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RAREX LIMITED Capital/Financing Update 2022
65681_rns_2022-11-28_d13b4347-44c5-441c-80e1-02d0d63bef5f.pdf
Capital/Financing Update
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Outstanding Wide Rare Earths-Phosphate Intercepts Pave Way for Pivotal Resource Upgrade at Cummins Range in Early 2023
Highlights
- Assays received for two new diamond drill-holes completed as part of the 2022 drilling program at the Cummins Range Rare Earths and Phosphate Project, WA.
- CDX0023 intersected 373m at 0.3% TREO, 4% P2O5 from 14m:
- o Including a cumulative 51.7m at 1.3% TREO, which includes:
- 8m @ 1.4% TREO & 3% P2O5from 131m; and
- 5.3m @ 1.8% TREO & 3% P2O5from 297m; and
- 8.85m @ 1% TREO & 6% P2O5from 325.3m; and
- 4.45m @ 1.8% TREO & 5% P2O5from 347.8m
- o Including a cumulative 51.7m at 1.3% TREO, which includes:
- CDX0024 intersected 264.3m at 0.4% TREO 4% P2O5 from 150m:
- o Including a cumulative 71m at 1.1% TREO, which includes:
- 27.7m at 1% TREO and 3% P2O5;
- 5.2m at 1% TREO and 4% P2O5; and
- 5.85m at 2.1% TREO and 4% P2O5
- o Including a cumulative 71m at 1.1% TREO, which includes:
- Results to contribute towards key Mineral Resource Upgrade due next quarter
- Assay results awaited for 49 holes and expected to be received over the coming months
Australian sustainable rare earths company, RareX Limited (ASX: REE) (RareX or the Company), is pleased to report results from a further two diamond drill-holes completed as part of the 2022 drilling program at its 100%-owned Cummins Range Rare Earths and Phosphate Project in the Kimberley region of Western Australia.
The holes, CDX0023 and CDX0024, returned exceptional wide intercepts of significant rare earths and phosphate mineralisation, confirming the significant scale and potential of the mineralised system at Cummins Range.
The results will contribute to a resource upgrade scheduled for Q1 2023.
Drilling has now stopped for the wet season, with a total of 16,000m of reverse circulation (RC) and diamond drilling completed in 2022.
For more information, Investors: Jeremy Robinson, Managing Director P +61 (0) 8 6383 6593 please contact: Media: Nicholas Read, Read Corporate P +61 (0) 8 9388 1474
RareX Limited RareX HQ P +61 (0) 8 6383 6593 RareX Limited (ASX:REE) ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected]
Australia rarex.com.au
RC drilling focused on the shallow Phos Dyke phosphate and rare earths mineralisation, including a northeast fence line (CRX0076-CRX0079) with consistent visual apatite, confirmed by XRF.
Diamond drilling tested the down-dip extension to fresh rock rare earths and phosphate mineralisation on the Rare Dyke to 500m below surface.
Commenting on the results, RareX Managing Director, Jeremy Robinson, said: "The wide intercepts continue to come through for Cummins Range and we expect to see a strong flow of news through until January next year now the program is complete.
"Once we have received all assay results, work will commence on what we expect to be a significant resource upgrade in the first quarter of next year.
"The mineralised system is now wider than it is long, with dimensions reaching 750m of strike, a width of 900m wide and extending to a depth of 500m."
Figure 1. Collar location Plan
ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au
CDX0023
Multiple rare earth intercepts of greater than 0.5% TREO were returned in this hole with a cumulative total of 51.7m at 1.3% TREO and an average of less than 80ppm uranium-thorium oxide.
A majority of these mineralised intervals are hosted in the hanging wall position, as shown in Figure 2, including:
- 8m at 1.4% TREO and 3% P2O5 from 131m
- 5.3m at 1.8% TREO and 3% P2O5 from 297m
- 8.85m at 1% TREO and 6% P2O5 from 325.3m
- 4.45m at 1.8% TREO and 5% P2O5 from 347.8m
The hanging wall position is strongly rare earth mineralised 240m up-dip in drill holes CDX0018 (ASX announcement 30 March 2022), CDX0010 (ASX announcement 18 January 2022) and CDX0006 (ASX announcement 18 January 2022).
Figure 2. CDX0023 Cross section at 50 degrees showing mineralisation on the Rare and Phos Dykes.
ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au
These intercepts are sitting within a larger phosphate alteration zone of 373m at 4% P2O5, 0.3% TREO and 28ppm U3O8+ThO2 from 14m.
CDX0024
Assays for the diamond portion of this drill-hole have been received with the RC portion remaining outstanding. The hole is consistently mineralised from the top of the diamond drilling at 150m down-hole to 414.3m with apatite, with 264.3m of 4% P2O5, 0.4% TREO and 61ppm U3O8+ThO2.
