8 June
2022
ALTONA RARE EARTHS
PLC
(“Altona” or “the Company”)
MONTE MUAMBE
UPDATE:
PROJECT ON TRACK
FOR RESOURCE ESTIMATE BY Q1 2023
ON-GOING DRILLING
CONTINUES TO DELIVER OUTSTANDING RESULTS
Altona (AQSE: ANR.PL), a mining exploration company focused on
the evaluation, acquisition and development of Rare Earth Elements
(“REE”) mining projects in Africa,
is pleased to update shareholders with preliminary results from its
Phase 2 drilling programme at its flagship project, Monte Muambe,
in Tete Province, Mozambique, held
under Prospecting Licence 7573L.
SUMMARY
- Phase 2 exploration programme is progressing within schedule
and on track for production of maiden JORC Resource Statement by Q1
2023 and a Preliminary Economic Assessment (”PEA”) by Q2 2023
- Monte Muambe has the potential to become one of the
highest-grade Carbonatite REE projects in Africa
- Preliminary Phase 2 exploration results show continuing
improvement, not only in terms of grades but also in terms of
orebodies dimensions:
- Extensive soil sampling covering the entire intrusion has led
to the discovery of four new drilling targets for REE and Niobium
(up to 1.75% TREO and up to 1.75% Nb2O5 in
soil), currently being investigated through shallow RC
drilling
- Target 1 length was extended from 100m to 700m. Phase
2 RC drilling results show thick intercepts with Total Rare Earth
Oxide (“TREO”) grades up to 7.85%
- Target 4 shows an orebody thickness of at least 170 m with grades up to 6.37% TREO
Phase 2 Exploration Update
The Company commenced Phase 2 exploration at the end of
April 2022, with a 1,200m drilling programme to investigate two new
targets (Targets 3 and 4) and continue drilling on the best of its
Phase 1 identified targets (Target 1). Once this short phase of
drilling is completed, the Company will commence Resource Drilling
(planned up to 6,200m) in
August 2022, which will enable
production of a maiden Mineral Resource Estimate, a preliminary
metallurgical study, a PEA and establish a monetary value for the
asset.
Since February, Altona’s operations team have collected and
assayed over 1,700 soil samples, refining the orebodies boundaries
and identifying four new, REE-rich drilling targets which are
currently being investigated through shallow Reverse Circulation
(“RC”) drilling.
Phase 2, RC drilling commenced in early May on Targets 1 and 4.
Results below are part of the on-site pXRF assay and are classed as
preliminary (see end note on pXRF results3). All
mineralised samples will be subsequently assayed at a certified
laboratory.
Target 1
- 415.45 m drilled so far (5 RC
holes), best TREO intercept 7.85%, best Nb2O5
intercept 1.70%.
- Target length extended from 100m
to 700 m, foot-wall of orebody not
encountered
- Mineralisation encountered to 70m
below surface, open at depth
Target 4
- 417 m drilled so far (5 RC
holes), best TREO intercept 6.37%.
- Target width 170 m
- Mineralisation encountered to 80m
below surface, open at depth and towards Southeast
The complete drilling results as well as maps and sections for
Targets 1 and 4 can be accessed through this link to the Company’s
website:
https://www.altonare.com/projects/monte-muambe-rare-earths-project/
Altona is currently preparing access to its newly discovered
Target 9 in the southern zone of the carbonatite, which also shows
a high potential for REE.
All samples and data are collected in accordance with the
highest QAQC standards to ensure data compliance to JORC.
Finally, the Company is now in a position to prepare a JORC
20121 compliant Exploration Target2 estimate
on Targets 1, 4, and possibly 9, which it expects will be completed
in July. The Company is in the process of appointing an independent
consultant to this effect. By working under JORC rules from as
early as possible the Company aims to reduce risk and achieve early
validation of its projects.
Altona is on track to complete its maiden Resource Estimate in
Q1 2023 and the project’s PEA by Q2 2023.
