West Cobar Metals (ASX: WC1) and MinRex Resources (ASX: MRR) have unearthed rare earth element (REE) and critical mineral potential with drilling at the Fraser Range project in Western Australia.

Fully funded by MinRex under a farmout option agreement the two companies signed earlier this year, the nine hole program covering 1,958m tested five prospects developed through review and reprocessing of geophysical data.

Through its significant Salazar clay hosted REE and critical mineral project that adjoins the tenements drilled in this campaign, West Cobar has a good deal of knowledge of the area and its potential.

‘Underexplored Terrain’

Drilling included testing of three iron oxide copper gold (IOCG) and two Broken Hill type (BHT) targets in the Biranup zone, an extension of the sector containing the large Nova-Bollinger nickel-copper deposit.

While the reverse circulation program was unsuccessful in finding the copper-gold and base metals it was targeting at Fraser Range, assay result did identify high REE, titanium dioxide, and scandium values.

“In a significantly underexplored terrain, the latest […] results have confirmed the exceptional scale potential of the tenements for clay hosted REE, titanium and scandium,” West Cobar managing director Matt Szwedzicki said.

“The global rare earth sector has recently gained momentum with geopolitical tensions driving investments in favourable jurisdictions, and being located in WA with roads, rail and port nearby puts this project in an enviable position.”

Farmout Agreement

MinRex has the right to earn a 50% interest in the granted exploration licences, along with certain other mineral rights, by investing $500,000 in exploration activities at the project.

It has three months after receipt of these assays to exercise its option to acquire that interest in the project.

MinRex technical director Ian Shackleton said the company was in the process of reviewing the drilling results in more detail against other datasets and in context to known deposits in the region to determine their potential extent and significance.