This broad zone hosts several rare earth mineralised horizons with a cumulative total of 71m at 1.1% TREO and less than 50ppm U3O8+ ThO2including:
- 27.7m at 1% TREO and 3% P2O5
- 5.2m at 1% TREO and 4% P2O5
- 5.85m at 2.1% TREO and 4% P2O5
Mineralisation was widest in the Rare Dyke with the 27.7m at 1% located on the Rare Dyke Hanging wall contact. The intercept of 5.85m at 2.1% TREO was located in the footwall zone of the Rare Dyke.
Figure 3. CDX0024 Cross Section at 50 degrees showing mineralisation on the Rare and Phos Dykes.
ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au
A majority of the of the assays for the 2022 drill program are still outstanding with the assay turnaround time from laboratories increasing by up to 50% due to a high volume of assaying.
RareX is expecting positive results for all the drilling around the Phos Dyke with visual estimates confirmed by XRF analysis showing that mineralisation is open in all directions. Visual estimates supported by XRF analysis for the diamond drilling is also positive and the Company looks forward to reporting these results as they become available ahead of the resource upgrade due in Q1 2023.
This announcement has been authorised for release by the Board of RareX Limited.
ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au
Competent Person's Statements
The information in this announcement that relates to exploration results is based on and fairly represents information compiled by Mr Guy Moulang, an experienced geologist who is an employee of RareX Limited. Mr Moulang is a Member of the Australian Institute of Geoscientists and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Moulang consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. Prior exploration results were reported in accordance with Listing Rule 5.7 and the Company confirms there have been no material changes since the information was first reported.
About RareX Limited – ASX: REE
RareX Limited (ASX: REE) is a Perth-based rare earths company committed to becoming a near-term producer of neodymium and praseodymium (NdPr). RareX's focus is on developing rare earths deposits in Australia, including the flag-ship Cummins Range Rare Earths – Phosphate Project.
NdPr is a core enabler of decarbonisation of our society and enables low carbon technologies, especially in the electric mobility sector, robotics solutions and renewable energy, e.g. the wind energy sector. NdPr is the key raw material for manufacturing rare earth powered permanent magnet NdFeB electric motors, the heart of the next industrial revolution the Electrification of our Society.
RareX's focus is on developing rare earths deposits in Australia, including the Cummins Range Rare Earths Phosphate Project in the East Kimberley region of Western Australia. RareX is committed to developing a sustainable, ethical, transparent and secure low carbon rare earth supply chain solution for the global electric mobility market and NdFeB permanent motor downstream ecosystem.
For further information on the Company and its projects visit www.rarex.com.au
ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au
ASX:REE Unit 6, 94 Rokeby Road @rarex_asx
APPENDIX 1 Drill Collar Information
| Hole ID | East MGA | North MGA | RLUTM | EndDepth | Azimuth | Dip | Type | Status |
|---|---|---|---|---|---|---|---|---|
| CDX0020 | 306871 | 7866529 | 392 | 666 | 50 | 60 | Diamond | Assays Received |
| CDX0021 | 306890 | 7866641 | 392 | 345.2 | 50 | 60 | Diamond | Awaiting Assays |
| CDX0022 | 307007 | 7866511 | 391 | 470.6 | 50 | 60 | Diamond | Assays Received |
| CDX0023 | 307009 | 7866383 | 392 | 569.9 | 50 | 60 | Diamond | Assays Received |
| CDX0024 | 307123 | 7866367 | 391 | 545.8 | 50 | 60 | Diamond | Assays Received |
| CDX0025 | 307113 | 7866260 | 391 | 198 | 50 | 60 | RC | Not Assayed |
| CDX0026 | 307222 | 7866252 | 391 | 578.8 | 50 | 60 | Diamond | Awaiting Assays |
| CDX0027 | 306891 | 7866411 | 392 | 653.8 | 50 | 60 | Diamond | Assays Received |
