Commodities, Exploration/Development, News

Lynas diving deeper at Mt Weld

Lynas

Lynas Rare Earths continues to expand its Mt Weld resource in Western Australia after fresh exploration results returned continuous rare earth element (REE) mineralisation beneath the current open pit.

A 1010m-deep exploration hole drilled below the current Mt Weld mine design and ore reserve returned an average grade of 2.22 per cent rare earth oxides (REO).

This included apatite zones at shallower depths where a 7m zone of 7.6 per cent REO was found up to 27 metres beneath the current pit floor. A 23m zone of 13.67 per cent REO was discovered at 42m to 62m below the current pit floor.

All samples from the drill hole returned REE mineralisation and the highest grade result was a 21.44 per cent REO hit from 60m to 62.4m in the apatite zone. The lowest grade finding was 0.17 per cent REO from a 4m composite sample at between 969m and 973m of depth.

“I’m delighted to announce the results of this one-kilometre deep core drilling and analysis which show a large endowment of rare earth elements below the current Mt Weld open pit mine,” Lynas chief executive officer and managing director Amanda Lacaze said.

“The Mt Weld ore body is remarkable in its geology including its REE enrichment. We are excited to establish a new, targeted exploration program with the goal of meeting accelerating customer demand for many years to come.”

Lynas will use the findings to establish a follow-up exploration program as the company looks to expand Mt Weld amid growing worldwide REE demand. Lynas will also continue analysis of current samples.

“Detailed metallurgical testing will be conducted on the drillcore samples to guide development of a suitable ore beneficiation process for producing ore concentrate from the transition and fresh carbonatite,” the company stated.

It comes after Lynas reported a record half-year profit to December 31, 2021. The company posted a net profit after tax (NPAT) of $156.9 million across the six months, a marked increase from the $40.6 million NPAT it reported in the second half of 2020.

Previous ArticleNext Article
Send this to a friend