More Broad +400m And +200m Rare Earth And Phosphate Intercepts Ahead Of Pivotal Cummins Range Resource Upgrade

Australian sustainable rare earths company RareX Limited (ASX: REE) (RareX or the Company), is pleased to report assay results from a further 22 drill holes completed as part of the 2022 drilling program at its 100%- owned Cummins Range Rare Earths-Phosphate Project in the Kimberley region of Western Australia.

Highlights

• Assay results received for a further 22 drill-holes, with 90% reporting significant rare earth and phosphate mineralisation
• Ten rare earth and phosphate drill intercepts over 200m wide and two over 400m wide, with key assay results including:
  • 426.9m at 0.4% TREO and 4% P2O5 in hole CDX0038; and
  • 406m at 0.3% TREO and 4% P2O5 in CDX0024
• High-grade rare earth intercepts of up to 11.5% TREO include:
  • 35m at 1.6% TREO including 16m at 2.4% TREO in hole CDX0037
  • 11m at 2.2% TREO and 18% P2O5in CDX0034
  • 9.6m at 1.6% TREO and 8% P2O5 including 3.2m at 3.4% TREO in CDX0040
  • 9.8m at 3.3% TREO and 5% P2O5 including 2.2m at 11.5% TREO in CDX0043
  • 10m at 3.6% TREO and 6% P2O5 including 3m at 9.5% TREO in CDX0050
• Four northernmost drill holes all assaying 5% P2O5 and 0.2% TREO over wide intercepts.
• Monazite (not apatite) confirmed as the host of rare earths mineralisation in the Phos Dyke, containing highly valuable 44% NdPr and HREO (26% NdPr and 19% HREO)

Assays for several RC pre-collars for previously announced diamond holes have been received, with several new intercepts greater than 200m in width reported, including 426.9m at 0.4% TREO and 4% P2O5 in hole CDX0038 and 406m at 0.3% TREO and 4% P2O5 in CDX0024.

The new results continue to show very consistent rare earths and phosphate mineralisation in all holes and will be included in what is expected to be a significant upgrade to the current Mineral Resource of 18.8Mt at 1.15% TREO and 10% P2O5 (Indicated: 11.1Mt at 1.35% TREO and 10.9% P2O5; Inferred: 7.7Mt at 0.88% TREO and 8.4% P2O5; 0.5%TREO cut-off).

The turnaround time for assay results has more than doubled in recent months. Due to the delay in receiving the final batches of assay results from the 2022 drilling program, RareX has decided to split the Mineral Resource update into a Rare Dyke Resource and a Phos Dyke Resource.

The Rare Dyke Mineral Resource is scheduled to be announced in late March, with the Phos Dyke Mineral Resource to be announced in conjunction with an updated global Mineral Resource in the second half of April.

RareX Managing Director, Jeremy Robinson, said “The impending resource upgrade at Cummins Range is shaping up as a pivotal development in the Company’s strategy to develop a long-life mining and processing operation at Cummins Range.

“While the delays in receiving assays have been incredibly frustrating, we believe we are now on the cusp of a major resource upgrade to be delivered in the coming weeks that will provide investors with a much clearer picture of the true scale and significance of the Cummins Range Project.

“The significance of the rare earths mineralisation in monazite in the Phos Dyke with high concentrations of highly valuable NdPr and HREO is also an exciting economic proposition.”

CDX0037

Hole CDX0037 was drilled between holes CDX0016 (ASX announcement 14 February 2022) and CDX0038 (ASX announcement 23 January 2023) and targeted the Rare Dyke at 200m below surface (Figure 2). The hole contained two wide phosphate and rare earths intersections of 212m at 0.6% TREO and 4% P2O5 from 18m, and 185m at 0.3% TREO and 4% P2O5.

Within the wider phosphate intercepts there is a cumulative total of 90m at 1.3% TREO. These intercepts are summarised in Table 2.

The rare earth mineralisation is composed of coarse massive patches of bastnaesite and monazite in carbonatite and includes intercepts of 35m at 1.6% TREO and 3% P2O5, including 16m at 2.4% TREO and 4% P2O5, and 6.6m at 2.2% TREO and 3% P2O5. The hole confirms the continuity of very strong rare earths mineralisation in the hanging wall.

CDX0050, which was drilled down-dip of hole CDX0016, also intersected strong mineralisation in this position, returning an intercept of 10m at 3.6% TREO and 6% P2O5 including 3m at 9.5% TREO (see Table 1). This intersection is located 80m to the south-west of the CDX0037 hanging wall intersection.

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