Full Breakdown
Barkly Rare Earths Reports High-Grade Rare Earth Intercepts Across 23 km in the Northern Territory
By Drooid · · How we work
Core Findings from the Maiden Drilling Campaign
On September 16 2026, Australian explorer Barkly Rare Earths announced assay results from the first 28 of 68 drill holes completed at its flagship Barkly project in the Northern Territory. Every hole returned measurable rare-earth mineralisation, delivering a 100 % strike rate. Notable intercepts include a 2-metre section grading 2,716 ppm total rare-earth oxides (TRE O) with a 0.5-metre core at 6,064 ppm, and a 1.5-metre section at 3,228 ppm TRE O containing a 0.5-metre interval of 5,170 ppm. Magnet-rare-earth oxides (MREO) – yttrium, neodymium, praseodymium, terbium and dysprosium – comprised 31 % to 40 % of TRE O in 27 of the 28 intercepts, and overall account for 34 % of the company’s inferred 40-million-tonne resource (2,100 ppm TRE O).
Background and Strategic Context
The deposits lie in near-horizontal Cretaceous sandstones tied to aluminium-phosphate-sulphate minerals and start at depths as shallow as 3 m, suggesting the potential for low-cost open-pit mining. Concentrations of uranium and thorium are reported as consistently low, a processing advantage over many hard-rock rare-earth projects. The MREO suite is critical for high-strength permanent magnets used in electric vehicles and wind turbines, sectors that Western governments are seeking to secure amid recent Chinese export controls on heavy rare earths.
Official Statements & Responses
Managing director Craig Wright described the results as “very satisfying” and emphasized that the uniform horizon observed across holes spaced 23 km apart supports the company’s ambition to delineate a large-scale, high-grade resource. He noted that the successful 99 % extraction of high-value MREO in a single-stage metallurgical test, which also removed 92 % of phosphorus impurities, could simplify downstream processing and reduce costs.
Data & Statistics
- 28 holes assayed, 100 % strike rate
- 2 m @ 2,716 ppm TRE O; 0.5 m @ 6,064 ppm TRE O
- 1.5 m @ 3,228 ppm TRE O; 0.5 m @ 5,170 ppm TRE O
- MREO 31-40 % of TRE O in 27/28 intercepts; 34 % of inferred resource
- Current inferred resource: 40 million t at 2,100 ppm TRE O
- Target resource: 200-1,000 million t at 1,600-1,900 ppm TRE O
- 99 % MREO extraction in test; 92 % phosphorus removal
What’s Next
Barkly has 30 additional assay results pending and plans to drill more than 300 additional holes to map the mineralised system’s extent. An updated mineral-resource estimate is slated for release by the end of the year.
Verbatim Quotes
- “Twenty-eight holes assayed and twenty-eight intercepts — that is a very satisfying result, and the holes 23 km apart look like the same flat-lying horizon we mapped. Our ambition is to define a large-scale, high-grade resource, and results like these are why we are drilling another 300-plus holes.” — Craig Wright, earths managing director