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Highest Grade Rare Earths To Date At Cowalinya Project
January 30, 2023
Heavy Rare Earths Limited (“HRE” or “the Company”) is pleased to report assays from another 49 air core holes of the now completed 438-hole exploration and resource expansion drilling program at its 100 per cent-owned Cowalinya rare earth project in the Norseman-Esperance region of Western Australia.
- Assays received for additional 49 holes from HRE’s rare earth exploration and resource expansion drilling program at Cowalinya
- Highest rare earth assay at Cowalinya to date – 7222 ppm TREO
- Rare earth grades exceed the Cowalinya resource grade (625 ppm TREO) in thick intervals of up to 22 metres in 35 drill holes. New intervals include:
- AC225: 14 metres @ 3217 ppm TREO (32.5% magnet REOs) from 16 metres
- including 6 metres @ 5848 ppm TREO from 24 metres
- AC221: 10 metres @ 2087 ppm TREO (25.1% magnet REOs) from 17 metres
- including 4 metres @ 4266 ppm TREO from 17 metres
- AC223: 17 metres @ 1069 ppm TREO (26.3% magnet REOs) from 11 metres
- including 4 metres @ 1897 ppm TREO from 23 metres
- AC212: 14 metres @ 1033 ppm TREO (29.0% magnet REOs) from 22 metres
- including 4 metres @ 2040 ppm TREO from 24 metres
- AC244: 7 metres @ 895 ppm TREO (30.9% magnet REOs) from 20 metres
- Evidence continues to build for substantial zone of rare earth mineralisation west of Cowalinya South deposit
- Rare earth mineralisation not strike constrained in newly discovered western zone
This brings the total number of holes reported to 141, nearly one third of all holes drilled during the 2022 campaign.
The latest batch reported by LabWest Minerals Analysis features the highest-grade assay returned in drilling on the Cowalinya project to date: 0.72% TREO over 2 metres in hole AC225. Hole AC225 is located 900 metres west of the Cowalinya South resource1 and sits amongst a cluster of 10 mineralised holes on two adjacent 400 metre-spaced drill lines (6359400N and 6359800N; see Figure 1). This cluster could represent the northern continuation of the 2-kilometre-wide zone of rare earth mineralisation encountered in 11 consecutive holes AC190-AC201 1.2 kilometres to the south (refer to ASX announcement 3 January 2023). The 10 intercepts that define this newly discovered coherent zone of mineralisation are as follows:
- AC211: 17 metes @ 402 ppm TREO from 20 metres
- AC212: 14 metres @ 1022 ppm TREO from 22 metres
- AC213: 12 metres @ 748 ppm TREO from 17 metres
- AC214: 5 metres @ 634 ppm TREO from 22 metres
- AC215: 4 metres @ 434 ppm TREO from 31 metres
- AC38 (drilled in 2021 and re-assayed in 2022): 9 metres @ 544 ppm TREO from 12 metres
- AC223: 17 metres @ 1069 ppm TREO from 11 metres
- AC224: 12 metres @ 509 ppm TREO from 9 metres
- AC225: 14 metres @ 3217 ppm TREO from 16 metres (incomplete)
- AC226: 14 metres @ 473 ppm TREO from 12 metres (incomplete).
Significantly, rare earth mineralisation remains open at depth in holes AC225 and AC226 with assays not yet reported for the 30-35 metre depth interval in hole AC225 and for 26-54 metres in hole AC226 (Figure 2). In addition, the mineralised zones have not been strike constrained with rare earth assays pending for some 90 holes west of 432600E between 6357800N and 6359800N.
To the east of the Cowalinya South deposit, further evidence emerges of a second new zone of mineralisation. The mineralised horizon that grades as high as 895 ppm TREO in holes AC243-AC248 in the north-east corner of HRE’s tenement (see Table 1 and Figure 1) has the potential to link with recently reported mineralisation drilled in holes AC178-AC181 800 metres to the south (refer to ASX announcement 3 January 2023).
Assays for the remaining 297 drillholes, including those in the central and northern parts of the tenement, will be reported by the Company as results are received.