| CDX0028 | 307005 | 7866263 | 392 | 695.8 | 50 | 60 | Diamond | Awaiting Assays |
| CDX0029 | 307115 | 7866262 | 391 | 578.8 | 50 | 60 | Diamond | Awaiting Assays |
| CDX0030 | 307220 | 7866139 | 391 | 515.9 | 50 | 60 | Diamond | Awaiting Assays |
| CDX0031 | 307324 | 7866122 | 391 | 150 | 50 | 60 | RC | Awaiting Assays |
| CDX0032 | 307101 | 7866148 | 391 | 198 | 50 | 60 | RC | Awaiting Assays |
| CDX0033 | 307154 | 7866673 | 391 | 701 | 217 | 60 | Diamond | Awaiting Assays |
| CDX0034 | 307296 | 7866700 | 392 | 293.8 | 50 | 60 | Diamond | Awaiting Assays |
| CDX0035 | 307267 | 7866608 | 390 | 476.7 | 50 | 60 | Diamond | Awaiting Assays |
| CDX0036 | 307046 | 7866596 | 392 | 84 | 50 | 60 | RC | Awaiting Assays |
| CDX0037 | 307040 | 7866590 | 392 | 428.9 | 50 | 60 | Diamond | Awaiting Assays |
| CDX0038 | 307076 | 7866551 | 392 | 464.9 | 50 | 60 | Diamond | Awaiting Assays |
| CDX0039 | 306946 | 7866457 | 392 | 324 | 50 | 60 | RC | Awaiting Assays |
| CDX0040 | 307071 | 7866436 | 392 | 476.9 | 50 | 60 | Diamond | Awaiting Assays |
| CDX0041 | 307202 | 7866431 | 391 | 446.9 | 50 | 60 | Diamond | Awaiting Assays |
| CDX0042 | 307067 | 7866320 | 392 | 204 | 50 | 60 | RC | Awaiting Assays |
| CDX0043 | 307063 | 7866317 | 392 | 560.5 | 50 | 60 | Diamond | Awaiting Assays |
| CDX0044 | 307246 | 7866367 | 392 | 447.36 | 50 | 60 | Diamond | Awaiting Assays |
| CDX0045 | 307608 | 7866594 | 391 | 78.9 | 50 | 60 | Diamond | Awaiting Assays |
| CDX0046 | 307446 | 7866456 | 391 | 6.9 | 180 | 60 | Diamond | Not assayed |
| CDX0050 | 306949 | 7866595 | 392 | 533.8 | 50 | 60 | Diamond | Awaiting Assays |
| CRX0071 | 307080 | 7866743 | 393 | 144 | 50 | 60 | RC | Assays Received |
| CRX0072 | 307113 | 7866776 | 393 | 96 | 50 | 60 | RC | Assays Received |
| CRX0073 | 307023 | 7866747 | 393 | 138 | 50 | 60 | RC | Assays Received |
| CRX0074 | 307528 | 7866794 | 391 | 120 | 50 | 60 | RC | Assays Received |
ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au
| Hole ID | East MGA | North MGA | RLUTM | EndDepth | Azimuth | Dip | Type | Status |
|---|---|---|---|---|---|---|---|---|
| CRX0075 | 307561 | 7866824 | 391 | 114 | 50 | 60 | RC | Assays Received |
| CRX0076 | 307602 | 7866854 | 391 | 114 | 50 | 60 | RC | Awaiting Assays |
| CRX0077 | 307638 | 7866884 | 391 | 102 | 50 | 60 | RC | Awaiting Assays |
| CRX0078 | 307672 | 7866914 | 391 | 102 | 50 | 60 | RC | Awaiting Assays |
| CRX0079 | 307708 | 7866938 | 391 | 102 | 50 | 60 | RC | Awaiting Assays |
| CRX0080 | 307349 | 7866802 | 392 | 126 | 50 | 60 | RC | Awaiting Assays |
| CRX0081 | 307479 | 7866747 | 391 | 156 | 50 | 60 | RC | Assays Received |
| CRX0082 | 307564 | 7866558 | 392 | 96 | 50 | 60 | RC | Awaiting Assays |
| CRX0083 | 307666 | 7866694 | 391 | 96 | 50 | 60 | RC | Awaiting Assays |
| CRX0084 | 307601 | 7866701 | 391 | 157 | 50 | 60 | RC | Awaiting Assays |
| CRX0085 | 307578 | 7866733 | 391 | 120 | 50 | 60 | RC | Awaiting Assays |
| CRX0086 | 307624 | 7866671 | 391 | 126 | 50 | 60 | RC | Awaiting Assays |
| CRX0087 | 307621 | 7866710 | 391 | 132 | 50 | 60 | RC | Awaiting Assays |
| CRX0088 | 307549 | 7866763 | 391 | 126 | 50 | 60 | RC | Awaiting Assays |
| CRX0089 | 307593 | 7866649 | 391 | 114 | 50 | 60 | RC | Awaiting Assays |
| CRX0090 | 307568 | 7866676 | 391 | 114 | 50 | 60 | RC | Awaiting Assays |
| CRX0091 | 307586 | 7866791 | 391 | 96 | 50 | 60 | RC | Awaiting Assays |
| CRX0092 | 307613 | 7866762 | 391 | 96 | 50 | 60 | RC | Awaiting Assays |
| CRX0093 | 307565 | 7866624 | 391 | 150 | 50 | 60 | RC | Awaiting Assays |
| CRX0094 | 307502 | 7866829 | 391 | 120 | 50 | 60 | RC | Awaiting Assays |
| CRX0095 | 307479 | 7866857 | 391 | 120 | 50 | 60 | RC | Awaiting Assays |
| CRX0096 | 307445 | 7866625 | 391 | 132 | 50 | 60 | RC | Awaiting Assays |
| CRX0097 | 307415 | 7866591 | 391 | 150 | 50 | 60 | RC | Awaiting Assays |
| CRX0098 | 307421 | 7866647 | 391 | 132 | 50 | 60 | RC | Awaiting Assays |
| CRX0099 | 307389 | 7866622 | 391 | 174 | 50 | 60 | RC | Awaiting Assays |
| CRX0100 | 307424 | 7866682 | 391 | 150 | 50 | 60 | RC | Awaiting Assays |
