Aclara Resources Inc (TSX:ARA, OTC:ARAAF) has announced an updated mineral resource estimate for the Carina Module, the company’s ion adsorption clay project in Goiás, Brazil.
The company said the inferred resource is estimated at 298 Mt, representing a 77% increase from the previously reported inferred mineral resource of 168 Mt.
The estimate of contained amounts of magnetic elements also increased by about 69% from the earlier resource statement.
This included an increase in contained heavy rare earths (dysprosium and terbium) from 8,240 tons to 13,470 tons and in contained light rare earths (neodymium and praseodymium) from 49,832 tons to 84,565 tons.
These rare earth magnetic elements are key for producing permanent magnets used in electric vehicles and wind turbines, Aclara highlighted.
The company added that metallurgical recoveries of rare earths from the Carina Module are still compatible with the technology demonstrated at a pilot scale at its pilot plant in Chile.
"The mineral resource update represents a crucial milestone towards the production of a heavy rare earth elements carbonate from the Carina deposit,” Aclara chief operating officer Barry Murphy said in a statement.
“With a comprehensive understanding of the entire deposit now in hand, we are well-positioned to advance confidently and accelerate progress on multiple fronts. These include converting inferred mineral resources to measured and indicated mineral resources, optimizing metallurgical processes, advancing pre-feasibility and feasibility studies, and continuing with environmental and social licensing requirements.”
The company expects to complete an updated preliminary economic assessment for the Carina Module in September. It is also continuing its Carina Module pre-feasibility study.
A 15,200-meter Phase 2 reverse circulation drilling campaign, aimed at upgrading inferred mineral resources to measured and indicated categories, is set to finish by the fourth quarter.
A metallurgical test campaign will take place in the second half of 2024 and the first half of 2025, with samples collected via sonic drilling and sent to SGS Lakefield for analysis.
Additionally, a new semi-industrial pilot plant will be installed and operational in Goias, Brazil by Q2 2025. This pilot operation will confirm processing parameters for the feasibility study, produce high-purity heavy rare earth elements carbonate for future agreements and demonstrate the environmental sustainability of the process design.
“We are very pleased to be significantly expanding our capacity as a key supplier of magnetic rare earths, particularly dysprosium, which is an essential component in addressing climate change,” Murphy concluded.