Australian Bauxite Limited (ABx) relayed results earlier this week of a recent exploration of its DL130 bauxite project in Northern Tasmania.
Per the firm, sampling at the site has shown a strong presence of the super-magnet rare earth element neodymium (Nd). The highest concentration of neodymium was found about 30 feet below ground, and experts say the area is likely to be a suitable source rock and is similar to another area found in February. Also advantageous is the strong corrosion of the rock, which allowed more neodymium to be released into the groundwater to form the outcropping.
Readings of the area have found elevated levels of neodymium in an area 500m square. However, ABx said the known area of neodymium at the bauxite area may expand after more readings are taken at the bauxite project in coming months.
Based in Sydney, ABx conducts operations in Tasmania, Queensland, and New South Wales. The firm boasts combined JORC resources of 124 million metric tons in twenty-two tenements covering almost two thousand square kilometers in Eastern Australia. Its Binjour tenement in Queensland is considered by the company to be its flagship project.