Click here for the full ASX Release
This article includes content from Heavy Rare Earths, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
HRE:AU
10h
Reducing Reliance on China for Rare Earths Production and Processing
Experts have long warned that global overreliance on China for the production and processing of rare earth elements (REEs) was akin to a house of cards — and the Chinese government keeps proving them right.
In December 2023, China announced a ban on the export of multiple technologies related to REE extraction processing, including those used in the production of rare earth magnets. Rather than a new development, this announcement was simply the latest in a series of restrictions implemented over the previous year. Other banned exports include extraction technology, separation technology and rare earth alloys.
In response, governments around the world are ramping up their efforts to strengthen alternative sources for REE production and processing. There is considerable investment potential to be found in these efforts, provided one knows where to look.
By understanding the global REE market and what projects and technologies are gaining traction outside China, investors can identify and evaluate promising REE stocks.
An unsustainable market dynamic
At present, China is responsible for nearly 90 percent of all REE processing and 60 percent of global supply. Part of the problem, notes Reuters, is the solvent extraction process China uses to refine the critical minerals. Though highly effective, western companies have historically struggled to deploy it due to a combination of technical complexity and environmental concerns.
China, unfortunately, has no such concerns. Much has already been written about the dismal state of the Chinese mining sector. Kachin State in Myanmar, for instance, is dominated by rare earths mines that cover a surface area roughly the size of Singapore. Many of these mines are entirely unregulated and unsafe for both the people and the environment.
Although the Chinese government recently began flirting with sustainability as it pursues a transition to electric vehicles, it has actually been ramping up rare earths production over the past several years. This is in spite of the country's stated policy of shifting away from REE production to REE processing.
A report by Harvard International Review notes that producing a single ton of rare earths yields roughly 2,000 tons of toxic waste. The report further adds that Bayan-Obo, located in Inner Mongolia, China, and the largest rare earths production and processing facility in the world, has to date produced over 70,000 tons of radioactive thorium. This hazardous material is stored on site in a tailing pond, where it has contributed heavily to groundwater toxicity.
Moreover, conventional solvent extraction also requires significant volumes of energy and water. One report noted that the process is responsible for roughly 30 percent of REE production's environmental impact, adding that it could also contribute heavily to global warming, eutrophication of aquatic environments, and toxicity in humans.
As demand for REEs continues to increase, so too will production and processing, resulting in potentially more damaging environmental consequences. This paradigm arguably makes it functionally impossible to truly achieve carbon neutrality.
Finding a way forward through innovation
In recent years, western companies have made enormous strides in developing cleaner, more efficient solvent extraction techniques. Emerging production and processing strategies are considerably more sustainable, eschewing harmful chemicals and producing considerably less waste. Examples of technologies and techniques include:
Circular processing
In 2020, the Saskatchewan Research Council (SRC) and the Saskatchewan government announced plans to create Canada's first rare earths processing facility. The first-of-its-kind facility combines proprietary extraction cells, metal smelting and hydrometallurgy into a fully integrated process supported by artificial intelligence. More importantly, the facility will emit neither water nor waste. Instead, everything it produces will be recycled and reused.
MP Materials (NYSE:MP) has taken a similar approach with its Mountain Pass rare earths mine and processing facility, developing it into a completely self-contained operation with a dry tailings facility and state-of-the-art water recycling systems.
Aclara Resources’ (TSX:ARA) Circular Mineral Harvesting process to extract clean rare earth minerals follows the principles of circular processing, by recirculating up to 95 percent of the water used and 99 percent of a common fertilizer main reagent. Aclara also recently joined the United Nations Global Compact, a global corporate sustainability initiative aligning strategies and operations with the universal principles on human rights, labour, environment and anti-corruption.
Sustainable vertical integration
The idea behind vertical integration is quite simple — by controlling the full supply chain, a company has far more control over the sustainability of its production. Aclara Resources is also pursuing this strategy, driven by its Chilean assets containing ionic clay deposits rich in heavy rare earths. In April 2024, Aclara completed a deal with plans to work with the Saskatchewan Research Council and Hatch to develop rare earths processing capabilities in the United States. Aclara also secured an equity investment deal with CAP, in which the latter will invest in a 50/50 joint venture with Aclara to develop metals and alloys for the permanent magnet industry.