| CRX0101 | 307391 | 7866680 | 391 | 144 | 50 | 60 | RC | Awaiting Assays |
| CRX0102 | 307399 | 7866707 | 391 | 138 | 50 | 60 | RC | Awaiting Assays |
| CRX0103 | 307472 | 7866589 | 391 | 156 | 50 | 60 | RC | Awaiting Assays |
| CRX0104 | 307442 | 7866564 | 391 | 168 | 50 | 60 | RC | Awaiting Assays |
ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au
APPENDIX 2 TREO Significant Intercepts – CDX0023 and CDX0024
| TREO SIGNIFICANT INTERCEPTS (0.5% Cut) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Mineralised Zone | Hole ID | From (m) | To (m) | Interval(m) | TREO % | % NdPr ofTREO | NdPr % | Nb2O5 % | P205 % |
| Hanging Wall | CDX0023 | 109 | 110 | 1 | 0.67 | 0.12 | 18 | 0.07 | 4 |
| Hanging Wall | CDX0023 | 114 | 115 | 1 | 0.65 | 0.11 | 17 | 0.1 | 4 |
| Hanging Wall | CDX0023 | 131 | 139 | 8 | 1.36 | 0.24 | 18 | 0.07 | 3 |
| Hanging Wall | CDX0023 | 240.5 | 241 | 0.5 | 1.05 | 0.31 | 29 | 0.02 | 1 |
| Hanging Wall | CDX0023 | 250.7 | 252.3 | 1.6 | 4.02 | 0.66 | 16 | 0.14 | 6 |
| Hanging Wall | CDX0023 | 297 | 302.3 | 5.3 | 1.84 | 0.31 | 17 | 0.02 | 3 |
| Hanging Wall | CDX0023 | 301.4 | 302.3 | 0.9 | 6.61 | 1.1 | 17 | 0.03 | 9 |
| Hanging Wall | CDX0023 | 312 | 313 | 1 | 0.89 | 0.15 | 17 | 0.04 | 3 |
| Hanging Wall | CDX0023 | 317 | 317.65 | 0.65 | 0.67 | 0.2 | 30 | 0.01 | 0 |
| Hanging Wall | CDX0023 | 325.35 | 334.2 | 8.85 | 1.02 | 0.18 | 18 | 0.05 | 6 |
| Hanging Wall | CDX0023 | 329 | 329.3 | 0.3 | 4.94 | 0.81 | 16 | 0.04 | 7 |
| Hanging Wall | CDX0023 | 333 | 334.2 | 1.2 | 4.14 | 0.7 | 17 | 0.01 | 7 |
| Hanging Wall | CDX0023 | 342.42 | 343.4 | 0.98 | 4.3 | 0.67 | 16 | 0.02 | 6 |
| Hanging Wall | CDX0023 | 347.85 | 352.3 | 4.45 | 1.81 | 0.3 | 16 | 0.1 | 5 |
| Hanging Wall | CDX0023 | 347.85 | 348.95 | 1.1 | 5.19 | 0.79 | 15 | 0.16 | 7 |
| Hanging Wall | CDX0023 | 351.1 | 352.3 | 1.2 | 1.33 | 0.22 | 17 | 0.04 | 2 |
| Rare Dyke | CDX0023 | 416.7 | 417.1 | 0.4 | 2.78 | 0.48 | 17 | 0.07 | 4 |
| Rare Dyke | CDX0023 | 435.3 | 436 | 0.7 | 1.41 | 0.22 | 16 | 0.04 | 3 |
| Rare Dyke | CDX0023 | 461.8 | 475 | 13.2 | 0.5 | 0.09 | 19 | 0.03 | 3 |
| Rare Dyke | CDX0023 | 483.75 | 484.15 | 0.4 | 0.76 | 0.12 | 16 | 0 | 0 |
| Rare Dyke | CDX0023 | 486.7 | 487.1 | 0.4 | 2.07 | 0.34 | 16 | 0.02 | 2 |
| Footwall | CDX0023 | 493.5 | 494 | 0.5 | 1.44 | 0.23 | 16 | 0.03 | 3 |
| Footwall | CDX0023 | 559.3 | 560.9 | 1.6 | 0.74 | 0.21 | 28 | 0.09 | 6 |
| Hanging Wall | CDX0024 | 160.85 | 165.75 | 4.9 | 0.69 | 0.13 | 19 | 0.04 | 6 |
| Hanging Wall | CDX0024 | 188.6 | 189.95 | 1.35 | 4.13 | 0.67 | 16 | 0.01 | 5 |
| Hanging Wall | CDX0024 | 207.7 | 208 | 0.3 | 0.57 | 0.11 | 20 | 0.07 | 7 |
| Hanging Wall | CDX0024 | 241.15 | 244 | 2.85 | 0.64 | 0.11 | 17 | 0.01 | 1 |
ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au
| TREO SIGNIFICANT INTERCEPTS (0.5% Cut) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Mineralised Zone | Hole ID | From (m) | To (m) | Interval(m) | TREO % | % NdPr ofTREO | NdPr % | Nb2O5 % | P205 % |
| Rare Dyke | CDX0024 | 292.02 | 319.75 | 27.73 | 1.03 | 0.18 | 18 | 0.04 | 3 |
| Rare Dyke | CDX0024 | 299.45 | 301.3 | 1.85 | 3.84 | 0.59 | 15 | 0.01 | 5 |
| Rare Dyke | CDX0024 | 306.1 | 309.6 | 3.5 | 2.99 | 0.57 | 19 | 0.06 | 5 |
| Rare Dyke | CDX0024 | 361 | 366.17 | 5.17 | 0.95 | 0.17 | 18 | 0.04 | 4 |
| Rare Dyke | CDX0024 | 373.4 | 374.45 | 1.05 | 0.56 | 0.1 | 18 | 0.04 | 4 |
| Footwall | CDX0024 | 382.05 | 398.95 | 16.9 | 0.62 | 0.12 | 19 | 0.06 | 4 |
| Footwall | CDX0024 | 414.3 | 415.25 | 0.95 | 1.07 | 0.17 | 16 | 0.03 | 2 |
| Footwall | CDX0024 | 432.3 | 438.15 | 5.85 | 2.08 | 0.33 | 16 | 0 | 4 |
| Footwall | CDX0024 | 435.25 | 435.9 | 0.65 | 5.99 | 0.97 | 16 | 0 | 16 |
| Footwall | CDX0024 | 443.1 | 444.05 | 0.95 | 0.72 | 0.11 | 15 | 0.07 | 1 |
| Footwall | CDX0024 | 484.88 | 486.35 | 1.47 | 6.33 | 1.01 | 16 | 0.01 | 2 |
| Footwall | CDX0024 | 492.7 | 493.5 | 0.8 | 0.95 | 0.16 | 17 | 0.02 | 6 |
| Phos Dyke | CDX0024 | 516.1 | 517 | 0.9 | 1.09 | 0.17 | 16 | 0.27 | 2 |
ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au
APPENDIX 3 Phosphate Significant Intercepts – CDX0023 and CDX0024
| PHOSPHATE SIGNIFICANT INTERCEPTS (3% Cut) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Mineralised Zone | Hole ID | From (m) | To (m) | Interval(m) | TREO % | NdPr % | NdPr % ofTREO | Nb2O5 % | P205 % |
| Hanging Wall | CDX0023 | 14 | 387 | 373 | 0.31 | 0.06 | 20 | 0.06 | 4 |
| Footwall | CDX0023 | 487.1 | 569.95 | 82.85 | 0.19 | 0.05 | 26 | 0.03 | 4 |
| Hanging Wall /Rare Dyke | CDX0024 | 150 | 414.3 | 264.3 | 0.38 | 0.08 | 21 | 0.06 | 4 |
| Hanging Wall | CDX0024 | 171.8 | 241.15 | 69.35 | 0.33 | 0.08 | 23 | 0.08 | 7 |
| Footwall | CDX0024 | 444.05 | 545.8 | 101.75 | 0.34 | 0.08 | 23 | 0.05 | 5 |
ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au
APPENDIX 4 JORC Code, 2012 Edition – Table
| Cummins Range Section 1 Sampling Techniques and Data | ||
|---|---|---|
| Criteria | JORC Code Explanation | Commentary |
| Samplingtechniques | (egNatureandqualityofsamplingcut channels,randomchips,or specificspecialisedindustrystandardmeasurement toolsappropriateto themineralsunderinvestigation,suchas downholegamma sondes,or handheldinstruments,etc).TheseexamplesXRFshouldnot betakenas limitingthebroadmeaningofsampling.Includereferenceto measures takento ensure samplerepresentivityandtheappropriatecalibrationofany measurement toolsor systems used.ofthedeterminationofmineralisationthatare Materialto thePublicAspectsReport.cases where'industrystandard'workhasbeendonethiswouldberelativelysimpleIn(eg'reversecirculationdrillingwas usedto obtainm samplesfromwhich3kg1waspulverisedto produceg chargeforfireassay').othercases more explanationa 30Inmay berequired,suchas wherethereiscoarse goldthathasinherentsamplingproblems.Unusualcommoditiesormineralisationtypes (egsubmarinenodules)may warrant disclosureofdetailedinformation. | •The Cummins Range Rare Earth deposit is being drilled tested with RCdrilling and diamond drilling.•The RC drill rig used a 5 ½ inch diameter hammer. Each 1m bulksample was collected in a plastic bag.•Diamond drill sizes used are PQ, HQ and NQ2•Each metre was analysed with a portable XRF, and recovery andgeology logs were completed.•Sample interval selection was based on geological controls andmineralisation•Each 1m RC sample has a 4% cone split from the drill rig. Samplessubmitted to the laboratory vary in length from 1m to 4m.•Each core sample was cut in half with an automatic core saw. The halfcore sample was sent to the laboratory with intervals ranging from0.3m to 1.3m.•Samples are assayed for 35 elements using peroxide fusion with a ICPOES and ICP-MS finish |
ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au
| DrillingTechniques | Drilltype (egcore, reverse circulation,open- holehammer,rotary airblast,auger,Bangka,sonic,etc)anddetails(egcore diameter,tripleor standardtube,depthofdiamondtails,face-samplingbitor othertype, whethercore isorientedandifso, by | •Prefix CRX drill holes are reverse circulation (RC) drilling•Prefix CDX are diamond drilling. |
|---|---|---|
| DrillSampleRecovery | whatmethod,etc).Methodofrecordingandassessingcore andchipsamplerecoveriesandresultsassessed.takento maximisesamplerecovery andensure representativenature oftheMeasuressamples.Whethera relationshipexistsbetweensamplerecovery andgradeandwhether | •Recoveries for all drill holes were recorded for each metre.•Recoveries for the Diamond drilling in this announcement are 100% |
| Logging | samplebiasmay haveoccurreddueto preferentialloss/gainoffine/coarsematerial.Whethercore andchipsampleshavebeengeologicallyandgeotechnicallyloggedto alevelofdetailto support appropriateMineralestimation,miningstudiesandResourcemetallurgicalstudies.Whetherloggingisqualitativeor quantitativein(orcostean, channel,etc)nature. Corephotography.intersectionsThetotallengthandpercentage oftherelevantlogged. | •All metres drilled had a geology log completed. Geology logs wereaided using geochemical analysis from a portable XRF.•The detail of logging is appropriated for Mineral Resource estimation. |
