THE DRILL SERGEANT: RareX Limited (ASX: REE) reported a substantial resource upgrade for the company’s 100 per cent-owned Cummins Range rare earths project in the Kimberley region of Western Australia.
RareX has grown the Cummins Range Mineral Resource in size and quality as a result of drilling programs completed last year, firmly establishing the deposit as a high-quality development opportunity in a Tier-1 mining jurisdiction.
The new estimate includes a 47 per cent increase in overall tonnes to 18.8 million tonnes at 1.15 per cent total rare earth oxides (TREO), including 0.23 per cent neodymium-praseodymium (NdPr) and 0.14 per cent niobium pentoxide (Nb2O5).
High-grade tonnes improved to 6.5 million tonnes at 1.98 per cent TREO, including 0.38 per cent NdPr and 0.21 per cent Nb2O5.
The estimate includes a maiden Indicated Resource of 11.1 million tonnes at 1.3 per cent TREO, including 0.27 per cent NdPr and 0.17 per cent Nb2O5.
“Achieving a resource upgrade of this magnitude is a fantastic result which reflects the great work undertaken by the RareX technical team over the past year,” RareX managing director Jeremy Robinson said in the company’s ASX announcement.
“The resource has increased in grade and scale, and now clearly sits at the forefront of rare earth development projects on the ASX.
“Apart from the overall 47 per cent increase in tonnage, we have also posted a sizeable increase in high-grade tonnes and a very significant maiden Indicated Resource of 11.1 million tonnes, which will be available for conversion to ore reserves as part of upcoming economic studies.
“Importantly, we believe that there is enormous scope to grow the resource further, both in overall size and grade.
“We have seen some very encouraging indications from the recent expansionary drilling and we are really looking forward to seeing what the upcoming diamond drilling will reveal.”
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