Aclara was already notable for being one of the cleanest future suppliers of heavy rare earths in the world, using a unique extraction process that does not require crushing, blasting or milling, minimizes water consumption and facilitates leaching through the use of common fertilizer. With this announcement, it is positioned to become the first vertically integrated heavy rare earths company outside of Asia.
The company plans to source high-purity mixed rare earth carbonates from its sustainable extraction facilities in Chile and Brazil. It will process these materials via a conceptual solvent extraction process within a separation facility engineered by Hatch. Aclara has also contracted SRC to develop a production flowsheet for its carbonates. All these efforts will establish Aclara as a vertically integrated rare earths supplier in North America.
Biomining
Biomining feeds ores or electronic waste into large, microbe-filled tanks. The microorganisms within these tanks are specialized to consume a specific type of material as they multiply. Processing and separation happen naturally as the microbes 'eat' their way through the unwanted materials.
This process produces virtually no waste, has minimal energy requirements and does not require high temperatures. The company responsible for its development, BiotaTec, notes that in addition to processing rare earths, biomining could be used to treat waste products and pollutants from other industrial processes.
The microbes used in biomining also pose minimal risk to the environment should a tank be breached. BiotaTec is currently in the process of developing the technology for licensing purposes.
Column-based extraction
Developed by Ucore Rare Metals (TSXV:UCU,OTCQX:UURAF), column-based extraction is a new spin on existing solvent extraction. While it relies on the same basic reactions as a conventional plant, Ucore's proprietary RapidSX platform is able to process REEs up to three times faster. The technology can also process light and heavy rare earths simultaneously, eliminating the need for a powered mixing tank.
Additionally, the RapidSX system allows for far more efficient and effective waste management with minimal risk of generating toxic pollution.
Investor takeaway
The world cannot continue to rely exclusively on China for REE production and processing. Governments and mining companies alike understand this. As the two sectors work together to establish a stable domestic supply chain, the innovations and new projects that emerge will offer considerable investment opportunities.
This INNSpired article is sponsored by Aclara Resources (TSX:ARA). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Aclara Resourcesin order to help investors learn more about the company. Aclara Resourcesis a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Aclara Resources and seek advice from a qualified investment advisor.
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08 May
ChemX - Investor Presentation
ChemX Materials (ASX:CMX) (ChemX or the Company), an Australian high purity critical materials company, is pleased to advise Chief Executive Officer Peter Lee will be delivering the attached presentation during ChemX’s national investor roadshow this week.
Shareholders are reminded that the Company’s Share Purchase Plan is due to close at 5.00pm (WST) on Friday 10th May 2024. Shareholders can access the offer via the secure link on the Company’s website https://cmxsppoffer.computersharecas.com.au/offer/
This Announcement has been authorised for release by the Board.
For enquiries:
Peter Lee
Chief Executive Office
ChemX Materials Ltd
peter@chemxmaterials.com.au
+61 (0) 448 874 084
Stephen Strubel
Executive Director and Company Secretary
ChemX Materials Ltd C
stephen@chemxmaterials.com.au
+61 (0) 404 400 785
Click here for the full ASX Release
This article includes content from ChemX Materials, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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02 May
How to Invest in Rare Earths (Updated 2024)
The 17 rare earth elements (REEs) are as diverse as they are challenging to pronounce.
The group is made up of 15 lanthanides, plus yttrium and scandium, and each has different applications, pricing and supply and demand dynamics. Sound complicated? While the REE space is undeniably complex, many investors find it compelling and are interested in finding ways to get a foot in the door.
Read on for a more in-depth look at the rare earth metals market and the many different types of rare earths, plus a brief explanation of how to start investing in this arena.
What are the types of rare earths?
There are a number of ways to categorize and better understand REEs. For example, they are often divided into “heavy” and “light” categories based on atomic weight. Heavy rare earths are generally more sought after, but light REEs are of course important too.
