Initial results from drilling program demonstrate significant upside potential for foundational rare earth asset in Southern Greenland
NEW YORK, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Critical Metals Corp (Nasdaq: CRML) (“Critical Metals Corp” or “the Company”), a leading mining development company focused on critical metals and minerals and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners, today provided a project update for the Tanbreez Greenland Rare Earth Mine (the “Tanbreez Project”), one of the world’s largest rare earth assets located in Southern Greenland. In connection to the drilling, the Company has discovered one of the world’s highest concentrations of Gallium, an essential rare earth element for the production of computer chips and defense applications.
Based on initial results obtained from Critical Metals Corp’s recent drilling program, four high-grade zones have now been identified on the site. These zones are expected to play a significant role in the Company’s strategy for optimizing its mining operations and increasing throughput (the Tanbreez Project is currently licensed for 500,000 metric tons per year). The identification of these zones is a key milestone in the ongoing development of the project.
“The Tanbreez Project continues to demonstrate significant upside potential for investors, as we uncover key findings of the resource value through our important pre-production activities,” said Tony Sage, CEO and Executive Chairman of Critical Metals Corp. “The results from our drilling program compare favorably with other recent results that have been announced to the market and we look forward to unlocking the full potential of this transformational asset. Importantly, we have discovered that the Tanbreez Project has one of the world’s highest concentrations of Gallium, which reinforces our vision to support the production of defense applications in the western world. These are only the initial results and we look forward to sharing more data about the potential for this strategic asset as the assays continue to be processed in the lab.”
High Grade Zones:
Unit Zero – This unit is up to 5 meters thick and is located approximately 50 meters behind the proposed plant location. This unit represents a potential target for future exploration.
Base of the Kakortokite – At this zone there is a metasomatic replacement by eudialyte of the underlying unit. The unit possesses a high-grade of rare earth element material, which is located approximately 40 meters below the surface.
EALS – This horizon is entirely separate from the Kakortokite and occurs within the overlying naujaite. In some areas, the unit is high-grade and can be traced for approximately 3 kilometres, with a thickness of up to 80 meters. This year, the company conducted surface diamond drilling and extensive sampling across the unit. The EALS horizon contains a large number of pegmatites and returned significant assay results, including grades exceeding 5% ZrO2 and more than 2% REO. Notably, the percentage of heavy rare earths within the rare earth fraction ranged up to 40.8%.
Area G – This area, identified this year, spans over 1 km² and contains extensive late-stage pegmatites and pegmatite scree. The area also holds high-grade ore in a zone that will adjoin the proposed road to the tailings area. There was a high concentration of Gallium discovered in this zone, with values reaching up to 147 ppm Ga2O3.
Discovery of Gallium
The discovery of a significant amount of Gallium at Area G, further demonstrates the Tanbreez Project’s immense value. Gallium is a critical metal that is primarily produced as a by-product of bauxite mining, with additional sources from zinc smelters. Currently, approximately 98% of the world's gallium production is sourced from China, where it is primarily a by-product of bauxite mining. Certain South American bauxite deposits contain up to 80 ppm of Ga2O3.
The growing gallium market, currently worth billions of dollars per year and expanding at an annual rate of approximately 20%, presents a valuable opportunity for the Company. Critical Metals Corp plans to investigate the mineralogy of the gallium in this zone and assess its potential as a viable by-product.
About Critical Metals Corp.
Critical Metals Corp (Nasdaq: CRML) is a leading mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners. Its initial flagship asset is the Wolfsberg Lithium Project located in Carinthia, 270 km south of Vienna, Austria. The Wolfsberg Lithium Project is the first fully permitted mine in Europe and is strategically located with access to established road and rail infrastructure and is expected to be the next major producer of key lithium products to support the European market. Wolfsberg is well positioned with offtake and downstream partners to become a unique and valuable building block in an expanding geostrategic critical metals portfolio.
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