17 March
2022
ALTONA RARE EARTHS
PLC
(“Altona” or “the Company”)
MONTE MUAMBE –
INITIAL PHASE 1 RESULTS AND
DECISION TO
PROCEED TO PHASE 2 (RESOURCE DRILLING)
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 announce that, following positive results from Phase
1 exploration of its Monte Muambe REE asset, it is proceeding with
Phase 2 of the project.
SUMMARY
- Phase 1 results show above average REE levels
- Two new mineralised areas identified
- Phase 2 resource drilling to start in April 2022 and last for up to 12 months
- Phase 2 will deliver: maiden Mineral Resource Estimate,
metallurgical testing and scoping study
- Phase 1 total spend was £580,000 and Phase 2 costs expected to
be approx. £1.2 million
- Full Intertek assay results expected by May 2022
Monte Muambe is a 4km diameter circular carbonatite intrusion
located in Tete Province, Northwest
Mozambique, held under Prospecting Licence 7573L. The
Company commenced an initial drilling programme in October 2021, focusing on six target areas,
drilling a total meterage of 590m
Diamond Drilling (DD - 5 holes) and
2,541m Reverse Circulation (RC - 38
holes).
To date, the Company has full analysis results from 3 drill
holes as well as samples from multiple drill sites which have been
analysed on site using the Company’s recently procured pXRF field
analyser, which provides immediate estimates of mineral content in
samples. These have confirmed the presence of carbonatite-hosted
rare earth mineralisation, at an above average grade Total Rare
Earth Oxide (“TREO”) in four of the six targets drilled, with two
of the targets (holes MM021 and MM042) being new discoveries open
in several directions. This provides a clear basis to proceed to
Phase 2.
The Company has also sent 705 DD samples and 974 RC samples
(including QAQC samples) to certified assay labs operated by
Intertek in South Africa and
Australia, with the full result
set expected to be received before the end of May 2022, which the Company will publish.
Phase 2 work will commence during April
2022 and include additional soil sampling, ground geophysics
and scout drilling (1,200m RC),
resource drilling (6,800 RC) and metallurgical testing, all of
which will be used to produce a maiden Mineral Resource Estimate
and a Preliminary Economic Assessment.
Soil sampling started on site in early February, after cyclone
Ana subsided, and Altona is making arrangements to restart drilling
operations in early April; the priority being to test the lateral
extension of holes MM021 and MM042, and to continue drilling Target
1 in a south-easterly direction.
Christian Taylor-Wilkinson,
Chief Executive of Altona, commented, “We believe that Monte
Muambe could develop into a major REE resource. Initial results
from our Phase 1 activities are very positive with higher than
expected grades and the discovery of two new target areas. Phase 2
will work towards confirming these indications, via a Resource
Estimate, and provide a solid platform for a substantial valuation
of Monte Muambe.”
PHASE 1 RESULTS -
INITIAL ASSAY AND ON-SITE pXRF
Results received from Intertek to date, include those for DD
holes MM001 (partial), MM039 (complete) and MM040 (partial).
Results for other DD holes and for RC holes are pending. Most
relevant intercepts are listed in Table 1.
The most relevant intercepts from on-site pXRF analysis of
duplicates of 3m composite RC samples
are given in Table 2.
TABLE 1 (DD Intercepts)
Hole and Target Number |
Depth (m from
surface) |
Intercept Length
(m) |
TREO
% |
Comments |
MM001 |
0.22 |
77.47 |
2.087 |
Open down dip, results from 77.69m
to 150m pending |
Including |
7.90 |
7.15 |
2.357 |
|
Including |
17.54 |
13.52 |
2.648 |
|
Including |
36.71 |
11.99 |
2.562 |
|
Including |
61.71 |
14.08 |
2.952 |
|
MM039 |
33.33 |
65.71 |
1.947 |
|
Including |
48.38 |
6.78 |
2.378 |
|
Including |
70.85 |
10.04 |
4.044 |
|
MM040 |
67.75 |
15.95 |
2.394 |
Results from 0 to 67.05m
pending |
Including |
68.61 |
5.61 |
2.984 |
|
MM040 |
108.20 |
13.80 |
3.432 |
|
Table 1. Significant intercepts for
Phase 1 DD holes so far (laboratory assay results). In this table
TREO% is the sum of all rare earths oxide laboratory assay results,
including Yttrium.
TABLE 2 (RC Intercepts)
Hole Number |
Depth (m from
surface) |
Intercept Length
(m) |
TREO
% |
Comments |
MM002 |
51 |
12 |
1.02 |
|
MM003 |
19 |
12 |
2.00 |
|
MM005 |
30 |
27 |
1.44 |
|
MM021 |
28 |
68 |
1.49 |
|
MM037 |
61 |
9 |
1.72 |
Open down dip |
MM038 |
58 |
12 |
1.44 |
Open down dip |
Including |
55 |
21 |
2.04 |
|
MM042 |
1 |
51 |
1.68 |
|
Including |
40 |
9 |
4.24 |
|
MM043 |
Surface |
32 |
1.67 |
|
MM044 |
Surface |
9 |
2.06 |
|
MM047 |
28 |
30 |
1.57 |
|
Table 2. Significant intercepts for
Phase 1 RC holes so far (pXRF assay results). Note that these
results must be considered as temporary and that Certified
Reference Materials (CRM) checks show that pXRF results are likely
to be underestimated by approx. 25%. Final results from the
laboratory will be published once received. In this table TREO% is
the sum of all Nd, Pr, La, Ce and Y oxides pXRF assay results.
-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. The Company is in the process of
investigating other REE opportunities in Africa.
Notes on the use of pXRF analyser for rare earths exploration
at Monte Muambe:
The Hitachi X-Met8000 is a pXRF 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 3m composite RC samples were 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. In the
current conditions, pXRF results give a good indication as to the
degree to which samples are mineralised, and are usable as a
decision tool, but are not final and should be considered with
caution.