BBX Minerals (ASX:BBX) announces new REE discovery; acquires three new tenements in Brazil

• BBX Minerals (BBX) acquires three new tenements totalling 14,864 hectares in the Apui region of Brazil and conducted surface soil sampling
• Initial reconnaissance soil sampling reveals significant TREO values above cerium dioxide levels of 200 ppm out of 52 of all 53 samples collected
• Results include averages of 569 ppm TREO in 32 samples at a maximum of 1000 ppm TREO and a 576 ppm TREO average in 11 samples at a maximum of 920 ppm
• The company’s results create grounds for a broad-spaced auger drilling to take place over its REE mineralised zone of interest
• BBX shares are down 11.9 per cent, trading at 3.7 cents at 12:21 pm AEST

BBX Minerals (BBX) has acquired three new tenements totalling 14,864 hectares in the Apui region of Brazil.

Initial reconnaissance soil sampling revealed significant total rare earth oxides (TREO) values above cerium dioxide levels of 200 parts per million (ppm) out of 52 of all 53 samples collected.

Results included 569 ppm TREO averaged in 32 samples, with a maximum of 1000 ppm TREO at the company’s first target and 576 ppm TREO averaged in 11 samples with a maximum of 920 ppm TREO in target two.

“We are extremely pleased with a second significant rare earth element discovery adjacent to our Ema discoveries, this discovery not only expands our exploration area but also leverages the existing logistics and resources surrounding the Ema discoveries,” BBX CEO Andre J Douchane said.

“Both our projects can efficiently share management, sample preparation facilities, equipment, and camp costs enhancing operational effectiveness, and we are also looking forward to the auger results with anticipation that the REE will increase with depth as is typical with this style of mineralisation.”

The company’s results were analysed at independent laboratory SGS in greater Belo Horizonte, Brazil, and have created grounds for a broad-spaced auger drilling to take place.

The program allows BBX to obtain a more detailed understanding of its REE profile and the potential enrichment within its REE mineralised zone of interest.

BBX shares were down 11.9 per cent, trading at 3.7 cents at 12:21 pm AEST.