Barkly Rare Earths Hits 100% Rate Across 28 Holes Spanning 23 km
Key Takeaways
- All 28 assayed holes in Barkly Rare Earths' Phase 1 campaign returned significant rare earth intercepts, with mineralisation confirmed across a 23 km span — validating the geological model of shallow, laterally extensive mineralisation.
- High-grade internal intervals reached 6,064 ppm TREO and 2,273 ppm MREO, with 80% of samples exceeding the 500 ppm TREO cut-off across 109 RC drill samples.
- 27 of 28 intercepts returned an MREO ratio of 31–40%, consistent with the existing 40 Mt @ 2,100 ppm TREO Inferred Mineral Resource's 34% MREO ratio — a quality signal that holds across the full 23 km strike.
- China's April 2025 export controls on terbium, dysprosium, and yttrium — all present in Barkly's results — create a structural demand tailwind for projects with magnet-rich rare earth baskets.
- A Mineral Resource update is targeted for Q4 CY2026, backed by 30 drillholes currently at the laboratory, 10 more being prepared on site, and 300-plus additional holes planned across the 10,000 m programme.
Every hole delivers: Barkly’s Phase 1 drilling returns rare earth intercepts across 23 km
Barkly Rare Earths has returned significant rare earth intercepts from all 28 holes assayed in its Phase 1 drilling campaign at the Barkly Project in the Northern Territory, with mineralisation confirmed in drillholes up to 23 km apart. The 100% hit rate across the initial batch of assays validates the company’s geological model of shallow, flat-lying, laterally extensive mineralisation and sets the stage for a much larger drilling programme still ahead.
The results extend from as shallow as 9 m downhole and are interpreted as the same rare earth horizon across the full 23 km span. The programme targets extensions near the current 40 Mt @ 2,100 ppm TREO Inferred Mineral Resource, where mineralisation remains open in all directions.
Managing Director Craig Wright
“Twenty-eight holes assayed and twenty-eight intercepts — that is a very satisfying result, and the holes 23 km apart look like the same flat-lying horizon we mapped. Our ambition is to define a large-scale, high-grade resource, and results like these are why we are drilling another 300-plus holes.”
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Drill results at a glance — what the numbers show
The 109 RC drill samples from the 28 holes were pre-selected using portable XRF (pXRF) screening and submitted to ALS Brisbane for analysis via lithium borate fusion with ICP-MS finish. All 28 holes returned significant intercepts, with 80% of samples exceeding the 500 ppm TREO cut-off.
The table below highlights the key intercepts from this initial batch of results.
| Hole ID | Intercept (m) | From (m) | TREO (ppm) | MREO (ppm) |
|---|---|---|---|---|
| BAK0133 | 2 m | 11 m | 2,716 | 951 |
| BAK0133 (high-grade internal) | 0.5 m | 11.5 m | 6,064 | 2,273 |
| BAK0080 | 1.5 m | 15 m | 3,228 | 1,195 |
| BAK0080 (high-grade internal) | 0.5 m | 15.5 m | 5,170 | 2,053 |
| BAK0124 | 1 m | 12 m | 3,543 | 1,401 |
| BAK0125 | 1.5 m | 9 m | 2,654 | 946 |
| BAK0289 | 1.5 m | 9.5 m | 2,977 | 1,089 |
Across all 28 significant intercepts, the middle 50% range from 1,800 to 2,700 ppm TREO, with 570–950 ppm MREO (figures rounded to two significant figures). High-grade internal intervals reach up to 6,064 ppm TREO and occur in most drillholes, indicating a consistent high-grade component across the deposit.
The 28 intercepts average 1.7 m in width. This compares to a 2.4 m average from earlier drilling that informed the current Inferred Mineral Resource. It is worth noting that these widths are based on pXRF-screened intervals only — full widths are pending further assay, and the reported widths are likely understating the true mineralised zone.
