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REE - RareX Limited

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New assays confirm high-grade potential of RareX’s Cummins Range rare earths project

Diversified explorer RareX (ASX: REE) has confirmed assays from recent in-fill and extensional drilling have shown potential for a high-grade resource at its flagship Cummins Range rare earths project in Western Australia’s Kimberley region.
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RareX managing director Jeremy Robinson said the program provides a strong foundation for the planned resource upgrade at Cummins Range.
“The majority of results received to date have exceeded our expectations in terms of width and grade, giving us a high degree of confidence in the ability to define a solid high-grade component as part of the upgrade,” he said. “We are seeing much thicker zones in the central part of the deposit, while still achieving some really strong grades well above the average grade of the current inferred resource.”
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Rare earths emerging as pick of the proxies for EV exposure
- Barry Fitzgerald

Watchers of the rare earths space are well aware of junior names like Arafura (ARU, trading at 10.5c for a $117m market cap) and Hastings (HAS, trading at 14.5c for a $162m market cap).

Today’s interest though is in RareX (REE, trading at 11c for a $44m market cap). It is the company that only backdoor-listed last year with ownership of the advanced Cummins Range rare earths project near Halls Creek in the East Kimberley as its main focus. Like all other rare earth deposits, Cummins Range is not in the same league as Lynas’ Mount Weld deposit near Laverton. But with NdPr accounting for 22.1% of its total rare earth oxide (TREO) material, it has got the right mix.

A recently completed drilling program had the target of defining a higher grade portion of the ore body. Assay results to date have proved to be extremely encouraging, including a Mount Weld-type grade of 5.4% TREO in a nice and thick 70m intersection. The drilling program was the first real effort at Cummins Range – along with Mount Weld it is one of two known rare earth deposits bearing carbonatites in Australia - in more than a decade. More assays results are on their way.

RareX plans a different pathway to production than the complicated pathway Lynas chose with its integration of Mount Weld into a separation and finishing plant in Malaysia. RareX wants to keep things simple by producing a concentrate to ship off to refineries in China, as well as the new ex-China capacity expected to come on stream in response to the western world’s task of weaning itself of Chinese supplies. A resource upgrade at Cummins Range is likely next year, with particular interest in the scale of its higher grade potential.

In the meantime, RareX is out to add to its rare earths credentials through exploration. To that end, it recently raised $3m at 10c a share in a placement to fund a high-risk, high-impact drilling program at the cutely named Weld North prospect. Weld North is a circular magnetic anomaly target under sand cover, 85km north of Lynas’ Mt Weld deposit. It could be a rare earths-bearing carbonatite intrusion or a granite intrusion of no interest. Watch out if it is the former in these days of heightened interest in rare earths, thanks to Elon.

https://www.livewiremarkets.com/wires/rare-earths-emerging-as-pick-of-the-proxies-for-ev-exposure
 
RareX Limited (ASX: REE) has reached agreement with Talaxis Group Holdings securing an option to acquire its entire stake in TSV-Venture Exchange listed rare earths company Canada Rare Earth Corp. (CREC). Under the terms of the agreement, RareX will pay Talaxis A$50,000 for an option to acquire 24,779,658 shares (12.3% of issued capital) in CREC before the 18th February 2021 for C$0.04 per share, for a total amount of C$991,186.32.

CREC is aiming to develop a vertically and horizontally integrated business within the global rare earth industry focused on building a supply chain connecting mining operations to rare earth concentration processes to rare earth separation and refining facilities and to major international customers. CREC’s partners have a proven track record of designing, building and operating rare earth refineries with annual product output ranging from 2,500 to 12,000 metric tons per year, including strategically located refineries in Thailand and Laos. The refineries are designed, built and operated to environmental and sustainability standards which meet or exceed the requirements in the leading countries of the world.

mini LYC?
 
Have picked REE once more and feel it is about to jump with news seeping through of increasingly good grades and volume of copper and gold at the mine in Mongolia. Both metals are in favor at the moment also. The excitement reflected on the chart below when it fires again should see a good lift in the price.

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Sorry to jump you for this little monster for Feb 21 @explod.

It is free carrying on another’s labour for Au and Cu in the Lachlan and is looking with good prospects of success for Nd and Pr in the Cummins Field.

