TIDMREE
RNS Number : 4861J
Altona Rare Earths PLC
16 August 2023
16 August 2023
ALTONA RARE EARTHS PLC
("Altona" or "the Company")
Monte Muambe Operational Update
Record Intercept - 76m at 3.426% TREO from Surface
Altona (LSE: REE), a resource exploration and development
company focused on Rare Earths in Africa, announces an operational
update for its rare earths mining project in Mozambique.
HIGHLIGHTS
-- 76m at 3.426% Total Rare Earth Oxides ("TREO") from surface
at Target 4 - a record for Monte Muambe in terms of length and
grade
-- High grade ore confirmed at new Target 3
-- 10 Reverse Circulation holes drilled for a total of 790m
In line with the plan announced on 5 July 2023, the Company has
so far drilled 10 Reverse Circulation holes for a total of
790m.
Drilling at Target 4 provided further data to feed into the
Company's on-going geological modelling for the Mineral Resource
Estimate ("MRE"). Samples from this drilling programme will be
assayed at the laboratory later during the year and these results
will be used in future resource updates.
At Target 3 (discovered by Altona in 2021), two holes were
drilled. Hole MM110 intersected 2.735% TREO from surface to 30m,
open at depth, confirming this Target 3 potential to add to Monte
Muambe's resource base in the next phase of reporting.
On-site pXRF Results - significant intercepts
Hole Target From (m) To (m) Length TREO% (1)
(m)
MM086 T4 25 67 42 1.570
-------- --------- ------- ------- ----------
MM102 T4 33 84.4 51.4 2.620
-------- --------- ------- ------- ----------
MM103 T4 Surface 80 80 1.897
-------- --------- ------- ------- ----------
MM105 T4 Surface 76 76 3.426
-------- --------- ------- ------- ----------
MM106 T4 Surface 28 28 1.590
-------- --------- ------- ------- ----------
MM107 T4 27 70 43 1.865
-------- --------- ------- ------- ----------
MM90 T4 44 77.5 33.5 1.675
-------- --------- ------- ------- ----------
MM110 T3 Surface 30 30 2.735
-------- --------- ------- ------- ----------
(1) Sum of La, Ce, Nd, Pr and Y from Altona's pXRF assays, in
oxide percent. See note at the end of this RNS.
MRE Update
The Company is pleased to report that all its assay results
relating to the 2022 drilling programme have been received from
Intertek and have been sent to Snowden-Optiro, the mining
consultant engaged by Altona to prepare the MRE and Scoping Study.
Geologist Robert Barnett, a representative of the Snowden-Optiro's
Competent Person for Monte Muambe, visited the site between 7 and
10 August 2023, as required as part of the MRE preparation. The
Company can confirm that the work for the MRE is on schedule.
Finally, the Monte Muambe exploration team has embarked on a
shallow trenching programme to gather additional data on the
position of the high-grade orebody boundaries of Target 1, Target 3
and Target 4 at surface level. The trenching programme will also
involve testing other targets previously identified using
geochemical and geophysical methods.
Cedric Simonet, CEO of Altona, commented, "The record high-grade
intercept drilled at Target 4, as well as the confirmed presence of
high-grade ore at Target 3 are both highly positive discoveries,
which show that Monte Muambe still has a lot of resource building
potential in store. While we continue to focus on our immediate
deliverables, namely the MRE and the Scoping Study, additional
exploration work is now being planned for Target 3. We are also
planning new exploration work on other, as yet-unexplored targets
which were identified from the soil sampling survey we conducted
last year."
Note regarding pXRF results: In this RNS, TREO% is calculated as
the sum of Nd, Pr, La, Ce and Y oxides from portable X-Ray
Fluorescence ("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 standards.
Comparisons between Altona pXRF results and Intertek laboratory
assay results for Phase 1 and 2 confirmed the reliability of
Altona's pXRF results (slight underestimation, R(2) = 0.95). In the
current conditions, pXRF results give a very good indication as to
the degree to which samples are mineralised and are used as a
decision tool. However, they are preliminary in nature and should
therefore be considered with caution. All mineralised samples will
be sent to a certified laboratory for assay.
-ends-
For more information on Altona and its current mining projects
please visit: www.altonaRE.com
Altona Rare Earths Plc
Cedric Simonet, CEO +44 (0) 7778 866 108
Christian Taylor-Wilkinson, Business Development +44 (0) 7795
168 157
Novum Securities Ltd
David Coffman +44 (0) 20 7399 9400
Daniel Harris
George Duxberry
Optiva Securities (Broker) +44 (0) 20 3411 1882
Daniel Ingram
Yellow Jersey PR (Financial PR) +44 (0) 20 3004 9512
Sarah Hollins
Annabelle Wills
Jazmine Clemens
About Altona Rare Earths Plc
Altona is a resource exploration and development company focused
on Rare Earths in Africa. The Company is listed on the Main Market
of the London Stock Exchange.
Rare Earths are a group of 17 chemical elements, many of which
are critical to the W orld's on-going transition from carbon-based
to renewable energies, and to the defence and communication
sectors.
The Company currently focuses on the development of Monte
Muambe, its flagship Magnet Rare Earths Project, located in
Northwest Mozambique. The project was acquired in June 2021, and
the Company has so far drilled over 7,800m, to support its maiden
JORC Mineral Resource Statement which will be published in the
Third Quarter of 2023.
Altona continues to take advantage of its position in Africa to
assess other possible Rare Earths opportunities on the
Continent.
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 (Eur. Geol. #739). Cédric Simonet is the Chief Executive
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.
For more information visit: www.altonaRE.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDPFMATMTIBMMJ
(END) Dow Jones Newswires
August 16, 2023 02:00 ET (06:00 GMT)
Altona Rare Earths (LSE:REE)
Historical Stock Chart
From May 2024 to Jun 2024
Altona Rare Earths (LSE:REE)
Historical Stock Chart
From Jun 2023 to Jun 2024