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

Critical Metals Corp. (Nasdaq: CRML) has released the first assay results from deep diamond drilling in 2007 and 2013 at the Fjord deposit, part of a large mineralized kakortokite host unit that covers approximately 5 km x 2.5 km in area, measuring several hundred metres thick and estimated at 4.7 billion tonnes.

The Fjord deposit is part of the company’s Tanbreez project in southern Greenland, considered to be one of the largest untapped heavy rare earths (HREE) deposits outside China with over 27% HREE content.

Earlier this year, Critical Metals confirmed the Tanbreez resource through the release of a technical report in compliance with Regulation S-K 1300, followed by a preliminary economic assessment estimating a net present value of $3.04 billion with an internal rate of return of 180%.

The new results comprise holes drilled through the Fjord deposit and extended below the mineral resource estimate (MRE), which assessed the eudialyte component of the kakortokite limited to the material above sea level.

According to Critical Metals, the deeper drill holes identified rare earth mineralization at similar grades within the kakortokite unit below and within the MRE.

The assays confirmed deep and highly mineralized total rare earth oxides (TREOs) for each drill hole, ranging from 0.33% to 0.51% TREOs, with a weighted average of 0.43% containing 28% heavy rare earth oxides (HREOs) hosted within the Kakortokite rock, and over the Fjord deposit for the eudialyte component MRE of 22.6 million tonnes at 0.43% TREOs including 26% HREOs.

The new results present a compelling opportunity for the company to increase the existing MRE over the Tanbreez Fjord deposit with infill and extension drilling between all historical diamond and RC drill holes, Critical Metals stated.

“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 500 million tonnes of rare earth material up from our previous target of 225 million tonnes,” 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 its 2025 resource drilling programs focusing on the 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.