Diversified explorer RareX (ASX: REE) has identified “numerous” targets on its wholly-owned Byro East project in Western Australia that highlight the potential for nickel-copper-platinum group element (PGE) discoveries similar to the nearby Julimar discovery.
According to the company, a recent review of geological data has highlighted the presence of ultramafic intrusions within the Narryer Gneiss Complex including extensions of the enigmatic Milly Milly intrusion.
Ground originally pegged for rare earths potential
The Byro East project, pegged in February, was initially sought after by RareX as the tenure contains “some of the highest and most consistent rare earth element geochemical anomalies” in Western Australia.
However, the Julimar discovery has renewed interest for nickel-copper-PGE exploration in the area with companies applying for tenure surrounding RareX’s ground including Chalice, Buxton Resources (ASX: BUX) and other private companies.
RareX said “at least one” nickel-copper-PGE gossan noted as being present on its tenure requires follow-up.
“Most of the exploration has been conducted on the Milly Milly intrusion because of its size and affinities to the very large Jinchuan deposit in China, meaning that much of the Eastern and Brockman corridor has been overlooked,” the company said.
“RareX has now begun collating all previous exploration data and reprocessing historical geophysical data ahead of the ground being granted in the coming months, with ground-based exploration expected to follow on from Cummins Range and Weld North later this year,” it added.
Although primarily focused on rare earths, RareX diversified into copper-gold exploration via a 35% stake in the Trundle project in New South Wales’ Lachlan Fold Belt. It also recently gained 100% control of another Lachlan Fold Belt project, the Orange East gold deposit.
Byro East is located in the Western Gneiss Terrane, about 300km northwest of Geraldton, WA.
RareX’s other WA assets, Cummins Range and Weld North, are both rare earths projects.