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- Shares in ABx Group (ABX) soar after the company made a new rare earth discovery 52 kilometres east of its Deep Leads Project in Tasmania
- The discovery was made at the Portrush Project with results peaking at 4800 parts per million total rare earth oxides
- Rare earth element (REE) discoveries have now been made in three locations including the Deep Leads Project, the Wind Break Project and the Portrush Project
- Additional work will be undertaken to design holes to significantly expand the drill coverage of the REE mineralisation at all projects
- Shares in ABx are still up 28.6 per cent and are trading at 13.5 cents
Shares in ABx Group (ABX) were up as much as 28.6 per cent after the company made a new rare earth discovery 52 kilometres east of its Deep Leads Project in Tasmania.
The discovery was made at the Portrush Project with results peaking at 4800 parts per million (ppm) total rare earth oxides (TREO).
“We are discovering better grades and thicker mineralisation over a much larger province that thought possible,” Exploration Manager Paul Glover said.
Rare earth element (REE) discoveries have now been made in three locations including the Deep Leads Project, the Wind Break Project and the Portrush Project.
At the Deep Leads Project, several holes were able to penetrate deeper into the REE mineralisation before becoming stuck.
Without using special equipment, the drill rods became bogged in wet clays and the drill bits got stuck in the broken ground.
Hole DL190 intersected five metres of REE mineralisation and intersected up to 3943ppm TREO, which is the highest grade from Deep Leads to date.
Further, it is the southernmost hole, indicating a strengthening REE mineralisation trend towards the southeast which could extend for a considerable distance.
At the Wind Break Project, which lies 16 kilometres northeast of Deep Leads, up to 1527ppm TREO has been intersected.
Additional work will now be undertaken to design drill holes to significantly expand the drill coverage of the REE mineralisation at all projects.
“Our next drill program will sample the full thickness of this shallow, clay-hosted REE and give us some indications of how large these discoveries can be,” Operation Manager Nathan Towns stated.
Shares in ABx were still up 28.6 per cent on the market and were trading at 13.5 cents at 2:00 pm AEDT.
