RareX (ASX:REE) first niobium targets spur Khaleesi expansion
June 11, 2024RareX has uncovered the first target areas at its recently acquired Khaleesi project, exciting enough to up its stake with the acquisition of another 336 square kilometres of territory to add to an already-district scale niobium asset in the Western Australian eastern Yilgarn.
Interpreted historical geophysical data yielded the target areas, including multiple gravity anomalies, and more than 65,000 metres of gold-focused drilling is now being compiled into the REE database for further investigation.
A scant few of those metres were assayed for either rare earth or niobium, but those that were demonstrated a noteworthy enrichment of up to 1000 parts per million niobium.
The new territory covers potential alkaline complexes and makes RareX the bearer of more than 1300 square kilometres of land adjacent to some ridiculous, but undevelopable, rare earth intercepts.
Strikes to the tune of 6 metres at 20.57% total rare earth oxide from within the Queen Victoria Spring Nature Reserve gave a taste of the area’s potential, and RareX is confident in region’s developing niobium lustre.
RareX Chief Executive James Durrant said a growing geological and geophysical understanding had continued to support its growing excitement for the region and an expanded tenement package.
“Drill targets are emerging, and we are looking forward to re-assay some of the historical gold-focused drilling for niobium and rare earths mineralisation,” he said.
“We have also begun working with Central Desert Native Title Services, as the native title service provider for the Upurli Upurli Nguratja Aboriginal Corporation and look forward to securing an agreement to manage native title heritage over the Khaleesi Project area.”
The vast bulk of global niobium production comes from just a few sources, and while the reserves from a monstrous Brazilian deposit have been estimated to fill demand for some time, pressing needs of supply chain diversity makes the hunt for new quarry a lucrative one.
WA1 Resources (ASX:WA1) turned from a small fry to a $1 billion market capped company based off its discovery at West Arunta, and RareX saw its own opportunity lying in the eastern Yilgarn.
Drilling at Khaleesi is not planned until the new year, but RareX will take the rest of 2024 to prepare for 10,000 metres of it as it takes a fully owned, engineering-stage rare earth asset at Cummins Range through offtake and approvals.
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