- Rare earths explorer RareX (REE) has begun exploration at the Weld North Rare Earths Project in Western Australia
- Aircore (AC) drilling is scheduled to begin later in the week with aims to test under the cover sequence of the interpreted intrusion
- Drilling will determine whether the magnetic anomaly is a carbonatite or granitic intrusion
- Work will take two to three weeks to complete, with results expected in January
- RareX is steady on the market and shares have been trading at 13 cents since November 27
RareX (REE) has begun exploration at the Weld North Rare Earths Project in Western Australia.
Weld North covers a large magnetic anomaly that may represent a carbonatite intrusive complex, similar to Lynas Corporation’s (LYC) high-grade Mt Weld mine, which lies 84 kilometres south of Weld North.
Aircore (AC) drilling is scheduled to begin later in the week with aims to test under the cover sequence of the interpreted intrusion.
Drilling will determine whether the magnetic anomaly is a carbonatite intrusion – similar to the Mt Weld mine – or a granitic intrusion.
Work will take two to three weeks to complete, with results expected in January.
“This is a really exciting drilling program which will deliver our first real assessment of the geology of the intrusive complex at Weld North, and whether it has a similar make-up to Lynas’ world class Mt Weld mine to the south,” Managing Director Jeremy Robinson commented.
“While our core focus remains on the development of our flagship Cummins Range Rare Earths Project in WA, success from this drilling at Weld North could deliver a substantial re-rating for RareX,” he said.
“We are also greatly encouraged by the recent surge in pricing for key rare earth elements, driven by the rapidly growing use of Rare Earth Permanent Magnets,” he added.
RareX is steady on the market and shares have been trading at 13 cents since November 27.