- Rare earths explorer RareX (REE) has posted final assay results from its maiden Cummins Range Rare Earths Project in the Kimberley Region of West Australia
- Drilling was undertaken with hopes of hitting a high-grade component and upgrading the company’s current inferred resources
- Results confirm depth extensions of previously reported wide mineralised zones
- These include two drilling extensions, yielding two metres at 20.6 per cent total rare earth oxides and 0.1 per cent niobium pentoxide and six metres at 5.6 per cent total rare earth oxides and 0.5 per cent niobium pentoxide
- Investors will have to wait until early 2021 to see whether these results will increase the project’s mineral resources
- A company spokesperson said these findings, combined with previous intercepts, gives the company confidence in a potential upgrade
- RareX shares have taken a hit following the announcement, trading 8.70 per cent down at 10.5 cents each
Rare earths explorer RareX (REE) has posted final assay results from its maiden Cummins Range Rare Earths Project in the Kimberley Region of West Australia.
Drilling was undertaken with hopes of hitting a high-grade component and upgrading the company’s current inferred resources.
Results confirm the depth extensions of previously reported wide mineralised zones.
Key findings from a 47-metre depth yielded 3.1 per cent total rare earth oxides (TREO) and 0.1 per cent niobium pentoxide (Nb2O5) including 18 metres at 4.5 per cent TREO and 0.1 per cent Nb2O5 including two metres at 20.6 per cent TREO and 0.1 per cent Nb2O5.
A separate 66-metre extension at 1.8 per cent TREO and 0.3 per cent Nb2O5 notably included six meters at 5.6 per cent TREO and 0.5 per cent Nb2O5 and four metres at 4.0 per cent TREO and 0.6 per cent Nb2O5.
Investors will have to wait until early 2021 to see whether these results will increase the project’s mineral resources.
A company spokesperson said these findings, combined with previous intercepts, gives the company confidence in a potential upgrade.
All assays have now been received for rare earths and associated elements, with selected key intervals to be reported January 2021 alongside results of recently completed drilling at Weld North.
Rarex shares have taken a hit following the announcement, trading 8.70 per cent, trading at 10.5 cents each at 12:03 AEDT.
www.themarketherald.com.au
