RareX returns thick, high-grade drilling results at Cummins Range rare earths project
RareX (ASX: REE) has announced the first batch of assays from an infill and extensional drilling program at its Cummins Range rare earths project in Western Australia, reporting “exceptional” thick, high-grade results.
According to the company, assays from the first three reverse circulation (RC) holes returned results “significantly above the resource grade” including “spectacular” widths and grades in two of the drill holes.
The holes intersected significant shallow zones of mineralisation including 41m at 4% total rare earth oxides (TREO) from 29m and 36m at 4.6% TREO from surface, including an ultra-high-grade zone of 3m at 25.1% TREO.
Firming up the resource
RareX executive director Jeremy Robinson said the company could not have wished for a better start to its exploration campaign at Cummins Range.
The recent infill drilling program was designed to firstly, firm up the Cummins Range resource from inferred to indicated category and secondly, better define a higher-grade portion of the resource. The current inferred resource for the project is 13 million tonnes at 1.13% TREO.
“These first three holes have already gone a long way towards achieving these first two objectives, with the width and grade of the intercepts significantly exceeding our expectations,” Mr Robinson said.
“This drill program represents a major step forward in terms of adding value to the Cummins Range project and putting it on a clear trajectory towards development,” he added.
Silver also detected
In today’s announcement, RareX said appreciable silver was also detected in some of the assays and favourable geology for other precious metals was encountered during the program.
As a result, additional assaying for gold and platinum group elements (PGE) will also be undertaken, the company reported.
More results to come
These initial assays are part of a total 6,143m of drilling completed recently and results are expected for the remainder of the holes over the next month.
As well as rare earths, assays will now be reported for niobium and phosphate given the nature of the carbonatite, with both niobium and phosphate presenting possible by-products streams for the rare earths project.
While RareX is mainly focused on rare earths, the diversified explorer also has interests in copper and gold projects in Victoria.
Earlier this month, it also announced numerous nickel-copper-PGE targets within its wholly-owned Byro East project in Western Australia – ground that was originally pegged for its rare earth potential.