Re-assayed results show high grades at Critical Metals’ Tanbreez rare earth project in Greenland 

Re-assayed core samples drilled by Critical Metals Corp.’s (Nasdaq: CRML) Fjord deposit at its Tanbreez project in Greenland have returned a highlight result of 247.75 metres grading 0.33% total rare earth oxides (TREO), part of an assay confirmation program, the company said. 

That result, in hole DDH-07-11 was drilled 1.26 metres from surface and included 33% heavy rare earth oxides (HREO). It was among 11 diamond drill holes drilled in 2007 and 2013 whose results are now being re-assayed at a laboratory in Perth, Australia for confirmation and to check assay reconciliation, the company said Monday. 

The results from the historic holes have also revealed wider and deeper mineralization at Tanbreez, Critical Metals CEO Tony Sage said in a release.

“Tanbreez continues to yield consistent high-grade drilling results presenting the company with a compelling opportunity to significantly increase and double our current [resource] with an exploration target of 500 million tonnes of rare earth material up from our previous target of 225 million tonnes,” he said. 

The Tanbreez project in southern Greenland represents one of the largest untapped heavy rare earth deposits outside China with over 27% heavy rare earth elements content. 

Historic assay samples

The company’s re-assay work includes drill, rock chip and bulk samples from 2007, 2010, 2013 and 2024.

Reported assay results confirm deep TREO mineralization for each drill hole grading as high as 0.51% with a weighted average of 0.43% TREO containing 28% HREO hosted within the kakortokite rock and over the Fjord Deposit for the eudialyte component resource of 22.6 million tonnes 0.43% TREO including 26% HREO. 

The results published on Monday extend below the resource estimate for the Fjord deposit. The estimate assessed the eudialyte component of the kakortokite limited to the material above sea level. The deeper drill holes identified rare earth mineralization at similar grades within the kakortokite unit below and within the resource estimate.

Technical report, PEA

It follows Critical Metals’ release in April of a technical report for Tanbreez in compliance with Regulation S-K 1300, and a preliminary economic assessment estimating a net present value of about $3.04 billion (C$4.1 billion) or about $2.8 billion to $3.6 billion at discount rates of 15% and 12.5%, respectively, before tax; with an internal rate of return of 180%.

Tanbreez hosts 25.42 million indicated tonnes grading 0.37% TREO and 19.45 million inferred tonnes at 0.39% TREO, according to the technical report.

Exploration and in-country field crews are currently at Tanbreez organizing the forthcoming field season preparing for resource and exploration drilling, the company said. Critical Metals has also applied to the Greenland Mineral Licensing and Safety Authority for a program of works for this year’s resource drilling programs aimed at upgrading the inferred resource to indicated and extending the size of the Tanbreez Fjord and Hill Zone deposits. 

Critical Metals stock was up 1.3% to $1.47 apiece on Tuesday afternoon in New York, for a market capitalization of $144.4 million (C$197.6 million). Its shares traded in a 12-month range of $1.23 to $11.90.

– with files from Blair McBride