THE DRILL SERGEANT: RareX Limited (ASX: REE) declared it has confirmed the presence of the critical mineral niobium in large concentrations within high-grade Rare Earth Element (REE) intercepts it recently announced from the company’s 100 per cent-owned Cummins Range rare earths project in the Kimberley region of Western Australia.
RareX reported it has now received the full suite of elements from the first batch of assays from a recent in-fill and extensional drilling program, which returned exceptional thick, high-grade results.
Assays from the first three Reverse Circulation (RC) holes have returned results above the resource grade, including substantial widths and grades in both CRX0002 and CRX0003.
41 metres at 4 per cent total rare earth oxide (TREO) and 0.21 per cent niobium from 29m down-hole, including 29m at 5.2 per cent TREO and 0.25 per cent niobium from 29m including 3m at 13.9 per cent TREO and 0.25 per cent niobium from 30m;
12m at 1.7 per cent TREO + 0.25 per cent niobium from 3m down-hole including 3m at 4.8 per cent TREO and 0.57 per cent niobium; and
10m at 1.3 per cent TREO and 0.14 per cent niobium from 79m down-hole including 6m at 1.7 per cent TREO and 0.18 per cent niobium.
36m at 4.6 per cent TREO and 0.32 per cent niobium from surface, including: – 3m at 25.1 per cent TREO and 0.45 per cent niobium from 15m down-hole;
11m at 1.8 per cent TREO and 0.19 per cent niobium from 50m down-hole including 2m at 6.8 per cent TREO; and
5m at 1.3 per cent TREO from 86m down-hole including 1m at 4.1 per cent TREO.
“With niobium trading fairly consistently at about US$40 per kilogram for much of the last decade, compared to an expected rare earth oxide price of US$15/kg, this could represent a significant by-product for the project,” RareX managing director Jeremy Robinson said in the company’s announcement to the Australian Securities Exchange.
“Niobium is one of the 35 critical minerals identified by both the US and Australian governments as a mineral of strategic weakness due to their concentrated supply source – Brazil in the case of niobium.”