| Subsamplingtechniquesandsamplepreparation | Ifcore, whethercut or sawn andwhetherquarter, halfor allcore taken.riffled,rotary split,Ifnon-core, whethertubesampled,etc andwhethersampledwetor dry.allsampletypes, thenature, qualityandappropriatenessofthesampleForpreparationtechnique.Qualitycontrolproceduresadoptedforallsub-samplingstages to maximiserepresentivityofsamples. | •A 4% split from the cone splitter on the drill rig is used for thelaboratory assay. Samples are often composited and samples canrange from 1-4m.•This RC sampling technique meets the industry standards and isappropriate for this style of mineralisation and for resource estimation. |
ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au
| takento ensure thatthesamplingisrepresentativeoftheinsitumaterialMeasurescollected,includingforinstanceresultsforfieldduplicate/second-halfsampling.Whethersamplesizesare appropriateto thegrainsizeofthematerialbeingsampled. | •Diamond core was cut in half with an automatic core saw and half thecore was sent to the laboratory. This is an appropriate method for thisstyle of mineralization and for resource estimation. | |
|---|---|---|
| Qualityofassay dataandlaboratorytests | Thenature, qualityandappropriatenessoftheassayingandlaboratoryproceduresusedandwhetherthetechniqueisconsideredpartialor totalgeophysicaltools,spectrometers, handheldinstruments,etc, theForXRFparametersusedindeterminingtheanalysisincludinginstrumentmakeandmodel,readingtimes,calibrationsfactorsappliedandtheirderivation,etc.ofqualitycontrolproceduresadopted(egstandards,blanks,duplicates,Natureexternallaboratorychecks)andwhetheracceptablelevelsofaccuracy (ielackofbias)andprecisionhavebeenestablished. | The reported assays were analysed by Nagrom. The following techniqueswere used:•35 elements were assayed for using peroxidefusion with a ICP-OESand ICP-MS finish•In addition to internal checks by Nagrom, RareX incorporates a QA/QCsample protocol utilizing prepared standards, blanks and duplicatesfor 8% of all assayed samples. |
| Verificationofsamplingandassaying | Theverificationofsignificantintersectionsbyeitherindependentor alternativecompany personnel.Theuse oftwinnedholes.Theverificationofsignificantintersectionsbyeitherindependentor alternativecompany personnel.Discussany adjustmentto assay data. | •Significant intercepts were calculated by RareX geological staff.•The intercepts have not been verified by independent persons•There are numerous drill holes with in the Cummins Range resource ofcomparable tenure•All assay results are reported to RareX in parts per million (ppm).RareX geological staff then convert the parts per million to ppm oxidesusing the below element to stoichiometric oxideconversion factors.La2O31.1728, CeO21.2284, Pr6O111.2082, Nd2O31.1664, Sm2O31.1596, Eu2O31.1579, Gd2O31.1526, Dy2O31.1477, Ho2O31.1455,Er2O31.1435, Tm2O31.1421, Yb2O31.1387, Lu2O31.1371, Sc2O31.5338, Y2O31.2699, Nb2O51.4305, P2O52.2916 |
ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au
| LocationofdatapointsDataspacinganddistribution | (collarandqualityofsurveys usedto locatedrillholesanddown-holeAccuracysurveys),trenches,mineworkingsandotherlocationsusedinMineralResourceestimation.Specificationofthegridsystem used.Qualityandadequacyoftopographiccontrol.spacingforreportingofExplorationResults.DataWhetherthedataspacinganddistributionissufficientto establishthedegreeofgeologicalandgradecontinuityappropriatefortheMineralandResourceOreReserveprocedure(s)estimationandclassificationsapplied.Whethersamplecompositinghasbeenapplied. | •••••• | Drill hole collars were located by handheld GPS and DGPSAll coordinates are in MGA Zone 52H 2020Topographic control is maintained by the use of previously surveyeddrill holes. The Cummins Range deposit is located on flat terrain.Down hole surveys were taken every 10m using an Axis Gyro toolDrill hole spacing is considered appropriate to gain a robustunderstanding of the mineralisation. The exploration team are seeingthe same geological positions mineralised along strike, suggestingRareX have a solid geological model. Drill spacing is consideredappropriate to gain an inferred mineral resource from.2m to 4m RC composites were completed in areas where higher gradeswere not expected |