Christian Taylor-Wilkinson,
Chief Executive of Altona, commented, “Our strategy for Monte
Muambe is twofold; to work to our schedule to define the orebodies
and, produce a Resource Estimate and PEA which will define the
value of the asset. Both of these aims are on track to be completed
on time and within budget.
“As we continue with our exploration, we are finding a much
larger homogeneous orebody than anticipated and, crucially, we are
seeing significant TREO grades, including high levels of NdPr -
those rare earths critical in the production of many green
technologies such as electric vehicles and wind turbines.”
1: JORC: Joint Ore Reserves Committee of The Australasian
Institute of Mining and Metallurgy, Australian Institute of
Geoscientists and Minerals Council of Australia (JORC), Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves ("JORC Code 2012 Edition")
2: Under the JORC 2012 Code an Exploration Target is a statement
or estimate of the exploration potential of a mineral deposit in a
defined geological setting where the statement or estimate, quoted
as a range of tonnes and a range of grade (or quality), relates to
mineralisation for which there has been insufficient exploration to
estimate a Mineral Resource.
3: Preliminary results for TREO and Nb2O5 are based on pXRF
assays. In this RNS, TREO% is calculated as the sum of Nd, Pr, La,
Ce and Y oxides from pXRF assay results. Altona uses a Hitachi
X-Met8000 pXRF analyser equipped with a 50kv anode and specific
programmes to enable the detection and quantification of Nd, Pr,
La, Ce and Y, as well as of light elements relevant to carbonatites
such as K, Mg and Si. Duplicate 1m RC
samples are prepared using plastic cups covered by a mylar film and
assayed under standard conditions using both the light elements
programme (30s assay time) and the rare earths programme (60s assay
time). Regular checks and calibration are done using a SiO2 blank
and various CRMs. Comparisons between Altona pXRF results and
Intertek laboratory assay results for Phase 1 confirmed the
reliability of Altona’s pXRF results (slight underestimation, R2 =
0.95). In the current conditions, pXRF results give a very good
indication as to the degree to which samples are mineralized and
are usable as a decision tool. However, they are not preliminary in
nature and should therefore be considered with caution. All
mineralized samples will be sent to a certified laboratory for
assay.
-ends-
For further information, please visit www.altonaRE.com or
contact:
Altona Rare Earths Plc
Christian Taylor-Wilkinson, Chief
Executive
+44 (0) 7795 168 157
Martin Wood, Non-Executive
Chairman
+44 (0) 7880 787 080
Alfred Henry Corporate Finance Ltd (AQSE Corporate
Adviser )
Jon Isaacs / Nick
Michaels
+44 (0) 20 3772 0021
Optiva Securities (Broker)
Daniel
Ingram
+44 (0) 20 3411 1882
Yellow Jersey
PR
+44 (0) 20 3004 9512
Tom
Randell
+44 (0) 7948 758 681
Annabelle Wills
Company Information
Altona Rare Earths Plc is a mining exploration company focused
on the evaluation, development and extraction of Rare Earth Element
(REE) metals in Africa. It owns a REE mining project in
Mozambique; the Monte Muambe
Project, a Light REE mining project in the southwest of the
country, where exploration work commenced on 1 October 2021. Phase 1 results have shown it to
contain high levels of critical NdPr deposits, key to the
production of Electric Vehicles and other green technologies. The
Company is also in the process of investigating other REE
opportunities in Africa.
Competent Persons Statement
The information in this report that relates to Geology and
Exploration results is based on information compiled and/or
reviewed by Cédric Simonet, who is a Member of European Geologist
Federation. Cédric Simonet is the Chief Operating Officer and a
Director of the Company. He has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and the activity which he is undertaking to qualify
as a Competent Person in terms of the 2012 Edition of the
Australian Code for the Reporting of Exploration Results, Mineral
Resources and Ore Reserves. Cédric Simonet consents to the
inclusion in the report of the matters based on his information in
the form and contest in which it appears.