7 December
2022
ALTONA RARE EARTHS
PLC
(“Altona” or “the Company”)
COMPLETION OF 2022
DRILLING PROGRAMME
AT MONTE MUAMBE
PROJECT
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 it has successfully completed its 2022
Drilling Programme at its Mozambique Monte Muambe Project, on time
and within budget.
The objective of this second phase drilling programme was to
provide sufficient data to enable the Company to deliver the
project’s maiden Mineral Resource Estimate (Q1 2023) and Scoping
Study (Q2 2023).
The 2022 programme consisted of 36 Reverse Circulation (“RC”)
holes for a total meterage of 3,360m,
similar to 2021.
Following on from the Company’s Quarterly Update on 25 October 2022, the Operations Team has
completed further drilling work on Target 1 in the northeast of the
tenement. Seven new RC holes for a total meterage of 811m were drilled in order to explore the deeper
parts of the target. This has provided a better view of the
orebody’s dip angle, which appears to be gently dipping towards the
northeast, thus limiting the amount of overburden once production
commences.
As per the Company’s standard operating procedures, all RC
cuttings were assayed on site using a pXRF* analyzer, ahead of
being sent to an independent laboratory.
The results of this final stage of drilling has shown new high
levels of REE across all holes where the drilling has intercepted
thick, high-grade mineralisation, including:
- Hole MM096: 60m at 2.66% TREO*,
from 68m depth
- Hole MM098: new near-surface ore shoots - 22m at 3.32% TREO, including 10m at 5.48% TREO from 12m depth
In October, Altona’s geologist team in Mozambique sent representative metallurgical
samples to Intertek’s lab in Australia, which are now being processed.
Final samples have been shipped in early December to allow the
Company to meet its publishing target in Q1 2023 of the JORC*
Mineral Resource Estimate.
Christian Taylor-Wilkinson,
Chief Executive of Altona, commented, “For the second year in a
row we have delivered the drilling programme on time and within
budget. From the commencement of operations at Monte Muambe in
2021, we have been driving towards the publication of this maiden
Resource Estimate, which will provide investors with the first
independent evaluation of the project.
“Even at this early stage we believe the assay will show that
Monte Muambe is a significant, high-grade, viable rare earths
project that is suitable for open-pit mining.
“Rare earths are high on the global critical metals list and
needed across many key industries. The President of the European
Commission, Ursula von der Layen, has recently announced the launch
of a European Critical Raw Materials Act and has stated that ‘rare
earths will soon be more important that oil and gas’. This Act will
be to protect the EU’s interests against China’s dominance in this
sector and allow the EU to become self-sufficient in rare
earths.
“It is Altona’s strategy to become part of this crucial supply
chain.”
NOTES
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:.In this RNS, TREO% is calculated as the sum of Nd, La, Ce and
Y oxides and is mostly derived from portable XRF assay results.
4: 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 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 )
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. Monte Muambe is an ancient sub-volcanic carbonatite
intrusion with a 4km diameter, held under Prospecting Licence 7573L
by Monte Muambe Mining Lda. The Company is 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.