According to a report on Mining.com, Critical Metal Corp (CM) announced on Monday the results of the first sample analysis from 11 deep diamond drillholes at its Tanbreez rare earth project in Greenland, spanning from 2007 to 2013.
The Tanbreez project, located in southern Greenland, is considered one of the world's largest undeveloped heavy rare earth projects, with heavy rare earths accounting for over 27% of the total rare earth content.
In April, CM released a technical report in compliance with US S-K1300 regulatory standards, confirming the resources at Tanbreez. Additionally, it issued a preliminary economic assessment report, estimating the project's net present value (NPV) at $3.04 billion ($2.8 billion and $3.6 billion at discount rates of 15% and 12.5%, respectively) and an internal rate of return (IRR) of 180%.
On Monday, the company announced new drilling results from the Fjord deposit and the extension zone below the Mineral Resource Estimate (MRE) range. The MRE only estimates the eudialyte content in the aegirine-riebeckite above sea level. Deep diamond drillholes have discovered similar-grade rare earth mineralization in the aegirine-riebeckite within and below the MRE range.
The reported sample analysis results confirm deep and high-grade mineralization in each drillhole. The TREO grade in the Fjord deposit ranges from 0.33% to 0.51%, with a weighted average of 0.43%, and heavy rare earth oxides account for 28%. The resource estimate for the eudialyte component in the Fjord deposit is 22.6 million mt of TREO, with heavy rare earths accounting for 26%.
"The deep diamond drilling results at Tanbreez are exciting, revealing a broader and deeper mineralization," said Tony Sage, the company's CEO, in a press release.
"The consistent presence of high-grade mineralization at Tanbreez provides a solid foundation for the company to increase its exploration target from 225 million mt to 500 million mt," Sage stated.
"This critical technical work aims to discover and update historical information, strategically laying the groundwork for advancing our development plans as we gain a deeper understanding of this world-class deposit and its mineral potential."
The current focus of the local field exploration team is on resource drilling. The company has applied to the Greenland government for approval of its 2025 resource drilling work plan, aiming to upgrade the resource classification from inferred to indicated, while also expanding the scale of the Fjord and Hill Zone deposits.