Why magnet rare earths matter — and why Barkly’s basket stands out
Not all rare earths carry equal value. Understanding which elements sit inside a deposit’s basket is what separates a commercially interesting project from one with a thin margin story.
The magnet rare earth advantage
Magnet Rare Earth Oxides (MREO) are the subset of rare earths that power permanent magnets: specifically neodymium, praseodymium, terbium, and dysprosium. These magnets are a critical component in electric vehicle motors and wind turbine generators, making MREO the most commercially valuable fraction of a rare earth deposit.
A high and consistent MREO ratio signals that a deposit’s basket skews towards the elements that actually drive demand, rather than being diluted by lower-value light rare earths. At Barkly, 27 of 28 intercepts returned an MREO ratio of 31–40%, directly in line with the 34% MREO ratio of the existing Inferred Mineral Resource. That geological consistency across a 23 km span is a meaningful quality signal.
Low uranium and thorium — a processing advantage
Uranium (U) and thorium (Th) are naturally occurring elements that frequently appear alongside rare earth mineralisation, and their concentrations are a key cost driver in rare earth processing. High U and Th grades require additional handling, increase regulatory complexity, and add to operating costs. Across all 28 holes, U and Th concentrations at the Barkly Project remained consistently low, which the company considers favourable for future processing flowsheets.
China’s export controls tighten the supply picture
On 4 April 2025, China added seven medium and heavy rare earth elements, including terbium, dysprosium, and yttrium, to its export control list, requiring export licences for material that had previously traded freely. Manufacturers and governments outside China are consequently seeking to diversify their sources of magnet and heavy rare earth feedstock.
This creates a structural demand tailwind for projects with magnet-rich baskets. Three intercepts in the current results returned elevated yttrium, reaching up to 638 ppm Y2O3, with associated elevated terbium and dysprosium. All three elements are subject to the Chinese export controls. The company has flagged it will investigate opportunities to selectively target additional heavy rare earths given the commercial significance of terbium and dysprosium and the tightening of yttrium supply.
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What comes next — resource expansion and the path to a mineral resource update
These 28 holes represent the opening chapter of a much larger programme. A total of 68 holes have been drilled to date: the 28 reported here, a further 30 drillholes currently at the laboratory, and 10 more being prepared on site for submission. Beyond that, 300-plus additional holes are planned.
The 10,000 m drilling campaign was designed from the outset to test the lateral and depth extent of mineralisation well beyond the boundaries of the current Inferred Mineral Resource, with the Phase 1 holes reported here representing the first assayed batch from that broader programme.
The Exploration Target and what it could mean
Barkly has defined an Exploration Target of 200–1,000 Mt @ 1,600–1,900 ppm TREO, with a NdPr grade range of 500–700 ppm. This target represents potential extensions of mineralisation beyond the current Inferred Mineral Resource, interpreted on the basis of geological continuity across mapped, laterally extensive, near-horizontal Cretaceous sandstones.
Investors should note the mandatory qualification that applies to all Exploration Targets under the JORC Code: the potential quantity and grade of the Exploration Target is conceptual in nature, 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 Phase 1 programme is actively testing this target area.
Upcoming catalysts — what to watch for
- Ongoing laboratory assay results from the 10,000 m drilling programme, expected to continue through Q4 CY2026
- Samples from 30 further drillholes currently at the laboratory, plus 10 more being prepared on site
- 300-plus additional holes planned across the programme
- Mineral Resource update targeted for Q4 CY2026 (subject to drilling and assay progress)
- Rare earths concentration and extraction testwork ongoing
- Geometallurgical testwork and modelling scheduled for Q3 and Q4 CY2026
- Buntine exploration results expected in Q3 CY2026, with follow-up exploration in Q4 CY2026
On the metallurgy front, a recent caustic conversion and acid leach sighter test returned 99% of MREO reporting to the acid leach solution on a calculated-head, product-stream basis. This is an encouraging early-stage processing signal, though the company is clear that the next phase of testwork will use larger, representative composites to assess repeatability and extraction performance at scale before drawing firmer conclusions.
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