Critical Metals Corp. has commenced a diamond drilling program at the Tanbreez rare earth project in Greenland following its acquisition of a controlling stake in the project. The drilling aims to upgrade the resource estimates and assess the potential for increased mine throughput. The Tanbreez deposit, which hosts 28.2 million tonnes of total rare earth oxides (TREO) within 4.7 billion tonnes of material, is one of the largest known rare earth element (REE) projects globally, with more than 25% consisting of heavy rare earth elements (HREE).
Critical Metals CEO Tony Sage emphasized the strategic importance of Tanbreez in reducing Western reliance on China for critical materials necessary for clean energy and defense sectors, enhancing national security. The company recently acquired a 42% stake in the project from geologist Gregory Barnes, who is overseeing the drilling program alongside two other rare earths experts.
The 14-hole drilling program, totaling up to 2,200 metres, is expected to last 30 days and aims to convert the resource to US SEC standards. This initiative will assess the resource’s potential, projected lifespan, and contribute to a future feasibility study. Barnes noted the unique nature of the core samples, awaiting assay results with anticipation.
In addition to the current program, Critical Metals will conduct percussion drilling to delineate mineralization, twin hole drilling for targeted areas, and evaluate the revised geophysical model. The company has made significant strides with pre-operational activities since receiving a key exploitation license four years ago. A substantial database of geological and geochemical information has already been compiled from 414 drill holes and more than 366,000 assays.
Critical Metals’ stock saw a 3.0% increase on the Nasdaq, boosting the company’s market capitalization to $677.4 million.
