- Heavy Rare Earths (HRE) reports “outstanding” assays from its Cowalinya project in the Norseman-Esperance region of Western Australia
- The company received results from 57 air core holes as part of its recently completed 441-hole rare earth exploration and expansion drilling program
- The results included a high-grade intercept of up to 4839 parts per million total rare earth oxides (TREO)
- Assays still remain pending from a further 36 holes, which will be used to update the project’s resource inventory
- Shares in HRE are up 25 per cent and trading at 12.5 cents at 2:07 pm AEST
Heavy Rare Earths’ (HRE) shares have soared on Wednesday after reporting “outstanding” assays from its Cowalinya project in the Norseman-Esperance region of Western Australia.
The company received results from 57 air core holes, as part of its recently completed 441-hole rare earth exploration and expansion drilling program.
The assays included a number of high grade and thick rare earth intercepts within the project’s newly-discovered Western Zone, where the mineralisation remains open to the north and northwest.
The results included a high-grade intercept of up to 4839 parts per million total rare earth oxides (TREO).
Further highlights from the recent bout of assays included 26 metres at 1201 parts per million TREO from 19 metres, including eight metres at 3057 parts per million TREO from 27 metres.
These assays add to HRE’s previous results from the area, which included 42 metres at 790 parts per million TREO, and 19 metres at 3190 parts per million TREO.
Results still remain pending from 36 holes, which will complete the assay coverage of the south-eastern portion of the tenement.
The company said the process to update the project’s resource inventory will begin once all assays have been received.
Additionally, 41 holes drilled nominally along existing access tracks to the north and west of Cowalinya North are also pending. These holes, located up to 15 kilometres from the Western Zone, will be excluded from the updated resource estimate. However, the company noted they may present new rare earth target areas for subsequent definition drilling.
Heavy Rare Earths said all remaining assays for the program are expected to be reported by LabWest Minerals Analysis by the end of April.
Shares in HRE are up 25 per cent and trading at 12.5 cents at 2:07 pm AEST.