25 October
2022
ALTONA RARE EARTHS
PLC
(“Altona” or “the Company”)
QUARTERLY
UPDATE
Altona (AQSE: ANR), a rare earths exploration, development and
mining company, is pleased to provide an update of its activities
on the Monte Muambe Rare Earths Mining Project for the
3rd Quarter, 2022.
Highlights
- Operations progressing on schedule
- Drilling on Target 1 and Target 4 continue to define orebodies
suitable for an open-pit mining operation
- Target 3 and Target 10 undergoing preliminary
investigation
- Samples sent away for analysis ahead of publication of Resource
Estimate in Q1 2023
Exploration activities continued in accordance with Altona’s
2022 project plan and budget, with the immediate next milestones
being the completion of the project’s maiden Mineral Resource
Estimate (Q1 2023) and Scoping Study (Q2 2023).
During the quarter, resource drilling progressed with 14 Reverse
Circulation (“RC”) holes totaling 1,372m drilled, mainly on Target 1. These holes
were specifically planned to provide data for the project’s maiden
Mineral Resource Estimate and they included two 150m holes which allowed to test for the presence
of Rare Earth Elements (“REE”) mineralisation at depth. The work
done allowed the Company to confirm the geometry of the REE-bearing
body, with a strike length of at least 550m (open to the East and West), a width of up
to 150m and extending at depth to at
least 120m below the surface (open
downwards).
Out of the above-mentioned total, three holes were drilled on
Target 9. The results were inconclusive, despite some intercepts of
up to 4.515% Total Rare Earth Oxide (“TREO”), and for this reason
Target 9 was not included in the JORC Exploration Target estimate,
which was published in August 2022.
Target 9 remains a high potential target and detailed soil sampling
and ground geophysics were done during Q3 to support additional
drilling to be carried out in the future.
The JORC Exploration Target was completed on the basis of
actual drilling data from Targets 1 and 4, with grades being
in large part analysed on site using a pXRF under stringent QAQC
conditions. The estimate allowed the Company to confirm the
potential size and grade of this primary carbonatite deposit, which
compares favorably to peers in Africa, and to validate the resource drilling
plan. An additional 1,600m of
drilling are planned before the end of the year, both on Target 1
(with a focus on the deeper parts of the orebody and its extension
towards the East) and on Target 4.
A batch of 1,360 RC drilling samples (including QAQC samples)
was dispatched to Intertek Laboratories in South Africa for preparation. These will be
analysed for 52 chemical elements including all rare earth
elements.
Additionally, 20 representative ore samples from Target 1 and
Target 4 were sent to Intertek in Perth for XRD and QEMSCAN. The results will
provide more information on ore mineralogy and base data for
metallurgical testing scheduled for November.
While the focus of drilling operations is currently on Target 1
and Target 4, surface exploration work continues on the other
targets identified so far, with the objective of identifying new
blind targets which are likely to be present at Monte Muambe under
a limited layer of overburden. To this effect, detailed geological
mapping, soil sampling and ground geophysics continued on Target 9,
Target 3 and Target 10.
During the quarter, the Company also carried out a thorough
differential GPS survey (dGPS, or RTK), covering all existing
borehole collar locations (including legacy holes), as well as the
topography of Targets 1, 4 and 9. The level of accuracy of these
datasets is in accordance with industry standards and allows them
to be used in the preparation of the Mineral Resource Estimate.
The Company is on track to publish its maiden Mineral Resource
estimate in Q1 2023 and Scoping Study in Q2 2023 and, during the
quarter, the request for quotations for these key independent
studies was launched.
Christian Taylor-Wilkinson,
Chief Executive of Altona, commented, “Within only a year,
Altona has been able to rapidly and efficiently put itself, and the
Monte Muambe project, on the map of possible future REE producers
in Africa. While the feasibility
of a mining operation at Monte Muambe will ultimately rest on a
large number of key parameters, including metallurgy, the results
of the Exploration Target show a potential resource of a size and
grade that could sustain a viable mining operation, with a geometry
favorable to low strip ratio open pit mining. The project’s
characteristics compare favorably to Monte Muambe’s peer group in
Africa. Drawing on the mining
experience of our operations team, we continue to integrate mining
parameters in our exploration programme, right from the beginning,
to ensure the delivery of an actually mineable project.”
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
About Altona Rare Earths Plc
Altona 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 significant Light REE mining project in the northwest of
the country. Resource Drilling commenced in April 2022 and it will publish a maiden Resource
Estimate in Q1 2023, and a Scoping Study in Q2 2023. The Company is
in the process of investigating other REE opportunities in
Africa.