Red Metal (ASX:RDM) said assay results from infill drilling at its Sybella rare earth project in confirmed the continuity of wide zones of rare earth oxide mineralization at the project, according to a Monday Australian bourse filing.

Results from 19 infill holes drilled in November 2024 resulted in multiple, long intercepts of magnet rare earth oxide mineralization, including oxides of neodymium, praseodymium, dysprosium, and terbium.

This included an intercept of 60 meters at 336 parts-per-million grade of neodymium-praseodymium oxide and 34 ppm grade of dysprosium-terbium oxide from surface to end-of-hole.

The firm is conducting pH optimization leach tests on composite samples from the drilling and the results are expected in March.

Its shares rose past 2% on market close.