Rare earths can also be grouped together according to how they are used. Rare earth magnets include praseodymium, neodymium, samarium and dysprosium, while phosphor rare earths — those used in lighting — include europium, terbium and yttrium. Cerium, lanthanum and gadolinium are sometimes included in the phosphor category as well.
One aspect that is common to all the rare earths is that price information is not readily available — like other critical metals, rare earth materials are not traded on a public exchange. That said, some research firms do make pricing details available, usually for a fee. These include Strategic Metals Invest, Fastmarkets and SMM.
What factors affect supply and demand for rare earths?
As mentioned, each REE has different pricing and supply and demand dynamics.
However, there are definitely overarching supply and demand trends in the sector. Most notably, China accounts for the vast majority of the world’s supply of rare earth metals. As the world’s leading producer, the Asian nation accounted for roughly 70 percent of rare earths production in 2023, or 240,000 metric tons (MT), with the US coming in a very distant second at 43,000 MT. After the United States, Myanmar is the third largest rare earth producer with an output of 38,000 MT last year. On top of that, China is also responsible for 90 percent of refined rare earths output.
The strong Chinese monopoly on rare earths production has created problems in the sector in the past. For instance, prices in the global market spiked in 2010 and 2011 when the country imposed export quotas.
The move sparked a boom in global rare earth metals exploration outside of China, but many companies that entered the space at that time fell off the radar when rare earths prices eventually sank again. Molycorp, once North America’s only producer of rare earths, is a notable example of how hard it is for companies to set up shop outside China. It filed for bankruptcy in 2015.
But the story didn’t end there — MP Materials (NYSE:MP), the company that now owns Molycorp’s assets, went public in mid-2020 in a US$1.47 billion deal, and a year later was a US$6 billion company. MP Materials is now the largest producer of rare earths in the western hemisphere, with a focus on high-purity separated neodymium and praseodymium oxide; a heavy rare earths concentrate; and lanthanum and cerium oxides and carbonates.
Concerns about China’s dominance are ongoing as the US/China trade war continues and as supply chain stability grows in importance. The Asian nation has tightly controlled how much of its rare earths products make into global markets through a quota system initiated in 2006.
In 2023, China issued three rounds of rare earth output quotas for a record total of 255,000 MT, an increase of 21.4 percent over the previous year, reported Reuters. For 2024, analysts expect a slower rate of increase for China’s rare earth quotas of between 10 percent and 15 percent.
Sharing a border with China, Myanmar is the source of at least 70 percent of its neighbors’ medium to heavy rare earth feedstock. In the first seven months of 2023, Myanmar accounted for 38 percent of China's rare earth materials imports. Not surprisingly, a temporary halt in Myanmar’s production in the late summer last year sent rare earth prices to their highest level in 20 months, as per OilPrice.com.
Outside of China, one of the world’s leading rare earths producers is Australian company Lynas (ASX:LYC,OTC Pink:LYSCF), which sends mined material for refining and processing at its plant in Malaysia. The Japan Organization for Metals and Energy Security and Sojitz (TSE:2768), through Japan Australia Rare Earths, inked an agreement last year to invest AU$200 million in the production and supply of heavy rare earths from Lynas, which will allow the mining company to expand its light rare earths production and begin production of heavy rare earths.
In the US, MP Materials is making good use of a US$35 million Department of Defense grant with the commissioning of an NdPr separation plant in 2023, and is now working on the expansion of its downstream manufacturing operations to include alloys and magnets.
Looking at demand, many analysts believe the need for rare earths is set to boom on accelerating growth from top end-use categories, including the electric vehicle market and other high-tech applications.
As an example, demand for dysprosium, a key material in steel manufacturing and the production of lasers, has grown as countries increase their steel standards. Aside from that, rare earths have long been used in televisions and rechargeable batteries, two industries that accounted for much demand before the proliferation of new technologies. Other rare earth metals can be found in wind turbines, aluminum production, catalytic converters and many of the high-tech products used every day.
According to Reuters, analysts are projecting a rebound in rare earths demand in the second half of 2024, particularly from the EV and wind turbine segments.
