ASX-listed Critica Ltd (ASX: CRI) has unleashed an extraordinary array of big assay numbers that look set to turbo-charge its highly anticipated maiden clay rare earths resource at the company’s Jupiter project in WA.
With a massive 262 infill drillhole program now complete in WA’s Mid West region, Critica has unveiled assay results from the final 163 holes, re-confirming robust grades and excellent continuity of mineralisation ahead of an imminent maiden resource.
Some of the more significant intercepts include 74m at 1907 parts per million (ppm) total rare earth oxides (TREO) and 56m going 2127ppm TREO.
Some even more significant grades were also tabled including 16m at 4129ppm TREO and a 4m hit that came it at a serious 5649ppm TREO.
In fact, the company unveiled at least 50 holes that either had head-turning grades and/or widths, underlining the quality nature of Jupiter as a rare earths opportunity.
In line with the previous assay results, the latest batch of numbers has shown nuisance thorium and uranium levels have remained consistently low, which significantly improves the environmental footprint of the project.
The company says the total dataset is now sufficient to hand over to independent consultant West Perth-based SRK Consulting. SRK has been tasked with preparing the maiden resource due by year’s end that will no doubt be highly anticipated by the market.
In addition to completing the resource drilling campaign, the company has continued to secure the services of several laboratories to work on the critical metallurgical studies in order to unlock the best beneficiation process.
Given the outstanding economic potential presented by the high grades at Jupiter, we made the decision to complete this infill drilling program targeting these high-grade areas with a focus on enhancing the certainty of the upcoming maiden Mineral Resource estimate.
Critica Managing Director Philippa Leggat.
Mr Leggat says Critica’s technical team made the discovery at Jupiter, meaning all the exploration data is the company’s own and it as not had to rely on the historical information of other parties. This delivers Critica a high degree of confidence in the quality of the drilling dataset that has been provided to SRK Consulting and the resulting robustness of the pending maiden Mineral Resource estimate for Jupiter.
Apart from the rapidly growing resource, one of Jupiter’s main selling points is its proximity to critical infrastructure, including highways, ports and even rare earths processing facilities, such as Lynas Rare Earth’s recently opened plant near Kalgoorlie and Iluka Resources’ Eneabba refinery now under development.
Although the rare earths pricing environment is not at its peak at the moment- Lynas recently reported neodymium-praseodymium (NdPr) average sales of $48 per kilogram or 75 per cent below 2021 peak prices - Critica remains hopeful of a rebound. The company says prices are starting to bounce back, hinting at a brighter future for the rare earths market overall.
With $8.5 million cash in the bank as of the September quarterly report, the company is in rare financial health to fund its exploration workstream throughout next year and keep the momentum going at Jupiter. There should also be enough money in the till to drill test the extent of mineralisation in the broader 1350 square kilometre Brothers project.
When Critica decided to either sell or farm out nearly all the company’s non-core assets in early 2024 to focus its time, money and resources on the Jupiter project, it may have raised a few eyebrows with its bold decision.
However, with every set of results the company has delivered, the call is starting to look better and better. If the crucial metallurgical studies hang together and the maiden resource comes in well, Critica could be on its way to becoming one of Australia’s most significant clay-hosted rare earths players set to ride the next rare earths and lithium boom.
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