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RAREX LIMITED - Corporate Spotlight

RareX limited is Rare Earth explorer and developer with excellent exposure to copper gold... RareX limited is Rare Earth explorer and developer with excellent exposure to copper gold exploration in the NSW lachlan Fold Belt via its 10% equity in TSXV listed Kincora Copper and 35% free carry interest in the projects.More

Corporate Spotlight

RareX limited is Rare Earth explorer and developer with excellent exposure to copper gold exploration in the NSW lachlan Fold Belt via its 10% equity in TSXV listed Kincora Copper and 35% free carry interest in the projects.
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RIU Explorers Conference Video Presentation

MINERALISATION IN FIRST DRILL HOLE

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 MINERALISATION ENCOUNTERED IN FIRST DRILL HOLE AT TRUNDLE LACHLAN FOLD BELT

ASX Release 20th May


HIGHLIGHTS

  • First hole of current drill program at Trundle Park target has intersected multiple mineralised zones including shallow 28 metre interval from 55 metres

  • Hole confirms the targeted setting of skarn and adjacent porphyry intrusion, analogous to Cadia and multiple other world-class porphyries

  • Prospectivity and scale of the target zone significantly expanded at Trundle Park, the first of three targets of the ongoing drilling program

  • Trundle is the only brownfield project held by a listed junior in Australia’s foremost porphyry belt, being within the same mineralized complex as Australia’s second largest porphyry mine at Northparkes


Kincora Copper Ltd. ( “Kincora”) (TSXV:KCC) has advised RareX Limited (“RareX” or “the Company”) that the first diamond drill hole at the Trundle Park target, at the Trundle project, has been completed at 685 meters depth. Hole TRDD001 has confirmed the targeted setting of an adjacent porphyry system to a near surface skarn, analogous to Cadia and multiple other world-class porphyries.


Figure 1: Highly mineralized and multiple skarn zones intersected at Trundle Park

Targeted geological setting of adjacent porphyry to near surface skarn confirm in first hole, analogous to Cadia and multiple Tier 1 porphyries


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LHS: Coarse pyrite in skarn @ 64.5m.
RHS: Native copper, chalcocite, chalcopyrite & black chlorite in skarn @ 61m


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LHS: Qz-Ch-Ser altered skarn with patchy chalcopyrite & bornite @ 286m

RHS: Altered quartz-monzodiorite with quartz-py-cpy veining & vein selvage potassic alteration @ 415m


John Holliday, Chairman of Kincora’s Technical Committee, and Peter Leaman, Senior Vice-President of Exploration, commented:

“While early days in our ongoing drilling program, and awaiting assay results, multiple noteworthy positive developments have been achieved from the first hole at Trundle Park.


The zones of moderate to higher grade mineralised skarn intersected are thicker than expected, illustrating significant magmatic fluids associated with the adjacent porphyry intrusion system.


The mineral zonation in the well-developed and quite intense skarns supports, and may provide vectors to, a primary porphyry orebody target within the porphyry intrusion system.


The visual results of this hole confirm our exploration model and significantly increases both the scale and prospectivity of Trundle Park, with multiple large targets for follow up.”


Hole TRDD001 has intersected multiple skarn zones, including 28 meters of visually interpreted moderate mineralization from 55 meters, including a higher-grade 6.5 meter interval. Previous assay results at Trundle Park include a higher-grade interval of 2 meter at 20g/t gold, 6.97% copper and 81g/t sliver from 64 meters.


An adjacent monzonite and monzodiorite intrusion has been intersected, with disseminated chalcopyrite and pyrite supportive of proximity to a potential higher grade porphyry system/core.


The skarn and porphyry intrusion system setting is analogous to Cadia where the Big and Little Cadia skarns were mined and were important to the discovery of multiple adjacent deposits that make up the largest porphyry system in Australia.


The average depth of prior drilling at the Trundle Park target is only 28 metres, and a high priority follow up hole is planned post assay results for TRDD001.


In the interim, drilling has commenced at the Mordialloc target, approximately 12.5 km north of Trundle Park, where previous drilling has returned metal grades comparable to the peripheral parts of the Northparkes deposits, with improving grades down hole, open and coincident with an untested deeper geophysical target.


