Critical Metals Corporation (CRML) stock surged 5.10% in pre-market trading on Tuesday, following the company's positive update on its Tanbreez Greenland Rare Earth Mine project.
The mining development company announced that initial results from its recent drilling program at the Tanbreez site have identified four high-grade zones with significant rare earth element concentrations. Among the key findings was the discovery of one of the world's highest concentrations of Gallium, an essential rare earth metal used in computer chips and defense applications, in the "Area G" zone.
According to CRML's CEO Tony Sage, the drilling results demonstrate the "significant upside potential" of the Tanbreez project, one of the world's largest rare earth assets located in Southern Greenland. The company plans to investigate the Gallium mineralization further, as it presents a valuable opportunity given the metal's growing market worth billions of dollars annually.
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