Join our daily newsletter At The Bell to receive exclusive market insights
- Lynas Rare Earths (LYC) confirms continuous rare earth element (REE) mineralisation from drilling below the open-pit mine at Mt Weld in WA
- Lynas drilled a diamond hole to a 1010-metre depth and REE mineralisation has been confirmed along the entire extent of the drill hole at 2.22 per cent rare earth oxides (REO)
- Within the apatite zone of the drill hole lies 27 metres of 7.6 per cent REO and 23 metres of 13.67 per cent REO
- Lynas plans on conducting an exploration program to develop the Mt Weld resource to meet the rising demand for rare earths
- Lynas ended the day 4.01 per cent in the green at $10.64
Lynas Rare Earths (LYC) has announced results from a one-kilometre-deep hole drilled below the current open-pit mine at Mt Weld in Western Australia.
The diamond hole was completed at the start of August last year and marked the first time Lynas had ever undertaken one-kilometre-deep exploration drilling at Mt Weld.
Positively, results have confirmed continuous rare earth element (REE) mineralisation along the entire 1010-metre drill hole at an average grade of 2.22 per cent rare earth oxides (REO).
The weathering process enriched the REE grade in the saprolite zone due to the monazite enrichment within the apatite zones. Apatite zones at shallower depths show 27 metres of 7.6 per cent REO and 23 metres of 13.67 per cent REO.
The highest grade was 21.44 per cent REO from 60 to 62.4 metres hosted in the apatite zone and the lowest grade was 0.17 per cent REO from 969 to 973 metres hosted in calcite-rich carbonatite.
The REE mineralisation reportedly continued beuon the end of the drill hole, with the final four metres of single-metre samples analysed at an average of 1.47 per cent REO from 1016 to 1020 metres.
The results reveal a large area of new exploration target in the fresh carbonatite below the zone of surficial weathering profile.
“I’m delighted to announce the results of this one-kilometre deep core drilling and analysis which show a large endowment of REEs below the current Mt Weld open pit mine,” CEO and Managing Director Amanda Lacaze said.
“We are excited to establish a new, targeted exploration program with the goal of meeting accelerating customer demand for many years to come.”
The company said its proposed exploration program will help to develop the Mt Weld resource to meet the rising demand for rare earths.
Lynas ended the day 4.01 per cent in the green at $10.64.
