RareX Drilling Discovers Vast Phosphate and REE System

The already attractive economics of RareX’s Cummins Range project could be further improved after drilling defined a vast emerging phosphate and rare earth system.

This follows the first diamond hole of the company’s 2022 growth drill program, which returned an impressive 384.4m thick intersection grading 4% phosphate and 0.3% earth oxides Total Rare (TREO) with a high-grade REE zone of 11.6 m at 1.9% TREO.

Additionally, reverse circulation drilling at the Phos Dyke yielded assays such as 153m at 11% phosphate and 0.4% TREO (CRX0081) and 46m at 1.1% TREO and 15% phosphate in a wider phosphate interception of 108m at 10% phosphate (CRX0074).

RareX (ASX:REE) believes that multiple intersections over 100m wide have the potential to significantly expand both rare earths and phosphate components of the Cummins Range deposit, which currently has a resource of 18.8 Mt at 1.15% TREO and 10% phosphate.

“Our deeper drilling has shown that carbonatite pipes are very large mineralization systems capable of hosting millions of tonnes of rare earth oxides and top-grade rock phosphate,” said managing director Jeremy Robinson.

“The phosphate mineralization at Phos Dyke shows up as a very large body of phoscorite, with the rare earth-rich carbonatite veins reported in this release and in our latest announcement proving to be an added bonus.”

Assays are pending from diamond holes to the southeast, which are closer to the center of the system.

A Scoping study for the Cummins range described the net present value and internal rate of return – two measures of a project’s profitability – as $633 million and 29% respectively.

Thick phosphate system

The broad phosphate and rare earth zone is centered around the 80m wide rare dyke, which together with the hangerwall/toewall positions has abundant coarse apatite disseminations with 26 monazite mineralized zones /bastnasite.

The strongest mineralized zone of 11.6 m at 1.9% TREO and 7% phosphate is located at the hanging wall contact of the Rare Dyke.

All completed up-dip drill holes were stopped in strong phosphate mineralization, with the footwall position of the Rare Dyke remaining wide open.

At Phos Dyke, an additional rare earth domain is also emerging to the north with the widest intersections being 46m at 1.1% TREO, including 1m at 8.2% TREO in hole CRX0075.

This article was developed in conjunction with RareX, a Stockhead advertiser at the time of publication.

This article does not constitute advice on financial products. You should consider obtaining independent advice before making any financial decisions.

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