Australian Rare Earths gains 80 per cent
With a $13.5 million market cap Australian Rare Earths is a minnow but it easily outperformed PEXA and at 1pm (AEST) was today’s biggest winner.
This company’s Koppamurra project in South Australia and Victoria is, according to the company, Australia’s largest ionic clay hosted rare earth element (REE) deposit as well as one of only two exchange listed opportunities globally.
The other belongs to Uganda-based Ionic Rare Earths (ASX:IXR).
AR3 already has an inaugural JORC Inferred Mineral Resource of 39.9Mt at 725ppm TREO (Total Rare Earth Oxides) and is awaiting assay results from its latest drilling program some time this quarter.
“The company is focused on executing our growth strategy to ensure AR3 is in a position to become a strategic, independent and sustainable source of rare earth elements, which will play a critical role in the transition to green economies globally,” said non-executive chairman Dudley Kingsnorth.
“It is shaping up to be a busy second half of 2021 and we look forward to building on the strong foundation that has been established at Koppamurra.”