As can be seen, securing rare earths supply is an increasingly important issue. In addition to traditional rare earths mining, there has been growth in the rare earths recycling industry, which aims to recover REE raw materials from electronics and high-tech products in order to reuse them in new ways. Exploring and extracting rare earth materials from deep-sea mud is one of the newest recovery methods, and it is gaining traction as more mining companies look offshore for resources.
How to invest in rare earths?
The possibility of higher rare earths prices in the coming years has been one of the catalysts for investors wondering how they can invest in rare earths. As it's not possible to buy physical rare earth metals, the most direct way to invest in the rare earths market is through mining and exploration companies.
Investing in rare earths stocks
While many such companies are located in China and are not publicly traded, there are a variety of options available on Canadian and Australian stock exchanges. Below is a selection of companies with rare earths assets or operations trading on the TSX, TSX and ASX; all had market caps of over $50 million as of April 25, 2024.
- Aclara Resources (TSX:ARA,OTC Pink:ARAAF)
- American Rare Earths (ASX:ARR,OTCQB:ARRNF)
- Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF)
- Australian Strategic Materials (ASX:ASM,OTC Pink:ASMMF)
- Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU)
- Ionic Rare Earths (ASX:IXR)
- Lynas
- Neo Performance Materials (TSX:NEO,OTC Pink:NOPMF)
- Peak Resources (ASX:PEK)
Some small-cap REE companies are also listed on those exchanges. Here’s a list of rare earths companies or companies with rare earths projects listed on the TSXV, TSX, CSE and ASX that had market caps of less than $50 million as of April 25, 2024:
- Appia Rare Earths & Uranium (CSE:API,OTCQX:APAAF)
- Avalon Advanced Materials (TSX:AVL,OTCQB:AVLNF)
- Canada Rare Earth (TSXV:LL,OTC Pink:RAREF)
- Carmanah Minerals (CSE:CARM)
- Commerce Resources (TSXV:CCE,OTC Pink:CMRZF)
- Defense Metals (TSXV:DEFN,OTCQB:DFMTF)
- DY6 Metals (ASX:DY6)
- E-Tech Resources (TSXV:REE)
- Geomega Resources (TSXV:GMA,OTC Pink:GOMRF)
- Hastings Technology Metals (ASX:HAS,OTC Pink:HSRMF)
- Heavy Rare Earths (ASX:HRE)
- Krakatoa Resources (ASX:KTA)
- Marvel Discovery (TSXV:MARV,OTCQB:MARVF)
- Mkango Resources (TSXV:MKA)
- Namibia Critical Metals (TSXV:NMI,OTC Pink:NMREF)
- Ucore Rare Metals (TSXV:UCU,OTCQX:UURAF)
Rare earths exchange-traded funds
Rare earths exchange-trade funds (ETFs) offer investors a diversified position in this market space, mitigating the risks of investing in specific companies.
- VanEck Rare Earths and Strategic Metals ETF (ARCA:REMX) tracks an index of global mining companies as well as refiners and recyclers of rare earth and strategic metals. Its top holdings include Lynas, MP Materials and Iluka Resources.
- Sprott Energy Transition Metals ETF (NASDAQ:SETM) tracks an index of US and foreign companies related to energy transition materials, including rare earths. Lynas and MP Materials are also among SETM's top holdings.
- Global X Disruptive Materials ETF (NASDAQ:DMAT) tracks materials companies that derive at least half of their revenues from the exploration, mining, production and refining of one or more of 10 materials categories, including rare earths. In addition to Lynas and MP, this ETF also provides exposure to multiple Chinese rare earths companies, and one of its top holdings is China Northern Rare Earth High-Tech Co (SHA:600111).
This is an updated version of an article first published by the Investing News Network in 2020.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Aclara Resources, Appia Rare Earths & Uranium, Carmanah Minerals, DY6 Metals, Energy Fuels, Heavy Rare Earths, and Marvel Discovery are clients of the Investing News Network. This article is not paid-for content.
