Barkly Rare Earths Completes 1,000m Drilling Chasing 10x Resource Expansion
Key Takeaways
- Barkly Rare Earths has completed 45 of approximately 400 planned holes in its 10,000 m Phase 1 expansion programme, with samples now moving to the laboratory and first assay results expected within weeks.
- The existing 40 Mt @ 2,100 ppm TREO Inferred Mineral Resource remains open in all directions, with the programme targeting extensions that could support a substantially larger resource estimate.
- An Exploration Target of 200–1,000 Mt at 1,600–1,900 ppm TREO frames the potential scale of the mineralised system, with the majority of the 400-hole programme planned within this target area.
- The resource carries a high magnet rare-earth grade of 710 ppm MREO, with initial leaching tests achieving 74% MREO extraction and beneficiation testwork returning a concentrate of 29,000 ppm TREO.
- A Mineral Resource update is targeted for Q4 CY2026, contingent on drilling progress and laboratory assay turnaround, with the first verified expansion grades as the immediate near-term catalyst.
Barkly rare earths accelerates 10,000 m drilling to grow its 40 Mt resource
Barkly Rare Earths (ASX:BAK) is advancing its 10,000 m Phase 1 resource expansion drilling programme at its flagship Barkly Project in the Northern Territory. Drilling rates are improving materially after early wet-season challenges, and samples are now moving to the laboratory. The programme targets shallow extensions around the existing 40 Mt @ 2,100 ppm TREO Inferred Mineral Resource, which remains open in all directions. First laboratory assay results are expected in the coming weeks.
The company is working toward a Q4 CY2026 Mineral Resource update, contingent on drilling progress and assay turnaround. The current resource holds 82,000 tonnes of contained TREO, and the drilling campaign is designed to test whether that figure can grow substantially as the geological interpretation suggests continuity across a far larger area.
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Drilling progress and momentum building at Barkly
The company has completed 45 of approximately 400 planned holes under the current 10,000 m programme. These 45 holes represent over 1,000 m of drilling — distinct from the original 46 holes for 755 m that defined the initial Inferred Mineral Resource. The new drilling is part of a separate expansion campaign targeting extensions in multiple directions.
One of the largest locally observed wet seasons caused adverse ground conditions and persistent groundwater flows, slowing the early phase of the programme. The company managed these conditions as part of normal field operations, and drilling rates have improved materially as groundwater disperses through ongoing catchment drainage.
The rig was moved to areas with more favourable ground conditions, including zones where the target mineralisation is shallow and interpreted to extend to surface. Drilling rates are improving rapidly in these areas.
Samples are geologically logged at the rig, with two portable XRF instruments used as qualitative field screening tools to assist geological logging and field planning. Laboratory assays will determine rare earth grades — the XRF readings are not assay results. First laboratory assay results are expected in the coming weeks and will progress throughout Q3 and Q4 CY2026.
Programme snapshot:
- Approximately 400 shallow holes planned, averaging approximately 25 m deep
- 45 holes completed to date
- Next drilling area (area 04) targets extensions immediately adjacent to the existing Inferred Mineral Resource
- First laboratory assays due in the coming weeks
Understanding rare earths and why the resource expansion matters
TREO (Total Rare Earth Oxide) refers to the sum of all rare earth elements expressed as oxides. Within TREO, NdPr (Neodymium-Praseodymium) is one of the measured components of the resource. MREO (Magnet Rare Earth Oxide) includes NdPr plus terbium and dysprosium, which are also critical for high-performance magnets.
Barkly’s resource carries a high magnet rare-earth grade: 710 ppm MREO within the 2,100 ppm TREO. The resource also includes a high terbium component and low uranium and thorium.
Initial conventional leaching tests achieved 74% MREO extraction, with initial beneficiation testwork returning a mineral concentrate of 29,000 ppm TREO.
Expanding a resource that already carries favourable magnet-grade and metallurgical characteristics strengthens the case for a project of potential scale. The current drilling programme is testing whether the 40 Mt resource represents only a fraction of the mineralised system.
The Exploration Target underpinning the growth story
Barkly has defined an Exploration Target to frame the potential scale of the mineralised system. An Exploration Target is conceptual in nature and is not a Mineral Resource. There has been insufficient exploration to estimate a Mineral Resource for the target area, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource. The Exploration Target is reported in accordance with the JORC Code (2012).
| Category | Tonnage (Mt) | TREO (ppm) | NdPr (ppm) |
|---|---|---|---|
| Exploration Target | 200–1,000 | 1,600–1,900 | 500–700 |
The Exploration Target represents potential extensions of mineralisation beyond the current Inferred Mineral Resource. It is interpreted based on possible extensions of mineralisation in mapped, laterally extensive, near-horizontal Cretaceous sandstones. The majority of the approximately 400-hole programme is planned within this Exploration Target area, based on interpreted geological continuity.
Drill-hole spacing is variable, ranging from 150–300 m to single drill lines with approximately 1,000 m hole spacing. The Exploration Target relates to an area where the presence of a mineral deposit can be suggested on the basis of interpreted geological continuity but has not been confirmed by drilling.
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What comes next for Barkly investors
The company has a defined near-term catalyst pipeline anchored to the Q4 CY2026 Mineral Resource update, with assays as the immediate value trigger.
Craig Wright, Managing Director
“We’re pleased with the steady progress of the Phase 1 drilling programme, which is testing shallow growth potential around our existing 40 Mt Inferred Mineral Resource. Early ground and groundwater conditions challenged the drill crew, but drilling rates are improving rapidly and samples are now moving through to the laboratory. This campaign is designed to test for mineralisation extensions that could support a future Mineral Resource update, and we look forward to reporting the first laboratory assays in the coming weeks. The Company is investigating opportunities to further improve drilling productivity and maximise the benefit of recent operational momentum, with the current field schedule preserving flexibility for additional drilling beyond the planned 10,000 m campaign, subject to Board approval.”
Upcoming milestones:
- First laboratory assay results — coming weeks, progressing through Q3 and Q4 CY2026
- Rare earths concentration and extraction testwork — ongoing
- Mineral Resource update — Q4 CY2026 (subject to drilling and assay progress)
- Geo-metallurgical testwork and modelling — Q3 and Q4 CY2026
- Buntine exploration results — Q3 CY2026; follow-up exploration — Q4 CY2026
The immediate value trigger is the first batch of laboratory assays, expected in the coming weeks. Those results will provide the first verified grades from the expansion drilling and will indicate whether the mineralisation continues at resource-grade beyond the existing 40 Mt footprint. The Q4 CY2026 Mineral Resource update is the final deliverable, contingent on drilling progress and laboratory assay turnaround.
What this tells you: the company is methodically testing a large geological target with a defined timeline for results. The assays will determine whether the 200–1,000 Mt Exploration Target range is realistic or overstated. That is the question you are waiting to have answered.
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