RareX (ASX: REE) has identified a significant new heavy rare earths (HRE) opportunity following a desktop study of historical data from its Mt Mansbridge tenement package in Western Australia’s far north.
A reassessment of data and the completion of heritage work with the Tjurabalan native title holders have opened the door for the company’s exploration team to begin planning to investigate an untested HRE soil anomaly 2 kilometres in length.
The anomaly will be a focus for an upcoming field program, with exploration set to commence in the coming months in the area, which is located on the WA side of the border it shares with the Northern Territory.
The Mt Mansbridge HRE project is located just 40km from the Browns Range HRE deposits estimated to contain 10.8 million tonnes at 0.76% total rare earth oxide with 88% HRE.
Mt Mansbridge is one of the RareX portfolio projects being reassessed and reprioritised following detailed data analysis and geological reinterpretation.
The recent work has resulted in Mt Mansbridge being escalated in priority, while Red Dragon – another RareX portfolio project – has been de-escalated.
Managing director James Durrant said the review has confirmed the presence of mineralisation similar to that found at Browns Range.
“RareX has been presented with a wonderful opportunity to find a high-value dysprosium-terbium deposit,” he said.
“We are looking forward to exploring the number one location in Australia for HRE.”
Mt Mansbridge, which is situated close to RareX’s flagship Cummins Range deposit, is composed of three tenements totalling 217 sq km and was previously explored for uranium and gold by companies including Sigma Resources and BHP Group (ASX: BHP).
Recent rare earths exploration in the area has been conducted by Red Mountain Mining (ASX: RMX) and Northern Minerals (ASX: NTU), with the latter discovering several HRE deposits in the Browns Range complex.
A 700m geochemical signature has also been identified at Sigma’s HRE prospect, suggesting the mineralisation is open along strike.
The geochemistry and radiometric readings indicate at least two other lode structures in the Killi Killi formation that require follow-up.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.