- ABx Group (ABX) discovers a new rare earth element prospect at Rubble Mound in northern Tasmania
- The latest discovery is located six kilometres southeast of the Deep Leads project where the company initially discovered clay-hosted rare earth elements
- The new prospect includes a hole which returned 1620 parts per million total rare earth oxides and also suggests the presence of a six kilometre long line of targets
- ABx believes the Deep Leads mineralisation could connect to Rubble Mound and plans to undertake step out drilling with work plans submitted and a new drill rig mobilised
- Shares are trading 12.5 per cent higher at 13.5 cents at market close
ABx Group (ABX) has discovered a new rare earth element prospect at Rubble Mound in northern Tasmania.
The latest discovery is located six kilometres southeast of the Deep Leads project where the company initially discovered clay-hosted rare earth elements.
The new prospect includes a hole which returned 1620 parts per million total rare earth oxides.
It brings the company’s REE discoveries to four, with the Wind Break project located in the northeast and Portrush to the east of Deep Leads.
According to ABX, initial drilling results from Rubble Mound identified similar mineralisation to that of the main discovery at Deep Leads and suggests there is a six kilometre-long line of lode targets between the two projects.
The company’s newest tenement covers this middle ground and brings its landhold to at least 52 kilometres wide.
CEO Mark Cooksey said securing the gap between Deep Leads and Rubble Mount “significantly increases the potential size of REE resources”.
Moreover, he believes the Deep Leads REE mineralisation could connect to Rubble Mound.
As such, step out drilling is planned over a wider area, with work plans submitted and a new drill rig mobilised.
Shares were trading 12.5 per cent higher at 13.5 cents at market close.