Critical Metals releases assay results from Tanbreez rare earth project in Greenland

[Redator]

Critical Metals Corp. (Nasdaq: CRML) released on Monday the first assay results of eleven deep diamond drill holes from the Tanbreez rare earth project in Greenland drilled in 2007 and 2013.

The Tanbreez project in southern Greenland represents one of the largest untapped heavy rare earths (HREE) deposits outside China with over 27% HREE content. 

In April, Critical Metals confirmed the Tanbreez resource through the release of a technical report in compliance with Regulation S-K 1300, and released a preliminary economic assessment  estimating a net present value (NPV) of $3.04 billion (approximately $2.8 billion to $3.6 billion at discount rates of 15% and 12.5%, respectively, before tax), with an internal rate of return (IRR) of 180%.

The company on Monday published new results for drill holes drilled through the Fjord deposit and extended below the Mineral Resource Estimate (MRE) for the Fjord deposit. The MRE assessed the eudialyte component of the kakortokite limited to the material above sea level. The deeper drill holes identified rare earth mineralisation at similar grades within the kakortokite unit below and within the MRE.

Reported assay results confirm deep and highly mineralized TREO for each drill hole ranging from 0.33% to 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 MRE of 22.6MT 0.43% TREO including 26% HREO. 

“I am further encouraged by the deep diamond drill hole results at Tanbreez, revealing exceptional assay results over wider and deeper mineralization,” CEO Tony Sage said in a news release. 

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

“This key technical work to uncover and update historical information, strategically positions us to advance our plans for the development strategy as we deepen our understanding of the potential of this world-class asset and the material it contains.” 

Exploration and in-country field crews are currently on the ground at Tanbreez organizing the forthcoming field season preparing for resource and exploration drilling, the company said, adding that it has applied to the Greenland MSLA for a Program of Works for the 2025 resource drilling programs aimed at upgrading the Inferred Resource to Indicated Resource category and extending the size of the Tanbreez Fjord and Hill Zone Deposits. 

Critical Metals stock closed the day up 5.8% in New York. The company has a $143 million market capitalization.