Exclusive: Critical Metals launching major drilling program at rare earth project

Investing.com -- Mining development group Critical Metals Corp (NASDAQ:CRML) has commenced a major diamond drilling program at the Tanbreez project in Greenland, the world's biggest rare earth deposit, according to sources familiar with the matter.

The drilling program will consist of 14 holes with a total cumulative length of up to 2,200 meters and will evaluate the resources contained in the mine and its projected lifespan, the source added. The program is expected last for roughly 30 days, subject to weather conditions and site accessibility.

The program is being conducted by Greenland drilling contractor 60 North Greeland, the source said, adding that it will be supervised by a team of rare earths geological experts, including the founder of the Tanbreez project, Gregory Barnes. 

Critical Metals, which aims to produce strategic products essential to electrification and next generation technologies, previously announced in June a binding agreement to take a controlling interest in the Tanbreez Greenland Rare Earth Mine. At the time, Critical Metals said the Tanbreez project would unlock a "sustainable, reliable and long-term rare earth supply for North America and Europe."

Critical Metals currently owns 42% of the Tanbreez project.

Senad Karaahmetovic and Thomas Monteiro contributed to this report.