ABx Group (ASX:ABX) has received the highest grade of super magnet REE in recent assay results from its Deep Leads rare earth element (REE) discovery at the DL130 bauxite deposit in northern Tasmania.
Deeps Leads has now been proven to extend for more than 3.25 kilometres, with the new assays also returning thicker intercepts.
The intercept in hole DL392 has the highest grades of all four super-magnet REE to date, including 493ppm of neodymium oxide (Nd2O3), which is the main super-magnet REE.
The mineralisation in recent holes DL392 and DL393 is at least three metres thick, but the drill rig was unable to drill all the way through the mineralised zone due to mixtures of wet clays and broken, altered rock with high water flow rates.
Hole DL393 is the first hole drilled into Target 2.
Significance of these results
1. ABx’s REE mineralisation is enriched in the super-magnetic rare earth elements neodymium (Nd), praseodymium (Pr), terbium (Tb) and dysprosium (Dy), which are strategically important, high priced metals needed for electric vehicles, wind turbines, smart phones and military electronics. Prices are rising rapidly as demand grows strongly.
2. ABx’s REE exploration is identifying a large, low-grade mineralised zone that appears strongest where the flow rates of the saline groundwater are strong.
3. Like low-grade open pit gold deposits, this REE mineralisation can be easily processed.
4. ABx believes it has discovered “water-soluble” ionic adsorption clay REE resources that can be concentrated into a saleable precipitate by low-cost leaching with dilute water-based solutions.
5. Some drillholes need to be drilled to 25 metres depth in places to ensure that the entire REE mineralised clay and altered bedrock mineralised horizon is revealed and sampled.
Exploration Manager, Paul Glover, said results from the next 20 drillholes are pending ABx awaits assay results from 20 more recent drillholes that can materially expand the areal extent of the Deep Leads REE mineralisation.
“As Covid travel restrictions ease, we can introduce new technologies for this REE exploration project, including high resolution geophysics to map the groundwater channels that host the best REE exploration targets and a multi-purpose drill rig to reveal the full thickness and geology of the mineralised zones,” Mr Glover said.
“We await the granting of our new Exploration License application that covers several attractive REE targets that exist to the east of our current Deep Leads discovery.”
For further information please visit: https://www.abxgroup.com.au/site/content/
