RareX (ASX:REE) uncovers and acquires district-scale East Yilgarn niobium

RareX (ASX:REE) uncovers and acquires district-scale East Yilgarn niobium

May 23, 2024 Off By Jack Baker

RareX has uncovered an extensive mineralised system run through with elevated niobium levels and unconditionally acquired six tenements for 966 square kilometres now dubbed the Khaleesi Project in the eastern Yilgarn of Western Australia.

Historically explored for gold, half the holes drilled into the Khaleesi area have shown broad areas of elevated niobium going up to and exceeding 1000 parts per million.

The other half remain unassayed for either niobium or rare earths despite an along-strike location from the Ponton Dyke, the Cundeelee carbonatite, and some of the nation’s best rare earth intercepts.

Ponton has yielded ridiculous intersections like 28 metres at 10 per cent total rare earth oxide and 6m 20.57% TREO and Cundeelee has been described as the largest, effectively untested carbonatite on planet earth.

A location inside the Queen Victoria Spring Nature Reserve rendered those undevelopable, but RareX reanalysis of historic data and geophysics assessment discovered an alkaline intrusion complex 20km in diameter and ripe for adjacent exploration.

RareX Chief Executive James Durrant said the acquisition was extremely exciting for the company.

“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,” he said.

“Through our due diligence we’ve identified the opportunity for a district-scale niobium project and will immediately commence a highly targeted exploration program.”

RareX has added $1.5 million through an internally brokered capital raise and will pay a $100k cash consideration and around $137k in shares for the six tenements, with one granted and the remainder pending.

While drilling over Khaleesi is unlikely until 2025, it will remain the exploration focus for the company as it puts the engineering onus on a Cummins Range asset believed to be Australia’s largest undeveloped rare earth project.

The remainder of the year’s work at Khaleesi will be focused on access agreements, desktop and field work to prepare for 10,000 metres of drilling and a first campaign in the new year.

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