Shares of Critical Metals Corp (NASDAQ:CRML) rose 7% on Wednesday following the companys announcement that it has initiated a 10,000-meter diamond drilling campaign at the Tanbreez Rare Earth Project in Southern Greenland.
The drilling initiative is intended to generate data to support multiple technical and development objectives across the project. Specifically, the company said the program will aid resource expansion, refine geological modelling, inform mine planning and support other activities intended to advance the project toward eventual development.
Drilling contractors and their support teams have been mobilized to the Tanbreez site and drill rigs are now deployed across priority target areas. Critical Metals reported that it has completed construction and commissioning of initial project infrastructure on-site, including accommodation and operational support facilities. Prior to launching the program, the company completed equipment inspections, safety reviews and operational readiness assessments.
Over the coming two to three weeks, field crews will concentrate on ground verification tasks and the completion of blast mark-outs required for planned site access and early development work. The first phase of drilling will focus on priority mineralized zones identified via historical exploration, recent technical reviews and the company's geological modelling efforts.
In a prepared comment, Tony Sage, Chairman of Critical Metals, said: "The start of our 10,000-meter drilling campaign marks another important step in the advancement of the world-class Tanbreez rare earth Project. Following a successful mobilization effort, drilling is now underway across priority target areas. The information generated from this program is expected to support resource expansion, geological modelling, mine planning and other activities aimed at advancing Tanbreez toward production."
Critical Metals describes Tanbreez as one of the worlds largest undeveloped rare earth projects, with concentrations of heavy rare earth elements that are used in permanent magnets, electric vehicles, defense systems and advanced manufacturing technologies.
The company said it will issue operational updates as drilling advances and assay results become available.
Note: The companys announcement provided details on program scope, site readiness and near-term field priorities. Assay data and subsequent resource information will be released by the company as they become available.