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02 May
Neo Performance Materials and Meteoric Resources Sign MOU for Offtake of Caldeira Project in Brazil
Meteoric Resources NL (ASX: MEI) (Meteoric or the Company) is pleased to advise it has entered into a non-binding Memorandum of Understanding (MOU) with Neo Performance Materials Inc. (Neo) (TSX:NEO) for offtake of 3,000 metric tonnes (MT) total rare earth oxide (TREO) per year from its Caldeira Project (Project) in Minas Gerais, Brazil, to supply Neo’s magnet manufacturing plant.
Key Highlights
- The MOU provides the framework for the parties to negotiate a binding commercial offtake agreement for the supply of mixed rare earth carbonate ("MREC") from the Caldeira Project.
- Under the contemplated offtake agreement NPM Silmet OÜ ("Silmet"), Neo’s rare earth separation facility in Sillamäe, Estonia, is expected to purchase 3,000 MT TREO per year from the Caldeira Project’s initial production, and hold a right of first refusal to purchase additional material when the Caldeira Project produces more than 6,000 MT TREO per year.
- Annual offtake of 3,000 MT TREO from the Caldeira Project could supply Neo with as much as 900 MT of Nd-Pr oxide and 30 MT of Dy-Tb oxide, combined, to supply Neo’s sintered rare earth permanent magnet manufacturing plant under development in nearby Narva, Estonia.
- Meteoric expects to obtain a construction permit by Q4 2025 and aims to commence MREC production during the second half of 2027.
- The Minas Gerais region is one of the world’s largest producers of niobium, iron-ore, tantalum, lithium, vanadium and bauxite.
Meteoric Resources’ CEO, Nick Holthouse, said:
"We are very pleased to be bringing this important agreement with Neo to market. This represents Meteoric’s first step in our staged offtake strategy, and are delighted to support Neo in their aim to provide high-performance magnetics for automotive, factory automation, high-efficiency motors, residential appliances, and many other industries. Connecting and integrating into the developing alternate rare earth materials supply chain signals strong external market confidence in the Caldeira Project`s ability to progress to an FID and into production. We look forward to working with NEO and having the benefit of their technical support as we continue to pursue and develop our own downstream capabilities and progress to a binding commercial arrangement.”
Neo Performance Materials’ CEO, Rahim Suleman, said:
"We are laser focused on laying the groundwork for rare earth supply by securing offtake from diverse projects around the world. We are excited to add the Caldeira project to our growing pipeline of prospective sources of rare earth feedstock which could enable us to increase capacity utilization at Silmet and supply the needs of our sintered rare earth magnet plant in Europe when it comes online. The Caldeira Project is one of a group of key MOUs and agreements we have signed in securing feedstock. This provides our customers with maximum supply chain optionality."
Offtake Agreement
The MOU outlines the general terms on which Neo is expected to, subject to final negotiations and customary conditions, enter into a binding offtake agreement for annual purchases of MREC containing 3,000 MT TREO from Meteoric’s Caldeira Project. The term of the offtake agreement is expected to extend until Neo has purchased a total of 30,000 MT TREO, with a customary renewal provision for subsequent terms.
The MOU also contemplates a right of first refusal for Neo to purchase additional MREC that Meteoric produces from the Caldeira Project in excess of 6,000 MT TREO per year, on similar terms.
The precise pricing mechanisms underpinning the offtake agreement, which is expected to be based on standard terms and conditions for such supply, remain subject to final negotiation of the binding offtake agreement.
Click here for the full ASX Release
This article includes content from Meteoric Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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30 April
Eclipse Metals Quarterly Activities Report and Appendix 5B
For the Quarter ending 31 March 2024
Eclipse Metals Ltd (ASX: EPM) (Eclipse or the Company) (ASX: EPM | FSE: 9EU) is pleased to report its activities for the financial quarter ending 31 March 2024.
HIGHLIGHTS
IVIGTÛT AND GRØNNEDAL, GREENLAND
- Eclipse Metals’ mineral resource estimate (MRE) for its Gronnedal REE deposit in Greenland comprises 1.18 million tonnes grading 6,859 ppm rare earths elements (REEs as TREO) containing 8,074 tonnes TREO using a 2,000 ppm cut-off.