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| OrientationofdatainrelationtogeologicalstructureSamplesecurity | Whethertheorientationofsamplingachievesunbiasedsamplingofpossiblestructures andtheextent to whichthisisknown,consideringthedeposittype.Iftherelationshipbetweenthedrillingorientationandtheorientationofkeymineralisedstructures isconsideredto haveintroduceda samplingbias,thisshouldbeassessedandreportedifmaterial.Themeasures takento ensure samplesecurity | •• | The angled drill holes were directed as best as possible across theknown geology.Drill samples are delivered to Halls Creek by RareX staff. Then thesamples are transported from Halls Creek to Perth via a reputabletransport company. |
ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au
| Cummins Range Section 2 Reporting of Exploration Results | ||
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| Criteria | ExplanationJORCCode | Commentary |
| Mineraltenement andlandtenurestatus | referencename/number,locationandownershipincludingType,agreements ormaterialissueswiththirdpartiessuchas jointventures, partnerships,overridingroyalties,nativetitleinterests,historicalsites,wildernessor nationalparkandenvironmentalsettings.Thesecurityofthetenure heldat thetimeofreportingalongwithany knownimpedimentsto obtaininga licenceto operate inthearea. | •The Cummins Range REO deposit is located on tenement E80/5092 and is100% owned by Cummins Range Pty Ltd which is a wholly ownedsubsidiary of RareX Ltd. Cummins Range Pty Ltd has purchased thetenement from Element 25 with a potential capped royalty payment of$1m should a positive PFS becompleted within 36 months of purchasefinalisation. |
| Explorationdonebyotherparties | Acknowledgmentandappraisalofexplorationbyotherparties. | •CRA Exploration defined REO mineralisation at Cummins Range in 1978using predominantly aircore drilling. Navigator Resources progressed thisdiscovery with additional drilling after purchasing the tenement in 2006.Navigator announced a resource estimate in 2008. Kimberley Rare Earthsdrilled additional holes and upgraded the resource estimate in 2012. |
| Geology | Deposittype, geologicalsettingandstyleofmineralisation. | •The Cummins Range REO deposit occurs within the Cummins Rangecarbonatite complex which is a 2.0 km diameter near-vertical diatremepipe that has been deeply weathered but essentially outcropping withonly thin aeolian sand cover in places. The diatreme pipe consists ofvarious mafic to ultramafic rocks with later carbonatite intrusions. Theprimary ultramafic and carbonatite rocks host low to high grade rare earthelements with back ground levels of 1000-2000ppm TREO and high gradezones up to 17% TREO. The current resource sits primarily within theoxidised/weathered zone which extends to 120m below the surface. |
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| Metallurgical studies by previous explorers and by RareX show the rareearth elements are hosted by monazite and bastnasite which are acommon andfavourable hosts for rare earth elements. | ||
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| Drillholeinformation | summary ofallinformationmaterialto theunderstandingoftheexplorationAresultsincludinga tabulationofthefollowinginformationforallMaterialdrillholes:eastingandnorthingofthedrillholecollarelevation(ReducedLevel– elevationabovesea levelinmetres)oftheor RLdrillholecollardipazimuthandoftheholedownholelengthandinterceptiondepthholelength.Iftheexclusionofthisinformationisjustifiedon thebasisthattheinformationisnot Materialandthisexclusiondoesnot detractfromtheunderstandingofthereport, theCompetentshouldclearlyexplainwhythisisthePersoncase. | •All drill hole locations are shown on the drill plan and collar details aretabled within the announcement |
