- Rare earths explorer RareX (REE) will reopen and potentially extend its first diamond hole at the Mordialloc Target in NSW
- This hole intersected favourable alteration and anomalous metal levels, identifying up to 0.29 per cent copper and 272 parts per million molybdenum
- An incomplete second diamond hole was also drilled at Mordialloc, TRDD005, and intersected volcaniclastic sandstone at a depth of 632 metres
- Drilling will resume next week following a scheduled break in operations
- RareX is down 7.35 per cent with shares trading for 6.3 cents each
Rare earths explorer RareX (REE) will reopen and potentially extend its first diamond hole at the Mordialloc Target.
The Mordialloc Target is part of the Trundle Gold-Copper Project which lies 30 kilometres west of the Northparkes copper-gold project in NSW.
This hole, TRDD002, was the second to be drilled at the Trundle Project and follows on from the first hole, TRDD001, which intersected up to 4.32 grammes per tonne gold and 2.43 per cent copper in early July.
Hole TRDD002 was drilled to a depth of 790 metres and intersected a combination of quartz monzonite (igneous rock used for building stone) and quartz monzodiorite.
The company also intersected alteration and anomalous metal levels between 721 metres to 790.25 metres and intersected up to 0.29 per cent copper and 272 parts per million (ppm) molybdenum.
An incomplete second diamond hole was also drilled at Mordialloc, TRDD005, and intersected volcaniclastic sandstone at a depth of 632 metres.
Drilling will resume next week following a scheduled break in operations.
“Assay and petrography results for the second hole at the Trundle project strongly supports the presence of a mineralising porphyry copper-gold system at the Mordialloc target,” Technical Committee Chair, John Holliday and Senior Vice President of Exploration Peter Leaman said.
“An extension of TRDD002 and additional step-out holes are planned seeking the core of the targeted system, with TRDD005 already providing very encouraging results,” John and Peter said.
Additional assay results are pending and follow-up holes have been planned for the Mordialloc and Trundle Park targets.
RareX is down 7.35 per cent with shares trading for 6.3 cents each at 12:23 pm AEST.