ABx Group (ASX: ABX) has unveiled 30% increase to its Northern Tasmanian-based Deep Leads and Rubble Mound ionic adsorption clay (IAC) rare earth elements (REE) Mineral Resource Estimate to 27 million tonnes.
The increase follows the receival of assays from 36 drill holes which have discovered new deposits, increasing the potential for mineralisation to extend over 16km to the Wind Break discovery.
The 30% increase in Inferred Mineral Resources arises from the latest 36 holes that were our furthest step-out drillholes. 69% of the holes returned resource grade assays, which is above average for such wide spaced scout drilling in new areas,” Managing Director and CEO, Mark Cooksey, said.
“Our northernmost discovery hole, RM302, located 5km NE of Deep Leads could become our best prospect because it is 11 metres thick and enriched in permanent magnet rare earths, especially dysprosium (Dy) and terbium (Tb). These are highly valuable rare earths and almost exclusively produced from IAC deposits. Hole RM302 also indicates that this IAC rare earth mineralisation could extend 16km to the Wind Break discovery in our new exploration licence application.
“In addition, it is important to note that the cost of extracting rare earths from IAC deposits is highly dependent on the desorption process conditions. ‘Standard’ desorption conditions include 30 minutes at pH 4 (same acidity as apple juice). The ABx deposits have the highest reported extractions under these conditions for any IAC rare earth resource in Australia.”
