RareX (ASX:REE) discovered high-grade gallium at the Cummins Range carbonatite pipe in Western Australia, according to a Tuesday filing with the Australian bourse.
"Significant" intercepts include 99 meters at 106 grams per tonne grade of gallium, about 0.8% of total rare earth oxide, and 160 grams per tonne grade of scandium oxide from 1 meter, per the filing.
The company said these results are the highest-grade gallium assays reported in Australia, thereby elevating the Cummins Range to the "most advanced gallium deposit" in the country.
Gallium is on the critical mineral list for Europe, America, and Australia, the filing stated.
Re-assaying of the samples is underway.
RareX's shares soared 200% in recent Tuesday trade, earlier hitting a 52-week high.
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