Critical Metals Corp. (Nasdaq: CRML) has released promising assay results from historical deep diamond drilling at its Fjord deposit in southern Greenland, part of the company’s massive Tanbreez rare earth project — one of the largest untapped heavy rare earth element (HREE) resources outside China.
The Fjord deposit sits within a vast kakortokite host unit stretching 5 km by 2.5 km, hundreds of metres thick and estimated at 4.7 billion tonnes. The newly analyzed core, drilled in 2007 and 2013, extended below the current mineral resource estimate (MRE) and confirmed consistent mineralization at depth, with total rare earth oxide (TREO) grades ranging from 0.33% to 0.51%, and a weighted average of 0.43% TREOs, containing 28% HREEs.
Earlier this year, Critical Metals released a technical report compliant with Regulation S-K 1300 and a preliminary economic assessment estimating a $3.04 billion NPV and a staggering 180% internal rate of return for the Tanbreez project.
CEO Tony Sage called the new results “exceptional,” noting that they suggest potential to double the company’s current resource estimate from 225 million tonnes to an exploration target of 500 million tonnes. The deeper drill holes confirm that the high-grade mineralization continues well below sea level, enhancing the project’s long-term development prospects.
The company plans to follow up with infill and extension drilling across the Fjord and Hill Zone deposits in 2025 and has applied for approval from Greenland’s MSLA to initiate the next phase of drilling. Field crews are already preparing the site.
Critical Metals’ stock rose 5.8% on the news, bringing its market capitalization to $143 million.
