Best result yet for Critica with serious WA rare earths hit

ASX-listed Critica has nailed a 67m drill hit going a significant 3,074 parts per million total rare earth oxides (TREO) at its Jupiter rare earths project in WA’s Mid West region. Notably, the intersection, Critica’s best yet, ended in mineralisation, now begging the question; how big could it be?

The hole was stopped prematurely at 99m due to a lack of additional drill rods, suggesting strong potential for even deeper mineralisation.

With the 200 air core and diamond hole program – designed for infill purposes – now complete, the drilling density of holes has now increased to a 250m-by-250m grid. Once the assay results from the remaining 163 holes are in, the data will be sufficient to hand over to independent geologists in for preparation of a maiden resource estimate due by year’s end that will no doubt be highly anticipated by the market.

‘This set of assay results have readily demonstrated continuity. It’s an exciting phase of the project.’

Critica managing director Philippa Leggat

Critica managing director Philippa Leggat said: “It’s also incredible to see our flagship project delivering another record-breaking drill intersection, this time being 67m @ 3,074 ppm TREO. We chose to increase drilling density in the high-grade zones of Jupiter to further improve confidence in the continuity of this mineralisation, ahead of our maiden resource estimate for the Brothers Project. This set of assay results have readily demonstrated this continuity. It’s an exciting phase of the project.”

Management says it is confident the latest results show Jupiter has consistent, high-grade rare earths mineralisation stretching across tens of kilometres, backing up the idea the Jupiter deposit, along with the broader Brothers project, could turn out to be one of Australia’s biggest clay-hosted rare earths discoveries.

In addition to completing the resource drilling campaign, the company also has several laboratories working on metallurgical studies to unlock a suitable beneficiation process which will be critical to the success of the project going forward.

Fellow ASX-listed rare earths player, Lynas Rare Earths, highlighted in a recent quarterly report the NdPr price received for its product across the previous three months had averaged US$48 per kilogram. While still comparatively modest and quite a drop from the almost $200/kg peak witnessed in early 2021, Critica says the price has started to show some life more recently with a meaningful uptick, providing some optimism for solid long-term potential in the rare earths market.

Jupiter covers 40 square kilometres and was only discovered 18 months ago, but has already had more than 38,000m drilled on it. Apart from being consistently low in thorium and uranium levels, the deposit also benefits from easy access to major infrastructure, including highways, gas pipelines and nearby facilities like Lynas Rare Earths’ concentrator and Iluka Resources’ planned refinery.