Monday, June 17, 2024

Rare Earths Norway says its REE discovery is Europe’s largest

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The Maiden Inferred Mineral Resource, which satisfies the RPEEE is at 559 Mt at 1.57% Total Rare Earth Oxides (TREO). This means that the Fen Carbonatite Complex contains 8.8 Mt TREO with a reasonable prospect for eventual economic extraction, the company said.

Within the TREOs, there is estimated to be 1. 5 Mt of magnet-related rare earth used in electric vehicles and wind turbines.

The EU considers these metals to be the most critical raw materials when considering supply risk.

The current work provides a Mineral Resource estimate depth to – 468m below mean sea level. REN said it expects significant potential future upside to the project, with previous exploration drilling completed by the Geological Survey of Norway and the geological advisor the Telemark County council, indicating mineralization is open to a depth of approximately -1000m msl.

REN also said it expects the development of new mining methods will increase the resource estimate.

“The company is working partners Montanuniversität Leoben in Austria to develop the deposit with the world’s most sustainable mine and mineral processing technology minimising the environmental footprint from mine to magnet,“ Rare Earths Norway CEO Alf Reistad said in a news release on Thursday.

“We have now, through an independent third party, confirmed that we have a significant Mineral Resource at Fen. This is a milestone for us that could be extremely important for the local community in Nome, but also Norway and Europe for generations,” added Rare Earths Norway ghief geologist of Trond Watne.

Drill core from Fen carbonatite complex. Credit: Rare Earths Norway

The company said its goal is to contribute to a total, compact value chain, from mine to magnet with considerably lower climate and environmental impact.

Further exploration drilling is scheduled for this year.

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