RareX (ASX:REE) upgrades Cummins Range resource by 47pc

• RareX (REE) has upgraded the overall resource at the Cummins Range Rare Earths Project by 47 per cent
• The WA-based project has a resource of 18.8 million tonnes at 1.15 per cent total rare earth oxides (TREO)
• RareX also announced a maiden indicated resource which contains 11.1 million tonnes at 1.34 per cent TREO
• This upgraded and maiden indicated portion has been delivered using results from 235 holes that were drilled last year
• RareX plans to utilise results from a current and upcoming drilling program to upgrade the resource further
• Company shares are up 21 per cent and trading at 9.8 cents

RareX (REE) has upgraded the resource at the Cummins Range Rare Earths Project in Western Australia.

The project has seen a 47 per cent increase in overall tonnes to 18.8 million tonnes at 1.15 per cent total rare earth oxides (TREO) including 0.23 per cent neodymium and praseodymium (NdPr) and 0.14 per cent niobium pentoxide.

Not only has the size of the mineral resource increased but so has the quality with the announcement of a maiden indicated component.

Cummins Range has a maiden indicated resource of 11.1 million tonnes at 1.34 per cent TREO and 0.17 per cent niobium pentoxide and 4.9 million tonnes at 2.11 per cent and 0.23 per cent niobium pentoxide.

The company believes the project now has the potential to support a standalone rare earth oxide production hub as well as becoming a concentrate supplier to third parties within Australia and overseas.

“Achieving a resource upgrade of this magnitude is a fantastic result which reflects the great work undertaken by the RareX technical team over the past year. The resource has increased in grade and scale, and now clearly sits at the forefront of rare earth development projects on the ASX,” Managing Director Jeremy Robinson said.

RareX completed the resource using results from 235 reverse circulation (RC) holes, totalling 20,476 metres, drilled last year.

A current 6000-metre RC drilling program, as well as an upcoming diamond program, will be used to expand the resource further.

Company shares were up 21 per cent and trading at 9.8 cents at 12:50 pm AEST.