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Lynas (ASX:LYC) - Managing Director Amanda Lacaze - The Market Herald
Managing Director Amanda Lacaze
Source: Lynas Rare Earths
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  • Lynas Rare Earths (LYC) completes over one kilometre of deep core drilling into fresh carbonatite below the current rare earths elements (REE) open-pit mine at Mt Weld in WA
  • The drillhole ended in visible coarse grained REE mineralisation, which the company says will assist the planning for future resource expansion drilling
  • Geochemical assay results are anticipated to be complete by November 2021, with the drilling report expected in December
  • Lynas says further detailed analytical work, including metallurgical testwork, will be conducted on the drillhole samples, along with follow-up geological work.
  • Lynas Rare Earths last traded at $7.34 on July 30

Lynas Rare Earths (LYC) has completed 1020 metres of deep core drilling into fresh carbonatite below the current rare earths elements (REE) open-pit mine at Mt Weld in WA.

The drillhole is collared from the current mine pit floor, drilled in a westerly direction.

Geological and structural core logging is also now finished in the Mt Weld carbonatite, with the drillhole ending in visible coarse grained REE mineralisation.

The company said the varying concentrations of coarse grained and fine grained REE mineralisation were observed in multiple domains while core logging was taking place. This will be quantified once geochemical assay data and mineralogical results are received.  

The program was partially funded by the WA Government under the Exploration Incentive Scheme.  It was designed to expand the ore body knowledge of the project through a deeper look into the REE mineralisation, plus the geology and structure of the carbonatite host rock.

Lynas Rare Earths CEO and Managing Director Amanda Lacaze says the company is excited about this deep exploration drillhole into the Mt Weld carbonatite.

“This is the first time we have conducted a one-kilometre-deep exploration drilling at Mt Weld,” said Amanda Lacaze.

“The results will expand the ore body knowledge of the Mt Weld REE deposit and will assist planning for future resource expansion drilling into the fresh carbonatite.

“As well as understanding the primary Rare Earth Elements mineralisation, drilling to these depths has revealed the presence of the magnetic host rock which was the reason the Mt Weld deposit was identified in the 1960s via aerial magnetic surveys.”

The company says through expanding its knowledge of this ore body, Lynas can continue to grow as a reliable supplier to global markets.

First pass geochemical assay results and mineralogical study reports are anticipated to be complete by November 2021, with the drilling report expected in December 2021.

Lynas says further detailed analytical work, including metallurgical test work, will be conducted on the drillhole samples, along with follow-up geological drilling.

Lynas Rare Earths last traded at $7.34 on July 30.

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