RareX Limited reported assay results from a further eight drill holes completed as part of the 2022 drilling program at its 100%-owned Cummins Range Rare Earths-Phosphate Project in the Kimberley region of Western Australia. The exceptional new results, building on significant assays reported towards the end of 2022, demonstrate the potential for a step-change in the scale of the Project, with broad zones of significant rare earths (REE) and phosphate mineralisation now defined over a 600m strike extent. The company is still awaiting assay results from 48 holes drilled as part of the significant 2022 drilling program that was completed in December 2022.

Following expected receipt of the final assays in February, the company expects to be in a position to publish a significant mineral resource upgrade later this quarter. Drill hole CDX0033: CDX0033 was drilled as a scissor hole to support structural, geological and mineralisation modelling. The hole was collared in the hanging wall and remained in the hanging wall to 667m where it passed into the Rare Dyke.

Lithologies, structural fabrics, contacts and mineralisation encountered in the hole all support the current geological model and have provided geological confidence for the upcoming Resource update. The hole returned 35 rare earth intersections with a cumulative total of 95m at 2.9% TREO. Several high-grade zones were intersected including 5.9m at 2.2% TREO from 3m, 12.65m at 2.3% TREO, 7.77m at 5.3% TREO and 16.65m at 1.3% TREO.

The hole was also consistently mineralised with phosphate and contained two wide zones of 513m at 5% P2O5 and 0.5% TREO from 3m and 144m at 5% P2O5 and 0.7% TREO from 557m to end-of-hole. Drill Holes CDX0038 and CDX0039: Assays for the RC portions of holes CDX0038 and CDX0039 have been received. These holes were drilled on the same section as CDX0033.

CDX0038 intersected 12 rare earth zones with a cumulative total of 55m at 1.6% TREO. Three wide zones were encountered including 15m at 1.1% TREO, 12m at 1.4% TREO and 14m at 1.4% TREO. These high-grade zones are located within a larger phosphate alteration halo of 288m at 4% P2O5 and 0.4% TREO from 8m.

Assays for the diamond portion of the hole down to 434.9m are expected in February. CDX0039 was drilled down to 324m and was stopped at the upper contact of the Rare Dyke. Several rare earths zones were intersected with 13m at 1.9% TREO drilled at the upper contact of the Rare Dyke, including 6m at 3.1% TREO.

A majority of the drill hole has phosphate alteration with 316m at 4% P2O5 and 0.3% TREO from 8m. Drill Hole CDX0021: Hole CDX0021 was collared on the north-western edge of the pipe and the hole was lost at a depth of 345.2m. The upper 290m of the drill hole is fenitized country rock with localised stringer rare earth mineralisation with a cumulative intersection total of 15.65m at 1.1% TREO.

CDX0021 was lost before it passed through the Rare Dyke and contained phosphate mineralisation to end-of-hole with 81.2m at 4% P2O5 and 0.3% TREO. Drill Holes CDX0026, CDX0029 and CDX0030: Holes CDX0026, CDX0029 and CDX0030 are the three most south-eastern diamond drill holes and are characterised by a thickening of the Rare Dyke to 300m. Strong mineralisation was encountered in each of the drill holes including 6.5m at 1.68% TREO in hole CDX0026, 4.1m at 1.15% TREO in hole CDX0029, and 4.8m at 1.66% TREO from CDX0030.

All three of the holes contained coarse apatite mineralisation with multiple wide zones in each of the holes including 242m at 4% P2O5 and 0.2% TREO in hole CDX0026 and 196m at 4% P2O5 and 0.3% TREO in hole CDX0029, and 91m at 5% P2O5 and 0.4% TREO in hole CDX0030. CDX0030 marks the easternmost diamond drill hole and is mineralised in rare earths and phosphate. Pre-collars for holes CDX0031 and CDX0032 were drilled with no diamond tails added to test the Rare Dyke due to time constraints.

Assay results for numerous in-fill holes are still awaited. However, results for drill holes on all sections completed have now been received confirming the continuity of rare earths-phosphate mineralisation over 600m of strike, 700m of width and up to 700m down-dip. This is a significant increase in size compared to the 2021 resource.

The company would also like to take the opportunity to acknowledge the significant impact to communities in the Central and West Kimberley as a result of the recent flooding.