Critical minerals explorer ABx Group Ltd (ASX:ABX) has expanded the resource outline of its Deep Leads rare earth elements (REE) project in Tasmania, as its 37-hole drilling program revealed thick REE mineralisation – in particular the high-demand elements dysprosium (Dy) and terbium (Tb).
The amount of Dy and Tb found in these intercepts came in at 4.3% of the project’s total rare earth oxides (TREO), making it the highest proportion of any clay-hosted rare earth resource in Australia, as well as being high in global terms.
ABx noted that thick zones of these elements are generally very rare.
The program represented the first drilling conducted at the NW Block of Deep Leads – itself located 45 kilometres west of Launceston, with several intercepts being noted as much thicker than usual and extend ABx’s REE mineralisation across the plateau.
ABx Group Managing Director and CEO, Mark Cooksey said the results indicated the potential for growth at the project.
“Drill results in the NW Block expand the resource outline for the Deep Leads high-grade rare earth zone and also enhance the areal extent from hole DL520,” he said.
“DL520 is one of the nearest existing drill holes and is also where rare earth extractions of over 50% were measured using low-acid (pH 4) conditions – confirmed in desorption tests by the Australian Nuclear Science and Technology Organisation (ANSTO) and in-house tests.”
ABx shares moved slightly up on the news, and by 11:28 AEST, were trading at 5.1 cents, a rise of 4.08% since the market opened.