Investing.com -- Critical Metals Corp (NASDAQ:CRML) revealed a breakthrough discovery of high concentrations of gallium, reaching 147 parts per million (PPM), at its Tanbreez Rare Earth Mine in southern Greenland.
The company revealed the find underscores the site's significance as a leading global source of rare earth elements critical for advanced technologies and defense applications.
According to Critical Metals, initial results from a recent drilling program identified four high-grade zones at Tanbreez, marking a key milestone in pre-production activities.
The zones include "Unit Zero," located near the proposed plant, and "Area G," which is said to feature extensive high-grade ore deposits.
Notably, they said Area G showed high gallium concentrations. They add that the area also holds high-grade ore.
Gallium, a crucial element in computer chip manufacturing and defense technologies, is predominantly sourced from China, which accounts for the majority of global production.
The discovery at Tanbreez could diversify supply chains and support Western markets.
"We have discovered that the Tanbreez Project has one of the world's highest concentrations of Gallium, which reinforces our vision to support the production of defense applications in the western world," said Tony Sage, CEO of Critical Metals Corp.
The growing gallium market, expanding at an annual rate of 20%, presents a lucrative opportunity for the company. Critical Metals plans further studies to evaluate the gallium's mineralogy and its potential commercialization.
The Tanbreez Project is already licensed for 500,000 metric tons of annual throughput and boasts substantial rare earth deposits, including zones with heavy rare earth concentrations of up to 40.8%.
Sage highlighted the project's transformative potential, stating, "The Tanbreez Project continues to demonstrate significant upside potential for investors, as we uncover key findings of the resource value through our important pre-production activities."