Australian Bauxite Reports High-Grade Rare Earth Element Discovery

Australian Bauxite Limited (ABx) says it has discovered the highest-grade rare earth element, neodymium, in its Deep Leads discovery. It told the Australian Securities Exchange it was awaiting the results of 20 recent drill holes that could "materially expand" the known extent of the mineralization.

"ABx's rare earth minerals are rich in the super-magnetic rare earth elements neodymium, praseodymium, terbium, and dysprosium, which are strategically important, high-priced metals required for electric vehicles, wind turbines, smartphones, and military electronics," the company said. "Prices are rising rapidly as demand grows strongly."

The company, known for mining bauxite in the central region, says rare earth element mineralization can be easily worked, much like a low-grade open pit gold mine. The company says its exploration work is identifying a large zone of low-grade mineralization that appears to be strongest where saline groundwater flow rates are high.

The company's goal is to be able to enable them to expand their work as border restrictions due to coronavirus are lifted. With the easing of COVID travel restrictions, we can introduce new technologies to this REE exploration program, including high-resolution geophysics to map the subsurface waterways that carry the best REE exploration targets and a multi-purpose drill rig to reveal the full thickness and geology of the mineralized zones," said Paul Glover, exploration manager.

"We await approval of a new exploration permit application covering several attractive REE targets east of our current deep lead discovery." Bauxite Australia holds various claims in a rough triangle between the Deloraine and Campbell Town areas and north of Launceston, plus additional claims northeast of Launceston and on the mainland. A majority-owned subsidiary, Alcore, is working to produce aluminum fluoride at Bell Bay. Australian Bauxite is chaired by former Tasmanian Labor Premier Paul Lennon.

Currently, Australia has five large bauxite mines that feed six alumina refineries, which in turn supply alumina to four Australian aluminium smelters and export markets. Australia is the world's largest producer of bauxite. In 2020, Australia produced 102 million tonnes (Mt) of bauxite. 37 Mt of bauxite was exported and the rest was produced as alumina.

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