilling identified gold and copper at the site, RareX believes it missed key geophysical targets and is now wrapping up preparations for a high-impact, fully optimised drilling program ahead of mobilisation mid-year.

Access requirements

As part of its planning, RareX’s exploration team has recently conducted reconnaissance regarding access requirements for heritage and flora survey programs, targeted for execution in late February 2025 and March respectively.

Upon completion, the company intends to submit a final program of work to the Department of Energy, Mines, Industry Regulation and Safety in WA for assessment and approval of the planned exploration activities.

Meanwhile, the company has reinterpreted extensive gravity and magnetics data and is currently finalising new drill targets.