- Lynas Corporation (LYC) has identified potential rare earth element (REE) mineralisation below the Mt Weld Rare Earths Pit in Western Australia
- Two vertical holes were drilled in September and October to supply water for processing operations and to promote wall stability
- Additionally, one of the holes included 2.2 per cent rare earth oxides, while the other included 2.7 per cent rare earth oxides
- The potential grade and extent of the fresh carbonatite is unknown at the moment, however, Lynas will follow-up with further drilling
- Lynas is up 3.29 per cent on the market and shares are trading at $3.77
Lynas Corporation (LYC) has identified potential rare earth element (REE) mineralisation below the Mt Weld Rare Earths Pit.
Mt Weld lies in Western Australia and is believed to host one of the highest grade rare earth deposits in the world: the Mt Weld Central Lanthanide Deposit.
It also hosts the undeveloped Duncan, Crown, and Swan deposits.
Two vertical holes were drilled in September and October to supply water for processing operations and to promote wall stability for future mining programs.
One of the holes included 149 metres of 2.2 per cent rare earth oxides (REO) in carbonatite from 52 metres to 201 metres, and the other included 61 metres at 2.7 per cent REO in carbonatite from 17 metres to 78 metres.
The potential grade and extent of the fresh carbonatite is unknown at the moment as there has been insufficient exploration, however, Lynas will follow up with further drilling.
“A cornerstone of Lynas’ 2025 growth strategy is ongoing access to high-quality rare earth feedstock. Our Mt Weld mine in Western Australia is recognised as one of the world’s highest-grade operating rare earth mines and has 25-plus year mine life,” CEO and Managing Director Amanda Lacaze commented.
“We are encouraged by these new exploration results which go beyond the area of the 2018 mineral resources and ore reserves statement,” she said.
“We are committed to exploring below current mineral resource to understand the potential for primary REE mineralisation below the weathered zone,” she added.
Lynas is up 3.29 per cent and shares are trading at $3.77 at 11:29 am AEDT.