RAREX LIMITED ASX Release | 16 February 2022 |
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MAIDEN EXPLORATION TARGET FOR CUMMINS RANGE PRIMARY ZONE HIGHLIGHTS SIGNIFICANT GROWTH POTENTIAL
Exploration Target encompassing the primary zone demonstrates the potential for Cummins
Range to become a top-3 Australian rare earths deposit
Highlights | |
use | Follows highly successful recent diamond drilling program targeting the primary zone |
• |
• Exploration Target is in additionto the current Indicated and Inferred Mineral Resource1 of 18.8Mt at 1.15% TREO2 + 0.14% Nb2O5
• This zone will be targeted by a major new drilling program commencing early April
RareX Limited (ASX: REE; "RareX" or "the Company") is pleased to announce its maiden Exploration Target for the primary zone within its flagship 100%-owned Cummins Range Rare Earths Project, located in the Kimberley Region of Western Australia.
The Exploration Target, which is in additionto and located below the current Indicated and Inferred Mineral Resource within the Main Rare Earths Zone, comprises 23Mt at 1.6% TREO to 41Mt at 2.4% TREO, as set out below:
personal | Exploration Target - February 2022* | |||||
Lower | Upper | |||||
Tonnes | Grade (TREO) | Tonnes | Grade (TREO) | |||
23Mt | 1.6% | 41Mt | 2.4% | |||
*Additional | ||||||
to Current Indicated and Inferred Resource |
ForThe potential quantity and grade of the Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
The Exploration Target has been developed following the extensive diamond drilling program completed in 2021 which has successfully proven that high-grade rare earths mineralisation extends into the primary, below the weathered zone.
- Indicated 11.1Mt at 1.32% TREO + 0.17% Nb2O5; Inferred 7.7Mt at 0.88% TREO + 0.11% Nb2O5
- TREO = Lanthanide Oxides + Yttrium Oxide + Scandium Oxide
RareX Limited | |
Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 | 1 |
All drill holes below the current Resource into primary units have intersected multiple mineralised zones. Drill intercepts such as 13.8m at 2.7% TREO from hole CDX0016 (ASX: 12 February 2022) have extended
onlyhigh grade mineralisation to 250m below surface.
Mineralisation is open along strike with high grade drill intercepts on the edge of the resource up to 26m at 2.3% TREO from hole CDX0013 (ASX: 18 January 2022). The rare earths content from the 2021 drilling has also been higher than the current Resource grade with an average grade of 2%.
Following the compilation of all diamond drilling in 2021, RareX has used the following the parameters in calculating the Exploration Target:
useThe average grade of the primary mineralisation below the current Resource is 2% TREO and therefore a range of 1.6% and 2.4% is provided around that for uncertainty. RareX notes that the grade is above the 1.15% in its current JORC Resource at the 0.5% cut-off, but is in line with the 1.98% TREO reported grade for the 1.0% cut-off.
personalA majority of the >1% TREO tonnes in the current Resource is sitting within the Main Fault position immediately above the 2021 drilling. The 2021 drilling has extended the high-grade mineralisation from the
Main Fault down dip and has encountered multiple stacked mineralised zones with an average accumulated width of greater than 20m.
RareX Managing Director, Jeremy Robinson, said: "The announcement of this Exploration Target is a really significant milestone for the Cummins Range Project, coming on the back of a very successful year drilling in 2021. This Exploration Target provides investors with clear insights as to the broader potential of the deposit at depth, over and above our current, already substantial Mineral Resource.
"If we are successful in converting a significant portion of this Exploration Target into Mineral Resources, we have a clear pathway to deliver substantial growth in the Cummins Range Project. We believe, based on the information available to us, that the deposit has the potential to be a top-3 Australian rare earths project in terms of contained rare earths. We are very much looking forward to unlocking that potential this year."
RareX are excited to test the exploration target and grow the resource in 2022. A 15,000m diamond drilling program is planned to be completed by the start of the wet season in November. Drilling is scheduled to
commence in 6 weeks. For
RareX Limited | |
Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 | 2 |
r personal use only
Figure 1: VLP showing centre points of Main Fault and Exploration Target looking towards north east
RareX Limited
Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756
3
This announcement has been authorized for release by the Board of RareX Limited.
