RareX has identified multiple drill targets to expand its rare earths resource in Western Australia.
2020 could be a bright one for the heavier rare earths with rising demand and greater interest by countries around the world in securing supplies of critical minerals.
The timing could not be better for RareX (ASX:REE), formerly Sagon Resources, which recently completed a seismic survey over its Cummins Range project in Western Australia’s Kimberley region.
This survey has identified several new drill targets that could significantly increase the project’s resource inventory.
Cummins Range currently hosts Australia’s fourth largest rare earth resource of 13 million tonnes grading 1.13 per cent total rare earths oxide (TREO).
More importantly though, a significant percentage of this resource is believed to consist of neodymium and praseodymium – high-value, critical elements that are used in the permanent magnets which are essential for electric vehicles and wind turbines.
The survey identified four areas to the west, east, north and at depth that are adjacent to the existing resource envelope as well as the Southern Target, which is outside the resource envelope...