Barkly Rare Earths Hits Ore in 43 of 44 Holes Ahead of Resource Upgrade
Key Takeaways
- Barkly has now reported significant rare earth intercepts in 43 of 44 holes, drilled up to 23 km apart, pointing to a laterally extensive mineralised horizon.
- The 45 significant intercepts total 89 m at an average 1,659 ppm TREO (567 ppm MREO), with high-grade assays of 2,500 ppm or more in 30 of 44 holes and a peak of 6,064 ppm TREO.
- Follow-up assays widened 11 of 16 re-assayed intercepts, lifting average width to 2.1 m while the high-grade cores stayed unchanged.
- Uranium and thorium stay low at 1 to 7 ppm and 5 to 15 ppm, and early testwork recovered 99% of MREO and 94% of yttrium to acid leach solution.
- An updated Mineral Resource estimate is targeted for Q4 CY2026, with 16 more holes due in coming weeks and over 300 more holes planned.
43 of 44 holes hit rare earths as Barkly reports new high-grade drilling
Barkly Rare Earths (ASX:BAK) has reported rare earth drilling results from a further 16 holes, with 15 returning significant intercepts. That takes the total to 43 of 44 holes reported with significant intercepts, in drillholes up to 23 km apart.
The results come from the 10,000 m Phase 1 programme at the Barkly Project in the Northern Territory, covering holes drilled to 31 August 2026. High-grade intervals (single 0.5 m assays of ≥2,500 ppm TREO) appear in 30 of the 44 holes, and mineralisation was assayed from surface in BAK0212 (1 m @ 698 ppm TREO).
TREO means total rare earth oxide, the combined content of all rare earth oxides in a sample. Consistent hits across such a wide spread of holes suggest the mineralisation is laterally extensive, which is what the Phase 1 programme is designed to test. The programme targets expansion of the existing Inferred Mineral Resource.
Craig Wright, Managing Director
“All but one of the forty-four holes now reported have intersected the rare earth rich mineralised horizon, and through early follow-up assays we have seen increased widths to the intercepts we reported last month…”
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Standout intercepts from the latest holes
Highlighted new results
The table below shows the notable new intercepts, with the “including” column showing the highest-grade single assay within each intercept. BAK0123 leads, with 1,578 ppm TREO over 3 m from 10.5 m.
| Hole | Intercept | TREO / MREO | Including |
|---|---|---|---|
| BAK0123 | **3 m** from **10.5 m** | **1,578 ppm** TREO (**536 ppm** MREO) | **5,156 ppm** TREO (**1,777 ppm** MREO): **0.5 m** from **11 m** |
| BAK0121 | **1.5 m** from **16.5 m** | **2,869 ppm** TREO (**1,019 ppm** MREO) | **4,211 ppm** TREO (**1,281 ppm** MREO): **0.5 m** from **16.5 m** |
| BAK0079 | **1.5 m** from **20 m** | **2,715 ppm** TREO (**917 ppm** MREO) | **4,097 ppm** TREO (**1,543 ppm** MREO): **0.5 m** from **20.5 m** |
| BAK0013 | **2 m** from **23.5 m** | **2,251 ppm** TREO (**758 ppm** MREO) | **3,677 ppm** TREO (**1,409 ppm** MREO): **0.5 m** from **24.5 m** |
| BAK0119 | **2 m** from **10 m** | **1,958 ppm** TREO (**717 ppm** MREO) | **3,129 ppm** TREO (**1,003 ppm** MREO): **0.5 m** from **10.5 m** |
MREO is magnet rare earth oxide, the portion of a sample used in permanent magnets. Most holes feature a higher-grade core inside a wider mineralised interval.
Aggregate picture
Across all holes reported, the data points to a consistent deposit. The key figures from the announcement:
- The 45 significant intercepts in 43 holes total 89 m at a length-weighted average of 1,659 ppm TREO (567 ppm MREO), averaging 2.0 m wide.
- Significant intercepts ran from surface to 38 m downhole.
- The highest single assay was 6,064 ppm TREO (BAK0133).
- Three intercepts include individual assays with yttrium of ≥100 ppm Y2O3, up to 638 ppm (BAK0050), alongside terbium of up to 17 ppm Tb4O7 and dysprosium of up to 82 ppm Dy2O3.
