RareX Limited Unveils Promising Heavy Rare Earth Potential at Mt Mansbridge
RAREX LIMITED (REE) Share Update September 2024 Tuesday 17th
RareX Reveals Promising Heavy Rare Earth Potential at Mt Mansbridge
RareX Limited (ASX:REE) has announced a significant update on its 100% owned Mt Mansbridge Project, highlighting the discovery of substantial heavy rare earth potential.
Instant Summary:
- Assessment of Mt Mansbridge Project reveals significant heavy rare earth potential.
- Project comprises one granted tenement and two pending applications.
- Historical pit samples show up to 6% yttrium at the Sigma prospect.
- Sparse drilling confirmed hydrothermal xenotime mineralisation with 4m at 0.48% TREO.
- Upcoming field program prioritised due to 2km long untested heavy rare earths soil anomaly.
Project Overview
The Mt Mansbridge Project, part of RareX's portfolio, has shown significant potential for heavy rare earth elements (HRE) following a detailed reassessment of data and completion of heritage agreements with the Tjurabalan native title holders.
The project consists of one granted tenement and two pending applications, which are expected to be granted soon. The reassessment was driven by similarities to the Browns Range Heavy Rare Earths Project and access to the Killi Killi Formation.
Key Findings
Historical data from the Sigma prospect within the project area has revealed outcropping xenotime mineralisation, with pit samples showing up to 6% yttrium, a proxy element for heavy rare earths. Sparse drilling has confirmed hydrothermal xenotime mineralisation, with notable intercepts including 4m at 0.48% TREO and 1m at 1.06% TREO.
The project also features a 2km long untested heavy rare earths soil anomaly on an unconformity, which has been prioritised for the upcoming field program.
Geological Context
The Mt Mansbridge Project is located 40km from the Browns Range heavy rare earths deposits in the Kimberley region of Northern Australia. The geological setting is similar to Browns Range, with the presence of hydrothermal xenotime (dysprosium-terbium mineral) mineralisation within a larger HRE soils anomaly.
The Killi Killi Formation, central to the project, has an unconformity contact with the Pargee Sandstone to the north and the Marraba Basin to the south. The area has been previously explored for uranium and gold, with recent focus shifting to rare earths exploration.
Future Exploration
Given the promising findings, RareX plans to commence exploration in the coming months. The upcoming field program will focus on testing the hydrothermal xenotime veining and unconformity targets, with the aim of uncovering a high-value dysprosium-terbium deposit.
The discovery of significant heavy rare earth potential at Mt Mansbridge is likely to positively impact RareX's stock. The confirmation of hydrothermal xenotime mineralisation and the prioritisation of the project for further exploration suggest substantial upside potential. This could attract investor interest and boost the company's valuation.
Investor Reaction:
Analysts are expected to react positively to the announcement, given the high value of heavy rare earth elements like dysprosium and terbium. The geological similarities to the successful Browns Range project and the strategic prioritisation of Mt Mansbridge add to the project's attractiveness.
Conclusion:
Investors should keep an eye on RareX's upcoming exploration activities at Mt Mansbridge. The potential for discovering a high-value heavy rare earth deposit could significantly enhance the company's portfolio and market position. Stay tuned for further updates as the field program progresses.