- The mineral resource estimate (MRE) extends from surface to a depth of 9.5 metres representing 80,000 tonnes per vertical metre (TVM).
- The resource remains open in all directions.
- The MRE represents a small fraction of a large carbonatite intrusive that has been drill-tested.
- The resource supports a significant upside case for initial investment and development.
- Eclipse has made positive progress towards securing a mining licence for Ivigtût and Grønnedal prospects.
- Extrapolating the outcropping area of carbonatite to a depth of 50m indicates a potentially significant exploration target of REE mineralisation.
- The grade range for the exploration target comprises a notable proportion of magnet REE (neodymium, praseodymium, dysprosium, and terbium), which has the potential to be competitive with other REE projects globally.
- Positive response and guidance from the Danish Centre for Environment and Energy (DCE) and the Greenland Institute of Natural Resources (GINR).
CORPORATE
- Half-yearly report and accounts released.
- In-principal negotiations progressing with parties for a listing on the Australian Securities Exchange of Oz Yellow Uranium Limited, incorporating certain Northern Territory uranium tenements currently held by Eclipse.
Gronnedal Resource Area
As reported in the December 2023 financial quarter, Eclipse Metals announced that it had delineated a rare earth elements (REE) exploration target at Grønnedal within its 100%-owned Ivigtût multi-commodity project in southwest Greenland. On 9 February 2024 the company announced it had estimated a maiden near-surface JORC-compliant inferred resource. The exploration target encompasses a carbonatite section of about 3km by 800m that intrudes the syenite (Target Area) which encompasses the inferred resource. Overall, rare earth mineralisation at Grønnedal extends over an area of 5km by 2km of nepheline syenite. The inferred resource represents only a fraction of the Target Area. The Target Area shown in Figure 1 has been derived from a combination of recent exploration, a geophysical assessment and review of public domain data.Click here for the full ASX Release
This article includes content from Eclipse Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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30 April
March 2024 Quarterly Activities Report
ChemX Materials Limited (ASX:CMX) (ChemX or the Company), an Australian high purity critical materials company, is pleased to present its March 2024 quarterly report. The Company is developing its 100%- owned innovative, HiPurA® process to produce HPA in Perth, Western Australia along with its high purity manganese (HPM) Project on the Eyre Peninsula in South Australia.
- HiPurA® Pilot Plant construction advanced, enabling early-stage commissioning to commence in-line with its original project timeline to deliver first 4N HPA material in quarter two of the 2024 calendar year (Q2 CY2024).
- ChemX’s HiPurA® (HPA) process granted Australian patent.
- The patent protected HiPurA® process delivers HPA in a scalable, modular capability and can be deployed in economically competitive jurisdictions.
- $1.1M Placement completed with a $500,000 Share Purchase Plan (SPP) ongoing to fund construction of HiPurA® HPA Pilot Plant in Perth, Western Australia.
- South Australian High Purity Manganese (HPM) Project feasibility study advances.
Chief Executive Officer, Peter Lee commented:
“It has been a busy quarter for ChemX as we progressed construction of our 24 tpa HiPurA® pilot plant in Western Australia. I am extremely proud of how hard the team has been working towards our target for early-stage commissioning in coming months.
We were extremely pleased to be granted an Australian patent for our HiPurA® process. The Australian patent demonstrates the innovative characteristics of the HiPurA® process to produce high purity alumina. Importantly, the Australian patent provides intellectual property protection as we progress our global commercialisation strategy. Now that the Australian patent has been granted, we anticipate other jurisdictions will follow, providing ChemX further protection internationally.
I would like to thank existing and new investors for their support of our Placement this quarter. The take up demonstrates the confidence our investors have in ChemX and the HiPurA® technology. Following the success of the Placement, we have launched a Share Purchase Plan. I encourage all eligible shareholders to duly consider the offer before 10 May 2024. The next 12 months will be an exciting journey for ChemX, as we pursue our ambition to become a leading supplier of high purity alumina to the advanced tech and clean energy technology markets.”
Click here for the full ASX Release
This article includes content from ChemX Materials, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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