Barkly Rare Earths Limited (ASX:BAK) is an Australian mineral exploration company focused on the discovery and development of economic mineral deposits. The company announced on 16 September 2026 significant high-grade rare earth mineralisation from the initial assay results of its Phase 1 drilling programme at its flagship Barkly Project in the Northern Territory. All 28 holes assayed returned significant rare earth intercepts, spanning a wide area up to 23 kilometres apart. These initial results from the 10,000-metre drilling campaign are said to have exceeded expectations and are interpreted to indicate a consistent, flat-lying rare earth horizon across the extensive project area.
Key intercepts highlighted include 2 metres from 11 metres at 2,716 parts per million (ppm) Total Rare Earth Oxide (TREO) (951 ppm MREO) in hole BAK0133, which included a higher-grade section of 0.5 metres from 11.5 metres at 6,064 ppm TREO (2,273 ppm MREO). Another notable intercept was 1.5 metres from 15 metres at 3,228 ppm TREO (1,195 ppm MREO) in BAK0080, containing 0.5 metres from 15.5 metres at 5,170 ppm TREO (2,053 ppm MREO). Managing Director Craig Wright expressed satisfaction with the results, stating that the consistency across such distances reinforces the ambition to define a large-scale, high-grade resource, prompting plans for over 300 additional drillholes.
The company noted that Magnet Rare Earth Oxides (MREO) consistently comprised 31-40% of the TREO in 27 of the 28 intercepts, aligning with the 34% MREO ratio of the existing Inferred Mineral Resource. Furthermore, low concentrations of uranium and thorium were observed, which is considered beneficial for processing flowsheets. The drilling targets extensions near the current 40 million tonne (Mt) at 2,100 ppm TREO Inferred Mineral Resource, with mineralisation remaining open in all directions. Samples from 30 additional drillholes are currently at the laboratory, with a continuous flow of results anticipated throughout Q4 CY2026. Barkly Rare Earths aims for an updated Mineral Resource estimate in Q4 CY2026, contingent on drilling and assay progress.