Read The Full ASX Release Here

DRILLING UNDERWAY AT LACHLAN FORD BELT

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DRILLING UNDERWAY AT BROWNFIELD TRUNDLE PROJECT LACHLAN FOLD BELT

ASX Release 23rd April 2020


HIGHLIGHTS

  • Trundle Project is the only brownfield project held by a listed junior in the Lachlan Fold

  • Located within the same mineralized complex as the Northparkes Copper-Gold Mine Australia’s second largest porphyry mine in Australia’s foremost porphyry belt

  • Trundle hosts the inferred westerly rift of the Northparkes Igneous Complex

  • Raggatt volcanics at Trundle are the stratigraphic equivalent to the Goonumbla

    volcanics that host the deposits at Northparkes

  • 92% of historical drilling at Trundle Project has been limited to 50 metres depth

  • Deeper core drilling commenced to test three large and mineralized porphyry targets

  • Potential for multiple new high-grade porphyry and skarn copper-gold discoveries

  • First time testing the potential for an underlying porphyry source


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Figure 1: Rig operational at the Trundle Park target drilling a scissor hole to TPRC003 which returned 56m @ 0.88g/t gold, 0.35% copper and 3.7g/t silver, including 2m @ 20g/t gold, 6.97% copper and 81g/t silver 3, and for the first time testing the potential for an underlying porphyry source


RareX Limited (ASX: REE) (RareX or the Company) is pleased to advise that with its JV partner, Kincora Copper Limited (TSX-V: KCC) (Kincora), has commenced drilling at the Trundle Project, located in the Macquarie Arc of the Lachlan Fold Belt (LFB) in central west New South Wales.


Trundle is the only brownfield porphyry project held by a listed junior in the Macquarie Arc, Australia’s foremost porphyry region. Trundle has excellent potential for new higher-grade porphyry and skarn copper-gold discoveries.


Kincora exploration is led by John Holliday (ex-Newcrest) who is the principal discoverer of Cadia (100% Newcrest), Australia’s largest porphyry mine which is also located in the Macquarie Arc. The Trundle Project was previously owned by Newcrest (1990’s & early 2000’s) with no drilling below 200m depth.


A first phase drilling program is planned for six holes for 3,800 metres, testing three known mineralized targets seeking to discover a new cluster of porphyry deposits. Extensive porphyry and skarn-style copper-gold mineralisation and informal mining activities are associated with several Ordovician intrusive centres across the full Trundle license, which is located within a prolific mining and infrastructure district.


John Holliday, Chairman of Kincora’s Technical Committee, and Peter Leaman, Senior Vice-President of Exploration, commented:

“Modern systematic exploration at Trundle has utilised industry leading Induced Polarisation survey's, including HPX’s proprietary Typhoon system, and magnetic modelling which has been insufficiently followed up by drilling.


Existing significant drill intersections supports vectoring to very compelling targets at three existing mineralised systems within a brownfield environment to Northparkes, Australia’s second largest porphyry mine where five deposits are defined.

We are very excited by the upcoming high impact and funded drilling program at Trundle.”


The Trundle Project

The Trundle Project is located 30km west of the China Molybdenum Company Limited (China Moly) operated Northparkes copper-gold project, which is Australia’s second largest porphyry mine (behind Newcrest’s Cadia, also located in the Macquarie Arc).

China Moly acquired an 80% interest in Northparkes from Rio Tinto in July 2013 for US$820 million (Sumitomo retaining a 20% minority interest) and has since undertaken a material expansion of production and extension of mine life.


Trundle hosts the inferred westerly rift of the Northparkes Igneous Complex with extensive evidence of porphyry and skarn-style copper-gold mineralisation across a 12.5km strike associated with Ordovician intrusive centres similar to the Northparkes and Cadia deposits and mines.


The Raggatt volcanics at Trundle are the stratigraphic equivalent to the Goonumbla volcanics that host the deposits at Northparkes.

Aeromagnetics illustrate key regional structures and geological features with the Trundle project located on the interpreted western rift of the Northparkes Igneous Complex within the Junee- Narromine Ordovician volcanic belt of the Macquarie arc.


Read the full ASX Release Here

REE RETAINS 100% OF ORANGE EAST PROJECT

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RAREX RETAINS 100% OF HIGHLY PROSPECTIVE ORANGE EAST PROJECT

ASX Release 12th May 2020


RareX retains 100% of highly prospective Orange East Gold Project along strike from 2Moz McPhillamys Gold Project

Review of historical exploration data underway to identify priority target areas


Highlights

  • Orange East Gold Project located 15km along strike from Regis Resources’ 2Moz McPhillamys Gold Project

  • Strong geological and geochemical similarities to McPhillamys

  • Gunnarbee Prospect never drilled

  • RareX currently reviewing project data before planning next steps

  • Provides additional potential exposure to Lachlan Fold Belt exploration alongside the Trundle Project (via 35% free-carried interest and 9.9% stake in Kincora Copper)

  • Significant news flow expected with drilling continuing at Trundle for next 2-3 months


RareX Limited (RareX or the Company) is pleased to advise that it has retained 100% of the Orange East Gold Project (Orange East Gold Project), located near the advanced McPhillamys Gold Project in NSW, from Alkane Resources Limited (Alkane).


