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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Altona | LSE:ANR | London | Ordinary Share | GB00BFZNKV91 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
4 May 2022
ALTONA RARE EARTHS PLC
(“Altona” or “the Company”)
MONTE MUAMBE – PHASE 1 ASSAY RESULTS
SIGNIFICANT NdPr POTENTIAL
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 report the final Phase 1 assay results from Monte Muambe, its Light REE project in Mozambique.
SUMMARY
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). The Company had 705 Diamond Drilling (”DD”) samples and 974 Reverse Circulation (“RC”) samples (including QAQC samples) assayed by Intertek in South Africa and Australia.
Significant Phase 1 intercepts are summarised below:
Hole ID | From | Length | TREO% | NdPrOx% | |
MM001 | 0 | 120.60 | 1.920 | 0.248 | |
Including | 17.54 | 12.15 | 2.759 | 0.317 | |
Including | 36.71 | 11.99 | 2.562 | 0.317 | |
Including | 61.71 | 27.53 | 2.731 | 0.318 | |
Including | 98.09 | 11.88 | 2.060 | 0.290 | |
MM039 | 29.78 | 52.16 | 2.109 | 0.344 | |
Including | 36.43 | 2.11 | 3.586 | 0.668 | |
Including | 48.38 | 7.28 | 2.387 | 0.408 | |
Including | 70.85 | 10.04 | 4.044 | 0.594 | |
MM039 | 96.5 | 2.54 | 1.937 | 0.274 | |
MM040 | 38.92 | 1.52 | 3.237 | 0.753 | |
MM040 | 57.4 | 26.3 | 2.409 | 0.378 | |
Including | 61.54 | 2.3 | 2.792 | 0.463 | |
Including | 64.17 | 2.88 | 3.869 | 0.545 | |
Including | 67.75 | 1.47 | 3.142 | 0.519 | |
Including | 72.69 | 1.53 | 4.091 | 0.535 | |
MM040 | 89.88 | 0.72 | 3.843 | 0.639 | |
MM040 | 106.75 | 15.25 | 3.245 | 0.441 |
Table 1 – Significant Intercepts – RC holes
Hole ID | From | Length | TREO% | NdPrOx% | |
MM002 | 51 | 12 | 0.954 | 0.134 | |
MM003 | 19 | 12 | 1.993 | 0.300 | |
MM005 | 27 | 30 | 1.444 | 0.352 | |
MM006 | 24 | 15 | 1.261 | 0.331 | |
MM021 | 28 | 68 | 1.646 | 0.251 | |
MM036 | 3 | 18 | 1.205 | 0.263 | |
MM037 | 61 | 9 | 1.714 | 0.418 | |
MM042 | 0 | 16 | 1.507 | 0.369 | |
MM042 | 37 | 15 | 3.306 | 0.462 | |
MM043 | 0 | 32 | 1.895 | 0.323 | |
Including | 14 | 15 | 2.578 | 0.414 | |
MM044 | 0 | 9 | 2.469 | 0.340 | |
MM047 | 28 | 30 | 1.665 | 0.281 |
Table 2 – Significant Intercepts – DD holes
Note:
TREO% = sum of all rare earth oxide assay results including Yttrium
NdPrOx% = sum of Pr6O11 and Nd2O3 assay results
For more information, the JORC Table 1 report can be downloaded / viewed on the following link: https://wp-altona-2021.s3.eu-west-2.amazonaws.com/media/2022/05/JORC-Table-1-Altona-Rare-Earths-Monte-Muambe-Phase-1.pdf
Phase 2 Programme
Phase 2 groundwork commenced in March 2022 and included additional soil sampling and ground geophysics to identify potential new targets. Drilling equipment is being mobilised at the start of May to perform scout drilling (1,200m RC) and resource drilling (6,800 RC), with a phase of metallurgical testing at the end of 2022; all of which will be used to produce a maiden Mineral Resource Estimate and a Preliminary Economic Assessment.
The current priority is 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, “Our goal is to fill a significant gap in the global REE supply chain as demand for NdPr and the other critical metals continues to rise. This early success at Monte Muambe, together with our developing African infrastructure, increases Altona’s opportunity to become a serious partner to any of the major manufacturers which rely upon a sustainable supply of critical rare earth metals.”
-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.
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.
Copyright ay 3 PR Newswire
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