Australian Bauxite Limited (ABx) released the initial rare earth elements (REE) Mineral Resource Estimate for its Deep Leads – Rubble Mound project this week, projecting nearly 4 million metric tons of high-grade REE.
ABx says that its estimate is that 3.94 million metric tons of rare earth elements lie below Deep Leads – Rubble Mound, with an average of 655ppm TREO-CeO2, and 918ppm TREO at 200ppm TREO-CeO2 cutoff.
The firm says it expects to increase its estimate of the REE at Deep Leads – Rubble Mound as drilling continues, as last week’s estimate covers less than a tenth of the over 7,700-acre area that has not yet been drilled. In addition, ABx has pinpointed pockets of high-grade REE mineralization that may well increase resources a great deal next spring, when drilling-out operations are over.
ABx Group Managing Director and CEO Mark Cooksey said in a press release that the estimate bodes well for the firm.
“This mineral resource estimate is a strong base from which ABx with which to significantly grow our rare earths resource in northern Tasmania. Importantly, the resource represented in this estimate only covers approximately 7.5% of the total prospective area. It is a widespread province of clay-hosted REE mineralisation which has some exciting thick high grade REE channels that ABx intends to drill-out in January-March 2023, and I look forward to updating investors as we progress this campaign.”
“Equally important is the ease of extraction of the REE from these clay-hosted REE deposits – not all clay deposits are equal,” he continued. “ABx will focus on its true ionic adsorption (IAC) mineralisation zones.”
Based in Sydney, ABx conducts operations in Tasmania, Queensland, and New South Wales. The firm boasts combined JORC resources of 124 million metric tons in twenty-two tenements covering almost two thousand square kilometers in Eastern Australia. Its Binjour tenement in Queensland is considered by the company to be its flagship project.