ASX: REE - RareX Limited
- Matt Birney
- Mar 31
- 3 min read
RareX Ltd: The highest-grade Australian gallium drill result ever – and it sells for a million bucks a tonne!
RareX Limited Managing Director James Durrant on 2GB Sydney Bulls N' Bears Report
Listen to ASX-listed RareX Ltd Managing Director James Durrant talk to Matt Birney on the Bulls N’ Bears Report about RareX’ stellar gallium drill results that just might be the highest grades ever recorded in Australia!
TO LISTEN TO THE RAREX LIMITED AUDIO INTERVIEW - CLICK BELOW
RADIO INTERVIEW - TRANSCRIPT
Matt Birney - Welcome to Bulls N' Bears brought to you today by critical minerals play, RareX Limited
Matt Birney - ASX code: REE
Matt Birney - I'm Matt Birney and I'm joined now by the Managing Director of RareX, James Durrant
Matt Birney - Hi James
James Durrant - Hello nice to be here
Matt Birney - Okay James so RareX has just produced what it says are the highest grade gallium drill results ever reported in Australia, a big statement. The results are from your Cummins Range project in the top end of WA and we'll get to those results in a minute but firstly what is gallium used for and how much does it typically sell for a tonne?
James Durrant - Gallium is an absolute strategic critical mineral across the western world. It's used in electronics and high performance chips, in fact it's going to replace silicon in most of the top end chips. It's used in photovoltaic cells as well for your solar power and in all of your sort of micro electronics so incredibly important. Growing in market over 10 times over the next 10 years and uh we're already at nearly a million dollars a tonne for this stuff since China restricted their supply and China controls 98% of it.
Matt Birney - Okay so what were the best drill results from this recent drill campaign? Give me two of the best.
James Durrant - Yeah we've got nearly 100 meters at well over 100 grams per tonne gallium and we've got from surface and we've got 74m at 123 grams per tonne from surface so this is extraordinary.
Matt Birney - Are these the highest grades at the project to date?
James Durrant - No in fact some of the drill holes have hit well over 6,000 nearly 7,000 grams per tonne, that's nearly a percent.
Matt Birney - How do those numbers stack up for other gallium or against other gallium projects around the globe? I guess there aren't that many of them right?
James Durrant - There aren't that many primary gallium deposits. Most of them are looking at the 30 to 50 grams per tonne so we're many times that which is really impressive.
Matt Birney - Now this project also has rare earths and phosphate I understand, is that right?
James Durrant - It does we're technically Australia's largest undeveloped rare earth project. We've got a massive amount of very clean phosphate and now with this gallium, we are Australia's most advanced gallium project because we have done all the work to get this project into an operation.
Matt Birney - What did the market think of the results? What was the impact on share price?
James Durrant - It was excellent. We tripled in share price and we look to be sustaining that
Matt Birney - And very quickly, when do you see another drill hole going into this thing?
James Durrant - We've already done the infill drilling, it's now a matter of resampling the pulps that we've got in our shed so we're going to be reporting to market over the coming weeks a series of assay results leading to a primary resource.
Matt Birney - James Durrant from RareX.
Matt Birney - Thanks for joining me on Bulls N' Bears and remember we're only here to give you information, not advice, which you should of course seek independently.
Matt Birney - I'm Matt Birney and this is Bulls N' Bears.
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