2022 drilling program off to a strong start, demonstrating the substantial scale of the deposit

RareX Limited (ASX: REE; RareX or the Company) is pleased to advise that it has made an outstanding start to the 2022 resource drilling program at its 100%-owned Cummins Range Rare Earths Project in Western Australia, with initial drilling significantly extending the known mineralisation at depth.

HIGHLIGHTS

  • Significant visual mineralisation intersected in all three diamond holes drilled to date.
  • CDX0020 has intersected mineralisation 250m down-dip of CDX0016 (which intersected a cumulative total of 51m at 2.5% TREO) in the main fault position.
  • CDX0020 also finished in mineralisation, extending the known mineralisation to at least 500m below surface.
  • Logging of CDX0020 has been completed, with assays awaited.
  • Two drill rigs operating (one diamond and one RC rig) with further rig to arrive mid-June.

Since commencing drilling in late April, the Company’s drilling contractors have completed 985m of diamond drilling and 1,074m of reverse circulation (RC) drilling at Cummins Range.

The RC rig has been primarily tasked with drilling pre-collars and water monitoring bores for use as part of the hydrological studies feeding into the ongoing technical studies.

Significantly, the three diamond drill holes completed to date have been successful in extending the mineralisation at Cummins Range at depth, with all holes intersecting visual mineralisation. This is an outstanding result which confirms the substantial scale and quality of the Cummins Range REE deposit.

CDX0020

CDX0020 was drilled down-dip from CDX0016, drilled in 2021, which intersected multiple mineralised zones comprising a cumulative total of 51m grading 2.5% TREO (see ASX announcement, 14 February 2022).

CDX0020 has extended the Main Zone of rare earth mineralisation 250m down-dip, thereby doubling the extent of the Main Zone mineralisation.

The hole was pushed on past the interpreted main fault position and continued to intersected rare earths mineralisation and proximal high-grade phosphate “phoscorite” units as depicted in the cross section. Rare earths mineralisation was also intercepted in the last 2m before the hole was lost at 666m down-hole, indicating that there appears to be no depth constraint to the Cummins Range intrusive complex and rare earth mineralisation.

This hole has been processed and is on its way to the laboratory for assaying.