Equinox Unveils High-Grade Near-Surface Rare Earths at Campo Grande

• Surface samples up to 17,346 ppm TREO with 20% magnet rare earth oxides
• Drilling confirms shallow, laterally continuous rare earth systems in Central and Northern Blocks
• Magnet rare earth elements form a significant portion of the mineralization
• Exploration to expand with further sampling, mapping, geophysics, and metallurgical testwork
• Company reviewing partnership, farm-in, or sale options for the project

High-Grade Surface Discovery

Equinox Resources Limited (ASX, EQN) has reported a breakthrough in its exploration at the Campo Grande Project in Bahia, Brazil, with reconnaissance surface sampling returning rare earth element (REE) grades as high as 17,346 ppm total rare earth oxides (TREO), including 20% magnet rare earth oxides (MREO). This discovery highlights a commercially attractive basket of rare earths, particularly enriched in neodymium-praseodymium (NdPr) and dysprosium-terbium (DyTb), critical for permanent magnets used in green technologies.

Drilling Confirms Near-Surface Mineralization

Follow-up drilling programs have validated the presence of a shallow, laterally continuous rare earth system across both the Central and Northern Blocks of the project. Notable intercepts include 14 meters at 4,022 ppm TREO (26% MREO) from just 1 meter depth in the Central Block, and 15 meters at 3,268 ppm TREO (21% MREO) from 45 meters in the Northern Block. These results confirm an ionic-style, clay-hosted REE system with significant magnet rare earth content, which is promising for potential mining and processing.

Strategic Location and Regional Context

Equinox’s tenements adjoin those of Brazilian Rare Earths (ASX, BRE), a company with a market capitalization around A$700 million, which has historical drill cores from Rio Tinto indicating exceptionally high grades up to 45.7% TREO in the district. This regional rare earth corridor underscores the prospectivity of Campo Grande and situates Equinox well within a recognized REE-rich geological setting.

Next Steps in Exploration and Corporate Strategy

Equinox plans to expand its exploration footprint by extending grid-based soil and rock sampling, detailed geological mapping, and deploying high-resolution geophysical surveys including radiometrics, magnetics, and LiDAR. These efforts aim to refine the understanding of basin architecture and weathering profiles to target thicker and higher-grade REE zones. Concurrently, metallurgical testwork will assess processing pathways to unlock value from the magnet-REE-rich mineralization.

On the corporate front, the company is actively evaluating strategic options for the Campo Grande Project. It has received inbound interest from potential partners and acquirers, with proposals including joint ventures, farm-in agreements, project sell-downs, or a full sale. The Board is focused on selecting the path that maximizes shareholder value.

Technical Assurance and Compliance

The exploration results have been compiled and reviewed by Sergio Luiz Martins Pereira, an independent consultant and Competent Person under the JORC Code. Sampling and assay protocols adhere to industry best practices, with quality control measures ensuring data integrity. While no formal resource estimate has yet been reported, the data provide a robust foundation for advancing the project.

Bottom Line?

As Equinox deepens its understanding of Campo Grande’s rare earth potential, the market will watch closely for resource updates and strategic moves that could reshape the company’s trajectory.

Questions in the middle?

• How will upcoming metallurgical testwork impact the economic viability of the magnet-REE mineralization?
• What are the timelines and targets for the next phase of drilling and resource definition?
• Which strategic option will Equinox pursue for Campo Grande, and how might that affect shareholder value?