Exciting REE Project Located on the Doorstep of One of the World's Largest Rare Earth Oxide Mines
Mt. Weld Rare Earth Elements Project
Corcel has 80% ownership of the Mt Weld (P38/4489) Project, a granted mineral tenement, located only 1.4 km (0.9 miles) west-north-west of Lynas Rare Earths Limited’s (ASX: LYC) world class Mt Weld REE Mine near Laverton in Western Australia.
The Project covers 171 Hectares in size and the tenement straddles the mine access road to Lynas’s Mt Weld Mine. The tenement is predominantly covered by recent transported sediments obscuring the underlying geology. Four discrete undrilled magnetic features, potentially representing carbonatite intrusive complexes have been interpreted from open file high resolution magnetic survey.
The Company completed a drill campaign in early 2023 and is currently awaiting results.
About the Lynas REE Mine
Lynas is an Australian $6.8 billion company and one of the largest producers of NbPr (Niobium + Praseodymium) rare earths, used primarily in super magnets. The Mt Weld Central Lanthanide Deposit (CLD) is one of the highest-grade rare-earth deposits in the world. Lynas processes the CLD ore at the Mt Weld Concentration Plant to produce a rare earth concentrate that is sent for further processing at Lynas Malaysia’s Advanced Material Plant near Kuantan, Malaysia. The Mt Weld Concentrator is a flotation plant designed to process 240,000 tonnes per annum of ore to produce up to 66,000 tonnes per annum of concentrate containing 26,500 tonnes of REO. The Mt Weld Concentrator was commissioned in May 2011 and has been exporting concentrate to Lynas Malaysia since late 2012. (Reference https://lynasrareearths.com/about-us/locations/mt-weld-western-australia/)
Mt Weld is currently going through a $0.5 billion expansion to increase NbPr production by 50% to 10,500 tonnes per annum by 2025 to meet increasing world demand. (Reference – Lynas Rare Earth ASX news release date 3 August 2022 – Lynas Announces $500m Mt Weld Expansion)
As at 30 June 2021 (Lynas 2021 Annual Report released 12 October 2021) (1) the Mt Weld Rare Earth Ore Reserve estimate was 18.9 million tonnes at an average grade of 8.3% Total Rare Earth Oxide (TREO) for a total of 1.571 million tonnes contained TREO; and (2) the Mt Weld Rare Earth Mineral Resource estimate was 55.2 million tonnes at an average grade of 5.3% TREO for a total of 2.931 million tonnes of contained TREO.