ABx Group Limited provided assay results which confirm a 6.5km mineralised channel connecting the Company's Deep Leads and Rubble Mound rare earth discoveries, located in northern Tasmania. The clay-hosted rare earth elements (REE) occur within a shallow channel structure that increases the prospect size by 27% to 5.1 km2 and demonstrates the potential for the mineralised zone to deliver thick intersections as well as expand significantly along strike. The combined prospective area to be drill tested has increased to more than 30km2.

Assay results confirm the adjoining mineralisation contains excellent grades, with holes such as RM217 returning a maximum of 2511 ppm of total rare earth oxide (TREO). This hole has also proven that the channel can host thicker intercepts, in this case to a depth of over 20 metres. Further work will be required to assess the size and depth potential of this connected area.

To date, rare earths encountered have typically been concentrated in buried channel structures of 6-12m depth. However, the latest results demonstrate the region's capacity to host even shallower mineralisation, with RM219 recording a 1m assay grading 1884ppm TREO at surface. These results will feed into a maiden JORC Resource Estimation, which is already underway.

Upcoming drilling campaign: The receipt of the Company's latest assay results has increased ABx's confidence in its geological interpretation and will inform targeting work for an upcoming drilling program, anticipated to commence in October 2022. The campaign is pending government approvals with most proposed drill site locations already falling under a previously approved work program. During this campaign, ABx intends to complete approximately 70 drill holes with much of this work focussed on stepping out from the known northwest trending channel.

The company will also test in-fill targets between Deep Leads and Rubble Mound, as well as inspect a new style of REE mineralisation encountered in alluvial flats to the south of the project.