Altona Rare Earths (ANR ) says its Phase 2 exploration programme at its flagship project, Monte Muambe, in Tete, Mozambique, is progressing both within schedule and on track.
The mining exploration firm focused on the evaluating, acquiring and developing Rare Earth Elements (“REE”) mining projects, says it is on track to produce a maiden JORC Resource Statement by 1Q23 as well as a Preliminary Economic Assessment (“PEA”) by 2Q23.
Altona Rare Earths believes that Monte Muambe, which is held under Prospecting Licence 7573L, could potentially become one of the highest-grade Carbonatite REE projects in Africa.
To date, preliminary Phase 2 exploration results have shown continuing improvement, not only in terms of grades but also in terms of orebodies dimensions, it told investors today.
In particular, extensive soil sampling covering the entire intrusion has led to the discovery of four new drilling targets for REE and Niobium currently being investigated through drilling.
The length of Target 1 was extended from 100m to 700m and Phase 2 RC drilling results show thick intercepts with Total
Rare Earth Oxide (“TREO”) grades up to 7.85%. In addition, Target 4 shows an orebody thickness of at least 170 m with grades up to 6.37% TREO.
The Company officially commenced its Phase 2 exploration programme at the end of April 2022. The objective of the 1,200m drilling programme will be 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, Altona will start Resource Drilling (planned up to 6,200m) in August 2022, which will enable the production of a maiden Mineral Resource Estimate, a preliminary metallurgical study, a PEA and establish the asset’s monetary value.
Since February, the Company’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.
Shares in Altona Rare Earths were trading 3.63% higher during late morning trading at 9.65p.
Phase 2, RC drilling commenced in early May on Targets 1 and 4. The results returned today are part of the on-site pXRF assay and are classed as preliminary. All mineralised samples will be subsequently assayed at a certified laboratory, the Company explained to investors.
The company explained that it 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.
In addition, 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 says it is in the process of appointing an independent consultant to this effect.
As a result, Altona Rare Earths reiterated to investors that the business remains on track to complete its maiden Resource Estimate in Q1 2023 and the project’s PEA by Q2 2023.
Commenting on the results this morning, 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.”
She added; “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.”
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