Heavy Rare Earths Limited - June 2024 Quarterly Activities Report
HRE (HRE) Share Update July 2024 Sunday 28th
Heavy Rare Earths Limited Reports Positive Developments in Cowalinya Project
Heavy Rare Earths Limited (ASX:HRE) has released its June 2024 quarterly activities report, highlighting promising advancements in their Cowalinya rare earth project and ongoing exploration efforts.
Instant Summary:
- Cowalinya project shows potential for mixed rare earth carbonate (MREC) production.
- 51.8% TREO MREC sample produced with 31.2% magnet rare earths.
- Ongoing review of critical mineral project acquisition opportunities.
Cowalinya Rare Earth Project
The Cowalinya project, located in Western Australia, is 100% owned by Heavy Rare Earths Limited and consists of three granted exploration licenses. The project boasts an Inferred Mineral Resource of 159 million tonnes at 870 ppm TREO, with significant potential for expansion.
During the quarter, HRE developed a downstream process flowsheet to produce mixed rare earth carbonate (MREC). A 1 kg blend of screened undersize leach feed was prepared, resulting in a high-grade MREC sample containing 51.8% TREO, including 31.2% magnet rare earths such as Pr, Nd, Tb, and Dy.
Metallurgical Program
HRE collected material from 167 drill holes to create a 3-tonne bulk sample for further metallurgical testing. The bulk sample is expected to grade around 900 ppm TREO, aiming to optimize magnet rare earth recovery and reagent use. The goal is to produce an MREC product acceptable to commercial separation plants.
Subject to the success of this program, HRE plans to engage with downstream rare earth supply chain organizations to establish marketability and explore collaboration opportunities.
Perenjori Uranium-Rare Earth Project
HRE's Perenjori project, located in Western Australia, shows potential for ion adsorption-type rare earths and calcrete-type uranium. Initial exploration results include passive seismic surveys and soil sampling, with encouraging uranium values up to 138 ppm.
HRE has applied for an additional exploration license to cover the eastern extent of the Gingaba Well airborne radiometric anomaly. Further soil sampling and potential drilling are planned for 2024 to detect buried uranium mineralization.
The positive developments in the Cowalinya project, particularly the successful production of high-grade MREC, are likely to boost investor confidence in Heavy Rare Earths Limited. The ongoing exploration and potential expansion of resources could positively impact the company's stock price and attract new investments.
Investor Reaction:
Analysts and investors have responded positively to the advancements in the Cowalinya project. The successful production of high-grade MREC and the potential for further resource expansion are seen as significant milestones for the company.
Conclusion:
Investors should keep an eye on Heavy Rare Earths Limited's progress in their Cowalinya and Perenjori projects. The company's strategic efforts in developing downstream processes and exploring new opportunities in critical minerals could yield substantial long-term benefits.