Key facts about Lynas Rare Earths' exploration drilling program

Lynas Rare Earths Limited (ASX: $LYC) has successfully completed the exploration drilling program into the fresh carbonatite below the current Mt Weld Rare Earth Elements (REE) open pit mine. The program aimed to expand the ore body knowledge of Mt Weld and understand the primary Rare Earth Elements mineralisation and the geology and structure of the carbonatite host deposit. The drilling program, supported by strategic partner Japan Australia Rare Earths (JARE), consisted of 30 diamond core holes for 8,000m and 165 reverse circulation (RC) holes for 31,754m, targeting the area below and surrounding the 2018 Life of Mine (LOM) design.

Executive commentary on exploration drilling results

The results of this exploration project are very promising for the future of the Mt Weld resource. The drilling has confirmed extensive Rare Earth Element mineralisation below and surrounding the current mine pit floor and enhanced our understanding of the Mt Weld Carbonatite. This provides opportunities for Lynas to develop a more targeted mine plan, including mining for specific elements in addition to grade considerations. The fresh carbonatite has the potential to be a new Rare Earth Element ore source and provide pathways for a simpler, lower cost, extraction process than the current saprolite zone. Results from the drilling program will be used to update the mineral resource model later in the calendar year. This exploration drilling has been completed with the support of our partners at Japan Australia Rare Earths (JARE) and we extend our thanks for their technical and financial contributions to the carbonatite scoping study project.

Summary of exploration drilling program and outlook

The exploration drilling program by Lynas Rare Earths has successfully identified extensive Rare Earth Element mineralisation below and surrounding the current Mt Weld mine pit floor. The program has provided valuable insights into the fresh carbonatite, offering the potential for a new Rare Earth Element ore source and a simpler, lower cost extraction process. The company plans to update the mineral resource model based on the drilling results and aims to complete the Carbonatite Scoping Study by the end of the 2024 financial year. Ongoing work includes further defining the HREE mineralisation to the north-west of the open pit and conducting a 3D Seismic Survey exploration program to improve knowledge of the geological structures and identify potential new exploration targets. Lynas' collaboration with research institutions reflects its commitment to understanding the geological characteristics of REE mineralisation, indicating a proactive approach to future developments.