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Highlights:
- ABx recently revealed a major expansion of rare earth discovery followed by receiving assay results.
- ABx stated that its winter drilling campaigns had expanded the lateral extent of rare earth elements by 230% at Deep Leads.
Leading ASX-listed bauxite explorer ABx Group Limited (ASX:ABX) shares opened trading in the red territory on Wednesday morning. ABx’s share price fell by 6.06% to AU$0.155 apiece at 10:12 AM AEST on ASX today (7 September).
During last 12 months, Abx’s share price gas gained almost 7% on ASX. Furthermore, Abx’s YTD-based share price gained by 50% as of 10:12 AM AEST on Wednesday.
What is happening within ABx?
On 6 September 2022, Abx announced that it had received assays from the majority of its winter drilling campaign. The campaign has expanded the lateral extent of rare earth element mineralisation by 230% to 4.01 square km at Deep Leads.
As per the company’s assay results, the Deep Leads rare earth elements mineralisation is found to be enriched in the more valuable permanent magnet type of rare earth elements. The area includes true ionic adsorption clay zones that had achieve 50% to 75% leaching extraction rates. The extraction rates are considered very high as per world standards.
ABx has shared that it has introduced new drilling technologies during this winter drilling campaign. The new techniques include push tube coring, which will be further developed in the next drilling campaign.
Furthermore, the assay results have shown that the rare earth elements mineralisation at Deep Leads is clay hosted and is mostly concentrated in buried channel structures. Deep Leads hosts the rare, true ionic adsorption clay (IAC) type of rare earth element deposits and has excellent extraction rates of 50% to 75% of contained REE under low-cost processing. ABx has drilled a total of 150 holes in the winter campaign and has discovered rare earth elements mineralised intercepts over an area of 7km x 4.6km. The company has planned further drilling activities in the coming months.
Updates from ABx’s quarterly report:
ABx reported the following in its quarterly report for the three months period ended on 30 June 2022:
- The company reported a cash reserve of AU$4.28 million at the end of the quarter.
- ABx’s Rare earth elements update- The mineralisation has proven to be ionic adsorption clay, which forms the major source of permanent magnet rare earth elements.
- Alcorn: ABx has granted AU$7.5 million from the Australian Government’s Modern Manufacturing Initiative in this period. This amount will help the company to support its proposed AU$16.4 million aluminium smelter bath recycling plant in Tasmania. Furthermore, the company has commissioned three new laboratory reactors. The results are likely to aid the finalisation of the continuous pilot plant design.
- Sunrise Bauxite Project- ABx has completed stage 1 terrestrial ecology studies and groundwater monitoring of the Binjour mine and Bundaberg port operational sites during the given period.
