ABx Group Limited announced the commencement of its 3rd drilling campaign to test a 6.5km mineralised corridor connecting the Company's Deep Leads and Rubble Mound rare earth discoveries, located in northern Tasmania. Mobilisation of the RC rig to site was completed on 10th October 2022 with the 70-hole campaign anticipated to take 6 weeks to complete, with assay results expected to be received in batches from early November and into early CY2023. This 3rd drilling campaign will consist of approximately 70 holes of aircore RC drilling and push-tube coring totalling 800 metres.

The campaign is designed to follow-up on the previous campaigns of first-pass exploratory drilling that discovered a continuation of the REE mineralisation for the entire distance between Deep Leads and Rubble Mound Rare Earth discoveries. That exploratory drilling confirmed a 6.5km contiguous mineralized corridor which remains open for possible extensions to the east, north and south that all warrant further drill testing, as is planned in this 3rd drilling campaign. The previous drilling campaign results highlighted clay-hosted REE that occur within a shallow channel structure that increased the prospect size by 27% to 5.1 km2 and demonstrated the potential for the mineralized zone to deliver thick intersections.

Assay results and ABx's knowledge of this REE mineralization have also seen the project expand significantly, increasing the combined prospective area to be drill tested to more than 30km2. Follow-up drilling will primarily focus on widening the mineralized corridor by drilling holes that step out from the known northwest trending channel. The campaign will also test in-fill targets between Deep Leads and Rubble Mound, as well as inspect a new style of REE mineralization encountered in river flats to the south of the project.