For further information, please contact:
onlyJeremy Robinson Managing Director Ph: +61 8 6383 6593
Competent Person's Statements
useThe information in this announcement that relates to the Exploration Target is based on and fairly represents information compiled by Mr Guy Moulang, an experienced geologist engaged by RareX Limited. Mr Moulang is a Member of the Australian Institute of Geoscientists and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Moulang consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.
personalThe mineral resource estimate in this announcement were reported by the Company in accordance with listing rule 5.8 on 19 July 2021. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions and technical parameters underpinning the estimates in the previous announcement continue to apply and have not materially changed.
Information in this release that relates to Exploration Results is based on and fairly represents information and supporting documentation reviewed or compiled by Mr Guy Moulang. Mr Moulang consents to the inclusion in this release of the matters based on his information in the form and context in which it appears. The Company confirms that there have been no material changes since the information was first reported in accordance with Listing Rule 5.7.
For
RareX Limited | |
Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 | 4 |
r personal use only
Appendix 1: JORC Code 2012 Edition - Table 1
Cummins Range Section 1 Sampling Techniques and Data | ||||||
Criteria | JORC Code Explanation | |||||
Sampling | Nature and quality of sampling (eg cut channels, random chips, or specific specialised | The exploration target has been generated using drilling results from the 2021 diamond | ||||
techniques | industry standard measurement tools appropriate to the minerals under investigation, | drilling program. A large portion of the upper 100m of the proposed Exploration Target | ||||
such as down hole gamma sondes, or handheld XRF instruments, etc). These examples | area has been tested with 2021 drilling. | |||||
should not be taken as limiting the broad meaning of sampling. | Below are the sampling techniques used in the 2021 drilling program. | |||||
Include reference to measures taken to ensure sample representivity and the | • The Cummins Range Rare Earth deposit has been drill tested with RC drilling | |||||
appropriate calibration of any measurement tools or systems used. | and diamond drilling. | |||||
Aspects of the determination of mineralisation that are Material to the Public Report. | • The RC drill rig used a 5 ½ inch diameter hammer. Each 1m bulk sample was | |||||
In cases where 'industry standard' work has been done this would be relatively simple | collected in a plastic bag. | |||||
(eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was | • Diamond drill sizes used are PQ, HQ and NQ2 | |||||
pulverised to produce a 30 g charge for fire assay'). In other cases more explanation | • Each metre was analysed with a portable XRF, and recovery and geology logs | |||||
may be required, such as where there is coarse gold that has inherent sampling | were completed. | |||||
problems. | Unusual | commodities | or | • Sample interval selection was based on geological controls and mineralisation | ||
mineralisation types (eg submarine nodules) may warrant disclosure of detailed | • Each 1m RC bulk sample was split with a riffle splitter to the appropriate size. | |||||
information. | Samples varied in length from 1m to 4m. | |||||
• Each core sample was cut in half with a brick saw. The half core sample was | ||||||
sent to the laboratory with intervals ranging from 0.3m to 1.3m. | ||||||
• Samples were assayed for 42 elements using either a peroxide fusion with a | ||||||
ICP-OES and ICP-MS finish, or a four acid digest with a ICP-OES and ICP-MS | ||||||
finish | ||||||
Drilling | Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, | • RC and diamond drilling techniques were used. 11 of the diamond drill holes | ||||
Techniques | Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of | were started with an RC precollar ranging from 40-90m depth. Holes were | ||||
diamond tails, face-sampling bit or other type, whether core is oriented and if so, by | then continued with HQ3 or NQ2 diamond core | |||||
what method, etc). | • 5 diamond drill holes were drilled core from surface. | |||||
Drill | Sample | Method of recording and assessing core and chip sample recoveries and results | • Recoveries for all drill holes were recorded for each metre and all drill holes | |||
Recovery | assessed. | recorded greater than 95% recovery. | ||||
Measures taken to maximise sample recovery and ensure representative nature of the | ||||||
samples. | ||||||
Whether a relationship exists between sample recovery and grade and whether sample | ||||||
bias may have occurred due to preferential loss/gain of fine/coarse material. | ||||||
Logging | Whether core and chip samples have been geologically and geotechnically logged to a | • All metres drilled had a geology log completed. Geology logs were aided using | ||||
level of detail to support appropriate Mineral Resource estimation, mining studies and | geochemical analysis from a portable XRF. | |||||
metallurgical studies. | ||||||
RareX Limited | ||||||
Unit 6, 94 Rokeby Road, Subiaco WA 6008 | Ph: 08 6383 6593 ACN: 105 578 756 | 5 |
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Rarex Limited published this content on 15 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 February 2022 23:03:04 UTC.
