First tests confirm high grade rare earth and niobium primary mineralization in the Cummins range


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RareX Limited (ASX: REE; RareX or the Company) is pleased to announce the first diamond drill trials targeting high grade primary mineralization from its 100% owned Cummins Range rare earth project in the Kimberley region of Western Australia with a mineral resource of 18.8Mt at 1.15% TREO + 0.14% Nb2O5 (Indicated Resource of 11.1Mt at 1.34%…

RareX Limited (ASX: REE; RareX or the Company) is pleased to announce the first diamond drill trials targeting high grade primary mineralization from its 100% owned Cummins Range rare earth project in the Kimberley region of Western Australia with a mineral resource of 18.8 Mt at 1.15% TREO + 0.14% Nb2O5 (Indicated resource of 11.1 Mt at 1.34% TREO + 0.17% Nb2O5; Inferred resource of 7.7 Mt at 0.88% TREO + 0.11% Nb2O5 (cutoff threshold TREO 0.5%)) including high grade tonnes at 6.5Mt at 1.98% TREO (including 0.38% NdPr) + 0.21% Nb2O5.


STRONG POINTS

  • Significant primary mineralization confirmed in diamond drill hole CDX007, which returned an exceptional intersection of:
    • 34.6 m at 1.3% TREO and 0.4% Nb2O5, including 3.6 m at 2.5% TREO and 0.7% Nb2O5 in an overall zone of 61.4 m at 1% TREO and 0, 3% Nb2O5
  • Reverse circulation (RC) drill hole CRX0066 intersected two large breccia zones with significant rare earth mineralization, returning an intersection of:
    • 40m at 1.8% TREO and 0.3% Nb2O5, including 13m at 3.1% TREO and 0.4% Nb2O5
  • Below this area was another large area comprising:
    • 31m at 1.4% TREO and 0.4% Nb2O5, including 3m at 3.3% TREO and 0.3% Nb2O5
  • Attractive economic drivers in the primary zone
    • The neodymium-praseodymium (LoN) ratio in the primary zone is the same as in the weathered zone and reaches up to 24% LoN comparable to the Mt Weld deposit also in Western Australia
    • The niobium grade of 0.4% Nb2O5 is double the current resource grade and comparable to other known deposits such as the Niobec mine in Quebec, Canada
  • A deeper hole, CDX0016, intersected several stacked lenses, all of which contained massive to scattered rare earths like monazite
  • Further scans are expected to take place over the next two months

These very encouraging initial assays, coupled with other visual results from recent drilling, provide further solid evidence that there is a substantial high grade primary mineralized zone at Cummins Range with significant potential to expand current mineral resources.

All reverse circulation (RC) drill assays were also received, as well as part of the assays for diamond hole CDX0007. The rest of the analyzes are expected to be received over the next two months.

Hole CDX0007, shown in Figure 1, is the first diamond drill hole analyzed at Cummins Range in 40 years and was drilled in an area where a displacement fault had been interpreted. This interpretation is now supported by the hole intersecting a 77 m wide breccia zone which graded 61.4 m at 1% TREO and 0.3% Nb2O5.

The lower 34.6 m of this breach are in fresh rock with common disseminations of monazite grading 34.6 m at 1.3% TREO and 0.4% Nb2O5, of which 3.6 m at 2.5% TREO and 0.7% Nb2O5.

RareX’s opinion is that this provides clear evidence that the Primary Zone may contain significant high grade mineralization, opening up substantial growth opportunities for the Cummins Range project deep below the weathered zone.

Drill hole RC CRX0066 was completed 90 m northeast of CDX0007 and intersected two large breccia zones with significant rare earth mineralization, the first of which comprises 40 m at 1.8% TREO and 0.3% Nb2O5 , of which 13 m at 3.1% TREO and 0.4% Nb2O5.

Below this zone was another 31 m zone at 1.4% TREO and 0.3% Nb2O5, of which 3 m at 3.3% TREO and 0.3% Nb2O5. These intersections are considered to be of true width. Geological understanding of this area is a high priority for RareX and three additional diamond drill holes have been drilled with pending assays.

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