| Dataaggregationmethods | reportingExplorationweightingaveragingtechniques,maximumInResults,and/orminimumgradetruncations(egcuttingofhighgrades)andcut-offgradesare usuallyMaterialandshouldbestated.Whereaggregate interceptsincorporateshortlengthsofhighgraderesultsandlongerlengthsoflowgraderesults,theprocedureusedforsuchaggregationsome typicalaggregationsshouldbestatedandexamplesofsuchshouldbeshownindetail. | •Significant intercepts were calculated using weighted averaging•A lower cut off grade of 0.5% TREO was used for the rare earths interceptswith a maximum of 4m dilution. The cut off grade and dilution are thoughtto be appropriate due to likely open cut mining methods that would beused on the outcropping ore body.•A lower cut off grade of 3% P2O5 was used for the phosphate interceptswith a maximum of 10m dilution. The cut off grade and dilution are |
ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au
| Theassumptionsusedforany reportingofmetalequivalentvaluesshouldbeclearlystated. | thought to be appropriate due to likely open cut mining methods thatwould be used on the outcropping ore body.•No metal equivalent values have been used•Accumulated significant intercepts have been mentioned in theannouncement and are composed of compiling the weighted averages ofeach significant intercept. The accumulated intercept does not take intoaccount the dilution in between the individual intercepts and are therefore not a true representation of in situ minable ore. | |
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| Relationshipbetweenmineralisationwidthsandinterceptlengths | Theserelationshipsare particularlyimportantinthereportingofExplorationResultsIfthegeometry ofthemineralisationwithrespect to thedrillholeangleisknown,itsnature shouldbereported.itisIfnot knownandonlythedownholelengthsare reported,thereshouldbeaclearstatement to thiseffect(eg'downholelength,true widthnot known'). | •The angled drill holes were directed as best as possible across the knowngeology.•The true widths of the phosphate and rare earths intercepts in thisannouncement are likely >80% of the true width. The current geologicalmodel interprets the Phos Dyke and surrounding lithologies to be similarto the Rare Dyke dipping to the south west. Current drilling is aimed at 50degrees and 60 degrees dip cutting the interpreted lithologies at a highangle. |
| Diagrams | Appropriatemaps andsections(withscales)andtabulationsofinterceptsshouldbeincludedforany significantdiscoverybeingreportedTheseshouldinclude,butnot belimitedto a planviewofdrillholecollarlocationsandappropriatesectionalviews. | •A drill hole plan and section are in the report. |
| Balancedreporting | comprehensivereportingExplorationisnot practicable,WhereofallResultsrepresentativereportingofbothlowandhighgradesand/orwidthsshouldbepracticedto avoidmisleadingreportingofExplorationResults. | •Reporting is considered balanced |
ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au
| Othersubstantiveexplorationdata | Otherexplorationdata,ifmeaningfulandmaterial,shouldbereportedincluding(butnot limitedto):geologicalobservations;geophysicalsurvey results;geochemicalsurvey results;bulksamples– sizeandmethodoftreatment;metallurgicaltest results;bulkdensity,groundwater,geotechnicalandrockcharacteristics;potentialdeleteriousor contaminatingsubstances. | •RareX have a JORC compliant resource of 18.8Mt at 1.15% TREO, 0.14%Nb2O3 and 10% P2O5. Metallurgical studies are currently beingconducted. |
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| Furtherwork | Thenature andscaleofplannedfurtherwork(egtests forlateralextensionsorlargescalestep out drilling.Diagramsclearlyhighlightingtheareas ofpossibleextensions,includingthemaingeologicalinterpretationsdrillingareas, providedthisandfutureinformationisnot commerciallysensitive. | •Awaiting assays for diamond and RC drilling•Metallurgical tests are being conducted•PFS have commenced |
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