Barkly Rare Earths Ltd has received initial assay results from its 10,000-metre Phase 1 drilling campaign at the flagship Barkly Project in the Northern Territory, returning significant rare earth intercepts from all 28 holes assayed across an expanse spanning up to 23 kilometres.

The reverse circulation drilling program is being conducted across the 5,030-square-kilometre project, which hosts an existing Inferred Mineral Resource of 40 million tonnes at 2,100 ppm Total Rare Earth Oxide defined from an initial 46 drill holes.

The initial results include highlight intercepts from hole BAK0133, which returned 2 metres at 2,716 ppm TREO with 951 ppm magnet rare earth oxides from an 11-metre downhole depth, including a 0.5-metre interval grading 6,064 ppm TREO and 2,273 ppm MREO starting at 11.5 metres. Hole BAK0080 returned 1.5 metres at 3,228 ppm TREO from 15 metres, including 0.5 metres at 5,170 ppm TREO from 15.5 metres.

Magnet rare earth oxides accounted for 31% to 40% of the total rare earth oxides in 27 of the 28 intercepts, aligning with the 34% ratio in the existing resource. Uranium and thorium concentrations remained consistently low across the assayed intervals.

“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.”

— Craig Wright, Managing Director

The reported intervals are based on 109 pre-selected samples screened using portable X-ray fluorescence, with the 28 significant intercepts averaging 1.7 metres in downhole width. Samples from a further 30 drillholes are currently undergoing laboratory processing, while another 10 holes are undergoing site preparation for dispatch.

Elsewhere in the surrounding district, uranium developer Laramide Resources reported a New Westmoreland PEA update for its Westmoreland project on 23 July 2026, detailing a post-tax NPV of US$741.1 million and initial capital expenditure of US$456 million.

Barkly Rare Earths expects ongoing assay results from the Phase 1 drilling program to continue flowing through the fourth quarter of calendar 2026. The company is targeting an updated Mineral Resource estimate for the project by the end of Q4 CY2026.

Read the full announcement: High-Grade Mineralisation in First Phase 1 Drill Results