Terbium, dysprosium and yttrium are all subject to the Chinese export control measures introduced on 4 April 2025, which have constrained supply to manufacturers outside China. The company said it will continue to investigate opportunities to selectively target additional heavy rare earths.
Follow-up assays widen mineralisation
The intercepts reported on 16 September 2026 were pXRF-screened intervals (portable handheld analyser readings). Follow-up samples from 16 of those 28 holes have now been analysed, and the intercept widened in 11.
BAK0053 is one example, now 4.5 m @ 1,566 ppm TREO (531 ppm MREO) from 11 m. The 28 previously reported intercepts now average 2.1 m wide (previously 1.7 m), compared with 2.4 m in the earlier drilling that informed the current Inferred Mineral Resource.
The widened intercepts carry lower average grades, as expected, because the follow-up assays capture the lower-grade margins of the horizon. The high-grade internal intervals are unchanged. For you, that means wider zones are not a sign of weaker cores, just a fuller picture of the whole horizon.
Follow-up assays for the remaining 12 previously reported holes will be submitted to the laboratory in due course.
| Hole | Previously reported (16 September 2026) | Updated intercept | Width added |
|---|---|---|---|
| BAK0038 | **2 m** @ **1,188 ppm** TREO (**364 ppm** MREO) | **3.5 m** @ **890 ppm** TREO (**262 ppm** MREO) | **1.5 m** |
| BAK0053 | **3 m** @ **1,851 ppm** TREO (**610 ppm** MREO) | **4.5 m** @ **1,566 ppm** TREO (**531 ppm** MREO) | **1.5 m** |
| BAK0051 | **1.5 m** @ **1,990 ppm** TREO (**642 ppm** MREO) | **3 m** @ **1,225 ppm** TREO (**401 ppm** MREO) | **1.5 m** |
| BAK0134 | **1.5 m** @ **2,573 ppm** TREO (**863 ppm** MREO) | **3 m** @ **1,490 ppm** TREO (**495 ppm** MREO) | **1.5 m** |
Why magnet rare earths and low contaminants matter
Not all rare earths are equal. MREO is the sum of neodymium oxide, praseodymium oxide, terbium oxide and dysprosium oxide (Nd2O3 + Pr6O11 + Tb4O7 + Dy2O3), and the company says the magnet rare earths are where most of the value in a rare earth deposit sits.
MREO represents 29 to 39% of TREO in 42 of 45 intercepts, consistent with the 34% MREO ratio of the existing Inferred Mineral Resource. Uranium and thorium are consistently low, at 1 to 7 ppm U and 5 to 15 ppm Th across all intercepts.
That matters because the company describes uranium and thorium content as a key cost driver in processing flowsheets (the sequence of steps used to extract the product). Lower levels are described as advantageous.
On the metallurgy side, a recent caustic conversion and acid leach sighter test (an early, indicative test) saw 99% of MREO and 94% of yttrium report to the acid leach solution on a calculated-head, product-stream basis. The next phase of testwork will use larger, representative composites to confirm repeatability and extraction performance at scale.
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Scale, resource context and what comes next
Resource and Exploration Target
The existing Inferred Mineral Resource stands at 40 Mt @ 2,100 ppm TREO, containing 82,000 t of TREO and 28,000 t of MREO. Mineralisation remains open in all directions.
Separately, the Exploration Target is 200 to 1,000 Mt @ 1,600 to 1,900 ppm TREO. This is conceptual in nature: there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
Drilling pipeline and timeline
A total of 71 holes have been drilled to date, with 44 reported. The announcement sets out the following next steps:
- Results for another 16 holes are expected in the coming weeks.
- Samples from the remaining 11 holes are on site for preparation and laboratory submission.
- A further 300-plus holes are planned (~400 total planned holes).
- A second rig is being tendered; drilling recommenced on 5 October 2026 after extended downtime awaiting replacement parts.
- An updated Mineral Resource estimate is targeted for Q4 CY2026, subject to drilling and laboratory assay progress.
- Geometallurgical testwork and modelling, and Buntine exploration results, are scheduled for Q4 CY2026.
For investors, that points to a steady flow of potential catalysts through Q4 CY2026. The announcement does not disclose any share price information or financials, so the market’s reaction is not covered here.
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