Equinox Resources is set to begin the next phase of drilling at its Rio Negro target, aiming to further delineate and map the “ultra-high-grade” monazite-rich zones within the mineralised sill. Given the observed continuity and structural controls of the rare earth mineralisation, the drilling will focus on angled drilling to intersect the sill at optimal depths and orientations. This strategy is designed to refine the geometry, thickness, and grade distribution of the sill-hosted rare earth mineralisation. The primary goal is to target ultra-high-grade zones, such as the 7,890ppm TREO interval found in hole CG_RC24_005, and to identify similar zones both laterally and at depth.

The drilling program will also seek to map the geometry and continuity of the sill, confirming its dip, strike, and thickness variations, while assessing grade variability. To date, 2457.95 meters have been drilled at the Rio Negro prospect within the Campo Grande Rare Earth Project in Bahia, Brazil. This includes 92 auger and 17 reverse circulation drill holes. The company also reports the discovery of bauxite with gallium oxide content in the southeast corner of Rio Negro, which, alongside aluminium oxide intercepts, suggests promising mineralisation potential. This area is distinct from the central-east part of the prospect, which hosts high-grade rare earth mineralisation. Together, these zones highlight the diverse and high-value potential of Rio Negro, making it a strategically important region for critical and industrial minerals.

In the first half of 2025, Equinox plans to assess the reactive silica (SiO2) levels and remaining Al2O3 assays at the prospect. While the data indicates strong potential for high alumina recovery, the reactive silica content remains unknown. Elevated silica levels could increase caustic soda consumption and waste generation, potentially offsetting the benefits of high Al2O3 and Ga2O3 grades. However, Brazilian bauxite is often beneficiated to reduce impurities before refining, making these tests crucial for evaluating the economic viability and refining strategies of the mineralisation.

Equinox highlights the Rio Negro intercepts and the Campo Grande Project as a multi-commodity opportunity, with gallium and aluminium oxide grades capable of meeting global demand in critical and industrial applications. The data suggests the project’s potential to host world-class bauxite mineralisation, with gallium as a high-value byproduct. Equinox Resources Managing Director Zac Komur emphasized the significance of Rio Negro within the Campo Grande Rare Earth Project, noting the standout TREO grades, including the high-grade 7,890ppm supported by monazite as the primary REE-hosting mineral. Komur also pointed out the promising high-grade gallium and bauxite intersected in the southeast, with gallium grades exceeding global averages. He further highlighted that Rio Negro represents just 1% of the broader 1,800 km² Campo Grande landholding, with much untapped potential yet to be uncovered.