Wednesday 26 June 2024

RareX Limited (ASX:REE) acquires niobium-rare earth project

RareX Limited (ASX:REE) acquires a large, district-scale, niobium-rare earth project in the East Yilgarn, 290km east-northeast of Kalgoorlie in Western Australia.

  • Six tenements acquired unconditionally (one granted, five pending), totalling 966km2 over the Albany-Fraser Orogen in the Eastern Yilgarn region:
    • The new Khaleesi Project is located along strike from highly-endowed Ponton Dyke (which has returned some of Australia’s best rare earth intersections), the Cundeelee carbonatite and the world-class Tropicana Gold mine.
  • Half of the holes were not assayed for niobium or rare earths – historical exploration focused on gold:
    • Data from +10,000m of shallow drilling indicates the potential for niobium-enriched carbonatite(s) on the Project, which form part of a wider alkaline intrusion system.
    • Evidence from the 50% of holes assayed for niobium shows broad areas of elevated niobium (up to +1,000ppm).
  • Due diligence conducted on expansive existing data sets including geophysical assessments by independent experts Resource Potential:
    • Detailed gravity and magnetics indicate the discovery of a large 20km diameter alkaline intrusive complex within the Project, with the same age profile as Mt Weld (Lynas) and the Ponton Dyke.
    • Project area is a favourable region for niobium-rare earth-carbonatite intrusions under little to no cover.
  • Rapid exploration program planned targeting areas of elevated niobium within the Project area.

RareX CEO, James Durrant, said: “This acquisition is tremendously exciting for us. The new Khaleesi Project is well endowed with geological data from large-company programmes that were mainly gold-focused and never properly tested or evaluated the extensive niobium anomalies and rare earth potential. Through our due diligence we’ve identified the opportunity for a district-scale niobium project and will immediately commence a highly targeted exploration program.”

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