RareX’s Orange East Gold Project is located just 15km along strike from McPhillamys (Probable Reserve of 60.1Mt at 1.05g/t Au for 2.03Moz1), which is owned by Regis Resources Limited (ASX:RRL, Mkt Cap A$2.4 billion) and currently in the final stages of permitting ahead of a potential final investment decision.


Figure 1 - Regional Geology and Tenement Map
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The Company entered into a farm-out agreement with Alkane in 2015 after McPhillamys was discovered by the Newmont-Alkane JV, pursuant to which Alkane had the right to earn up to a 60% interest in the tenement.

Alkane was in the process of negotiating a final access agreement for the tenement with land-holders when it discovered the Boda copper-gold deposit and decided to focus its attention there.


Alkane has now returned the tenement to RareX as required under the terms of the farm-out agreement, meaning that RareX retains 100% ownership.


The Orange East Gold Project is not part of the deal RareX has secured with Kincora Copper Limited (Kincora) (see ASX announcement 31st Jan 2020) and can be explored in its own right by RareX.


The Orange East Gold Project area has strong geological and geochemical similarities to the McPhillamys Project, being located just 15km north-northwest along strike.


The Project is located on the eastern margin of the Molong Volcanic Belt with much of the tenement hosting the Mullions Range Imbricate Thrust Zone (MRIZ). The regionally significant Godolphin- Copperhannia Thrust Fault zone (GCFZ) traverses through the centre of the tenement and host dozens of historical copper-gold workings.


An initial geological review of the Orange East Gold Project has identified several advanced prospects, with the Gunnarbee Prospect in particular showing particularly striking similarities to the McPhillamys deposit, including:


  • Both are hosted in the Silurian volcaniclastic rocks of the Anson Formation adjacent to the GCFZ (Figure 1);

  • Both have coincident Au-As-Ba-Bi--Pb-Cu-Mo-Te surface anomalies, with the Gunnarbee geochemical anomaly extending over an area ~1,000m north-south by 200m east-west; and

  • Both have K radiometric high anomalies.
    This prospect is entirely untested by modern exploration.


Read the full ASX Release Here

JOHN YOUNG APPOINTED AS CHAIRMAN

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RAREX APPOINTS MR JOHN YOUNG AS CHAIRMAN

ASX Release 18th February 2020


RareX Limited (RareX or the Company) is pleased to report that it has appointed Mr John Young to the Board as Non-Executive Chairman following an extensive search to find a candidate with experience in identifying and developing mining projects in Australia.


Mr Young is a highly experienced geologist and was co-founder and executive director of successful ASX200 lithium producer Pilbara Minerals Limited (ASX: PLS). Mr Young played a critical role in growing Pilbara from a junior ASX-listed company to a globally significant $2 billion lithium producer in the Pilbara region of Western Australia. Mr Young currently serves as a non-executive director of ASX-listed Bardoc Gold Limited and Trek Metals Ltd.


Commenting on the appointment, Mr Young said “I am delighted to join RareX as it seeks to quickly develop the Cummins Range Rare Earths Projects. Like lithium, rare earths are critical to the manufacture of electric vehicles and I believe that the rare earths industry is currently in a similar position as lithium was earlier last decade. I have seen how quickly these companies can grow from my time at Pilbara and look forward to guiding RareX through its growth.”


Mr Young will be issued with 6 million unquoted options exercisable at $0.0607 expiring on 22 December 2022 vesting in three equal tranches as follows:


Tranche Vesting Condition

  1. 1  The 20-Day VWAP of RareX Shares exceeding $0.10

  2. 2  The 20-Day VWAP of RareX Shares exceeding $0.15

  3. 3  The 20-Day VWAP of RareX Shares exceeding $0.20


The options are being issued without shareholder approval as the Company is relying on Listing Rule 10.12, exception 12.

As part of this transition Mr Scott Patrizi has resigned from the Board of RareX. The Board would like to sincerely thank Mr Patrizi for his service to the Company.


For further information, please contact:

Jeremy Robinson Executive Director 

Phone: 08 6143 6720


Read the full ASX Release Here

VIDEOS

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