TIDMREE
RNS Number : 0367F
Altona Rare Earths PLC
05 July 2023
5 July 2023
ALTONA RARE EARTHS PLC
("Altona" or "the Company")
Monte Muambe Operational Update
Altona (LSE: REE), a resource exploration and development
company focused on Rare Earths in Africa, is pleased to provide an
operational update on its Mozambique rare earths project, Monte
Muambe, which includes initial Pre-Feasibility Study in-fill
drilling activities.
The Monte Muambe camp was re-opened on 3 July 2023 by the
operations team under the direction of Project Manager, Luis Veloso
Francisco. Drilling will resume on or around 15 July and will be
carried out by Spartan Drilling Services Limitada, which has been
engaged for the third consecutive season.
Drilling will initially focus on:
-- In-fill and down-dip drilling at Target 4, which is one of
the two orebodies being included in the maiden JORC Mineral
Resource Estimate ("MRE").
-- Exploration drilling at Target 3, which was discovered by
Altona in 2021, but has not yet been explored, and has the
potential to increase the project's resource base for high-grade
ore.
As referenced in the RNS of 22 June 2023, a number of laboratory
assay results from the 2022 drilling campaign have been returned to
the Company from Intertek's facility in Australia and are being
integrated into the database for the ongoing MRE work. The Board is
pleased to report that these results continue to be consistent with
the Company's own preliminary findings, which were analysed in-situ
by pXRF and used in the preparation of the JORC Exploration Target
published in the RNS of 8 August 2022.
The Exploration Target included high-grade zones totalling 6.5
million tons at 2.47% TREO to 11.5 million tons at 2.41% TREO.
After its publication, the remainder of the 2022 drilling campaign
was focused on on-strike and down-dip extensions of Target 1's
high-grade zone to build the database presently being used in the
preparation of the MRE.
Assay Results
The table below shows selected significant intercepts from the
assay results received to date and illustrates:
-- The correspondence between Altona's pXRF results and Intertek
Laboratory's results (the pXRF results are usually slightly
underestimated).
-- The range of Magnet Metal concentrations for these
intercepts, expressed as NdPrO for Neodymium and Praseodymium, as
Dy(2) O(3) ppm for Dysprosium, and as Tb(4) O(7) for Terbium.
Altona Intertek Laboratory
pXRF
Hole Target From Length TREO TREO NdPrO Dy(2) Tb(4)
ID Number Depth m % (1) % (2) % (3) O(3) ppm O(7)
m ppm
--------- -------- ------- ------- ------- ------- ---------- ------
Target
MM048 4 Surface 32 1.63 1.69 0.23 204 38
--------- -------- ------- ------- ------- ------- ---------- ------
Target
MM059 1 41m 43 3.45 3.52 0.45 74 16
--------- -------- ------- ------- ------- ------- ---------- ------
Target
MM060 1 Surface 38 2.17 2.47 0.40 97 19
--------- -------- ------- ------- ------- ------- ---------- ------
Target
MM062 1 54m 30 2.30 2.65 0.27 78 2
--------- -------- ------- ------- ------- ------- ---------- ------
Target
MM063 1 Surface 52 1.83 2.18 0.21 89 4
--------- -------- ------- ------- ------- ------- ---------- ------
Target
MM096 1 68m 32 2.85 2.78 0.36 67 13
--------- -------- ------- ------- ------- ------- ---------- ------
Target
MM096 1 110m 24 3.10 2.57 0.30 67 5
--------- -------- ------- ------- ------- ------- ---------- ------
Target
MM098 1 12m 108 1.95 2.24 0.33 84 16
--------- -------- ------- ------- ------- ------- ---------- ------
Target
MM099 1 59m 30 2.51 2.60 0.30 60 12
--------- -------- ------- ------- ------- ------- ---------- ------
Target
MM101 1 108m 40 1.57 1.70 0.20 65 12
--------- -------- ------- ------- ------- ------- ---------- ------
(1) Sum of La, Ce, Nd, Pr and Y from Altona's pXRF assays, in
oxide percent.
(2) Sum of all rare earth elements including Yttrium from
Intertek laboratory results, expressed in oxide percent.
(3) Sum of Nd(2) O(3) and Pr(6) O(11) from Intertek laboratory
results, in percent.
The Company continues to work towards the publication of its MRE
and Scoping Study, with metallurgical and mineralogical testing
also ongoing. The Company has engaged the services of GeoAmbiante
Limitada, a Mozambican environmental consultant, to cover the
environmental and social aspects of the Scoping Study.
Cedric Simonet, CEO of Altona, commented , "We have a very busy
second half of 2023 ahead of us, with a number of objectives to
achieve; the MRE and Scoping Study being our immediate focus.
Considerable attention will be given to the metallurgy of Monte
Muambe, a key parameter for carbonatite hosted REE projects.
"The 2023 drilling campaign will specifically aim at expanding
the high-grade orebodies in order to increase the resource base.
Altona's strategy is to focus its exploration on high-grade ore to
fast-track the project towards production and help meet the
ever-increasing gap between magnet metals supply and demand."
For more information on Altona and its current mining projects
please visit: www.altonaRE.com
Altona Rare Earths Plc
Cedric Simonet, CEO +44 (0) 7778 866 108
Christian Taylor-Wilkinson, Business Development +44 (0) 7795
168 157
Novum Securities Ltd
David Coffman +44 (0) 20 7399 9400
Daniel Harris
George Duxberry
Optiva Securities (Broker) +44 (0) 20 3411 1882
Daniel Ingram
Yellow Jersey PR (Financial PR) +44 (0) 20 3004 9512
Sarah Hollins
Annabelle Wills
Jazmine Clemens
About Altona Rare Earths Plc
Altona is a resource exploration and development company focused
on Rare Earths in Africa. The Company is listed on the Main Market
of the London Stock Exchange.
Rare Earths are a group of 17 chemical elements, many of which
are critical to the W orld's on-going transition from carbon-based
to renewable energies, and to the defence and communication
sectors.
The Company currently focuses on the development of Monte
Muambe, its flagship Magnet Rare Earths Project, located in
Northwest Mozambique. The project was acquired in June 2021, and
the Company has so far drilled over 7,000m, to support its maiden
JORC Mineral Resource Statement which will be published in the
Third Quarter of 2023.
Altona continues to take advantage of its position in Africa to
assess other possible Rare Earths opportunities on the
Continent.
For more information visit: www.altonaRE.com
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