A 10 metre thick channel of high-grade rare earth elements has been discovered in a harvested plantation area in Northern Tasmania.
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Rare earth elements explorer the ABx Group on Wednesday reported the results of the first batch of assays from exploration drilling for rare earth elements at its Deep Leads deposit, north-east of Deloraine.
The company said its rare earth elements mineralisation was mainly the most valuable permanent magnet type.
It said 88 holes had been drilled, with another 25 scheduled, and results from the first 20 had been received.
"We've now delineated a channel of thick ionic adsorption clay REE which is good grade, shallow and proven to be easily processed," chief executive Mark Cooksey said.
"We await assay results from recent holes into six other large channels on the flanks of Deep Leads.
"The potential size of REE mineralisation at Deep Leads and the Rubble Mound REE discovery 6 kilometres east of Deep Leads is becoming substantial.
"We are also pleased that our improved drilling technology can now penetrate the full thickness of many of our REE mineralisation zones for the first time."
Rare earth elements are needed for many high-tech devices.
They are regarded as critical minerals.
The federal and state government have been encouraging and supporting exploration for critical minerals.
UTAS in May said it would collaborate with government and mining operators to help create a sustainable critical metal industry and boost education and training opportunities on the West Coast through a project that received $3.5 million in federal funding.
"Critical metals are vital but scarce resources that society requires for modern technology, infrastructure and the transition to a renewable energy future," the university said.
"They include tungsten, cobalt, nickel, rare earth elements, tin and magnesium."