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RareX (ASX:REE) confirms high rare earth enrichment at Cummins Range Rare Earths Project

The date of: 2020-05-26
viewed: 2

source:The Market Herald

RareX (REE) has confirmed high neodymium-praseodymium (NdPr) enrichment at the Cummins Range Rare Earths Project in the Kimberley region of Western Australia

A review of historical data determined an average NdPr content of 22.1 per cent, which favourably compares to common ranges of between one and 10 per cent

These rare earths are key value drivers for global rare earth deposits which are seeing an increased interest

The company attributes the increased demand in rare earths to geopolitical tensions as a result of COVID-19

To take advantage of the demand, RareX is engaging with downstream refiners and has planned an infill drilling program for the project

RareX is up 7.14 per cent and shares are trading for six cents each

RareX (REE) has confirmed high neodymium-praseodymium (NdPr) enrichment at the Cummins Range Rare Earths Project in the Kimberley region of Western Australia.

The rare earths miner completed a review of historical data from the project which displayed an average NdPr content of 22.1 per cent. It also highlighted ultra-low thorium content at 50 parts per million (ppm) thorium. This result is highly significant, as most monazite derived from mineral sands average between one and 10 per cent.

The NdPr content of the total rare earth oxide (or grade) is consistent with other rare earth deposits, such as Lynas Corporation's Mt Weld. Mt Weld has an NdPr enrichment of 24.7 per cent. Similar to this is Peak Resources' Ngualla Project with a 21.3 per cent enrichment and MP Materials' Mountain Pass with 16.3 per cent.

This review comes at a strategic time, where interest in the rare earth sector has been reignited.

Earlier this month, U.S. Republican Senator Ted Cruz introduced legislation to help revive the rare earths industry with tax breaks for mine developers and manufacturers.

As demand has resumed during COVID-19, prices of NdPr oxides have climbed by approximately 4.2 per cent since mid-April. RareX is counting on this to maintain or continue to climb.

RareX is currently working with its strategic partner, Talaxis Group, to engage downstream processors and refiners for the project.

The Cummins Range Inferred Mineral Resource was reported in October 2019 and has not since been updated. The Inferred Mineral Resource currently stands at 13 million tonnes of total rare earth oxides and yttrium at 11,300ppm or 1.13 per cent.

RareX has planned an infill drilling program at Cummins Range. Once this has been completed, the Mineral Resource model will be updated to include all the rare earth oxide grades individually estimated.

The infill drilling, along with further detailed grade estimation and block modelling, will likely result in an upgraded resource classification.

RareX is up 7.14 per cent and shares are trading for six cents each at 10:28 am AEST.



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