Don’t ask me. The periodic table has much changed since Na and K.

Rare Earths may become a runner or end in tears.

gg
 
Bit of a drop today I guess mainly due to this news.


Weld North Drilling was completed pre-Christmas for a total 23 air core holes and assay results have now been received. The results indicate that the circular magnetic anomaly is a late-stage granite.RareX intends to complete its review on the project before determining the best path forward.RareX continues to develop greenfield targets like Weld North with the potential for world-class discoveries.
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From a quick read the Cummins Range is the main play?
 
wabullfrog said:
Bit of a drop today I guess mainly due to this news.


From a quick read the Cummins Range is the main play?
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was reading the thread, and noted what I posted earlier (far-ology)
Weld North is a circular magnetic anomaly target under sand cover, 85km north of Lynas’ Mt Weld deposit. It could be a rare earths-bearing carbonatite intrusion or a granite intrusion of no interest.
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So, Cummins is likely the only play
 
I note that REE had a run today as well as the current star Vital Metals ( VML ).
Lynas ( LYC ) also did ok.
Even NTU was up over 10% at one stage, but settled back for close.

Screenshot_20210303-203640.png
 
Not sure what the catalyst will be, but looking for a continuation after the leg up. Price has been consolidating on lower volume within the breakout/volume range.
E7GUXQo9.png
 
I'm picking REE (Rarex Ltd) in the August monthly comp. The weekly chart below shows increased volume off of recent lows. It has hit resistance at .105 in recent weeks and hopefully, it can push through that and make some good gains. Craig


s
REE chart.png
 
moving up on DD results


Diamond drilling targeting high-grade extensions highlights the potential for substantial growth in the scale of the Cummins Range Project, WA

HIGHLIGHTS
• Recently commenced diamond drilling intersects significant primary mineralisation below the recently updated Mineral Resource (18.8Mt at 1.15% TREO + 0.14% Nb2O31)
• Multiple diamond holes intersect a fault breccia zone hosting significant REE-Niobium mineralisation over significant widths, including:
- CDX0004 – 67m wide zone from 44.0m down-hole
- CDX0007 – 77m wide zone from 62.6m down-hole, including: a 20m primary sulphide zone from 119.8m down-hole
- CDX0008 now underway targeting down-dip extensions of this zone
• This is the first time primary mineralisation has been encountered at Cummins Range, and is considered to be a potential game-changer for the Project
• 3,000m diamond drilling continuing to further evaluate the scale and potential of this primary zone

RareX Managing Director, Jeremy Robinson, said
“The significance of intersecting primary REENb mineralisation at Cummins Range cannot be overstated. Prior to RareX’s involvement, the mineralisation had been interpreted to be a result of weathering processes only. However, it is now evident that this is only part of the story and high grade REE-Nb mineralisation can be expected below the oxide.
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“This is a very important and exciting development which amounts to a potential game-changer for the Project.
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Cosmos (CX1) looking like it is still open. 20c shares. Not underwritten.

Listing date 11 November 2021 12:30PM AEDT ##
Contact detailshttps://www.cosmosx.com.au/
Capital to be Raised$5,000,000
Expected offer close date26 October 2021

Under the demerger implementation deed, RareX will transfer 100% of the Byro East tenements and 75% of its interest in the Orange East tenements in return for Cosmos issuing 10 million shares and paying $80,000 in cash.

RareX said that given its focus on the continued exploration and potential development of the Cummins Range rare earths, the value of Orange East and Byro East is not reflected in its share price and would be best realised in a separate vehicle.

RareX secured Byro East in January 2020 just before Chalice Mining made its Julimar discovery, which resulted in Chalice and other companies picking up ground around Byro East.

The project itself hosts copper-nickel-PGE targets along the Milly Milly intrusions in a geological setting that is considered to be analogous to the Gonneville intrusion that hosts Julimar. At least one nickel-copper-PGE gossan, an exposed mineral deposit, is noted as present on the Byro East tenure’s ultramafic corridor.

Orange East is 15km along strike from Regis Resources’ (ASX:RRL) McPhillamys gold mine, which it shows striking similarities to. McPhillamys has a probable reserve of 60.1 million tonnes at 1.05 grams per tonne gold for 2.03 million ounces.
 

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