Recent positive developments with resource drilling prompt expanded development scope

RareX Limited (ASX: REE; RareX or the Company) is pleased to advise that it has commenced a Scoping Study to evaluate the commercial development potential of its flagship 100%-owned Cummins Range Critical Metals Project (the Project or Cummins Range) in Western Australia's Kimberley region.


HIGHLIGHTS
  • Scoping Study now in full swing with key consultants appointed
  • Scoping Study being led by RareX's General Manager of Projects, James Durrant
  • The aim is to test the financial sensitivity and scale of a proposed on-site processing facility
  • Key project expansion opportunities to be incorporated, following recent drilling success
  • RareX targeting Q1, 2022 for release of the Scoping Study

The Project has recently seen a number of exciting developments in resource drilling, with deeper diamond drilling significantly expanding the mineralisation at depth and along key geological structures1. Importantly, this drilling has confirmed that significant massive monazite crystals are present in the fresh rock, demonstrating the enormous opportunity to expand the scale of the Project.

This improvement in the geological and resource understanding, coupled with the appointment of General Manager of Projects, Mr James Durrant2, has led to RareX reviewing the scope and timing of the Scoping Study to take advantage of the current Resource, improve pit optimisation and advance metallurgical understanding across the ore domains. The recently updated Mineral Resource of 18.8Mt at 1.15% TREO + 0.14% Nb2O5 is comprised of an Indicated Resource of 11.1 million tonnes at 1.34% TREO + 0.17% Nb2O5 and an Inferred Resource of 7.7 at 0.88% TREO+ 0.11% Nb2O5 (0.5% TREO cut-off)3.

RareX is targeting Q1 2022 to release the Scoping Study giving the time required to continue to develop the Resource and integrate this with metallurgy and processing design.


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