Rainbow Rare Earths Limited Further Drilling Data from Kiyenzi (2389X)
18 Dicembre 2019 - 08:00AM
UK Regulatory
TIDMRBW
RNS Number : 2389X
Rainbow Rare Earths Limited
18 December 2019
18 December 2019
Rainbow Rare Earths Limited
("Rainbow" or the "Company")
(LSE: RBW)
Further Drilling Data from Kiyenzi
Rainbow Rare Earths Ltd, the Rare Earth Element ("REE") mining
company, is pleased to provide an update on its exploration and
mine development programme.
Highlights
- Test results from 6 additional drill holes now received - 8
out of the 30 holes drilled at Kiyenzi are now analysed, a total of
200m of drilling
- All drill holes confirm mineralisation from shallow depths - a
number of sections showing grades in excess of 3% TREO ("Total Rare
Earth Oxides")
- Intersections totalling 42.5m across 7 of the holes averaged
6.06% TREO
On 25 November 2019, the Company announced details of the first
two drill holes (GAK_DD_29 and 31) from the drilling campaign
undertaken in the second half of 2018 at Kiyenzi, within the Gakara
mining permit area.
A total of 30 diamond core drill holes were completed, and the
Company is currently in the process of analysing all of these
holes. Based on initial observation, these drill holes are believed
to contain greater widths of mineralisation than initial
expectations.
Results of a further 6 holes have now been received, meaning 8
out of the original 30 drill holes have now been fully analysed,
totalling 200m.
All holes analysed show mineralisation throughout. In addition,
a number of intersections have been shown to have higher grades as
per the table below:
Hole No. From To Length %TREO TOTAL %TREO
--------- ------ ------
m m m m
--------- ------ ------ ------- ------ ------ ------
13 2.61 5.99 3.38 1.45 5.41 7.04
------ ------ ------- ------ ------
23.05 25.08 2.03 16.36
------
19 0 2.50 2.50 6.66 2.50 6.66
------ ------
20 0.00 3.70 3.70 4.86 6.41 9.70
--------- ------ ------ ------- ------ ------ ------
10.74 13.45 2.71 16.31
--------- ------ ------ ------- ------ ------ ------
24 10.00 11.80 1.80 10.93 1.80 10.93
------ ------ ------- ------ ------ ------
27 33.7 34.6 0.9 9.91 0.9 9.91
------ ------ ------- ------ ------ ------
29 17.7 22.75 5.05 4.77 13.87 4.85
--------- ------ ------ ------- ------ ------ ------
29.5 38.32 8.82 4.89
--------- ------ ------ ------- ------ ------ ------
31 30.65 32.02 1.37 10.66 11.64 3.86
--------- ------ ------ ------- ------ ------ ------
34.83 39.45 4.62 3.01
--------- ------ ------ ------- ------ ------ ------
42.65 48.30 5.65 2.91
--------- ------ ------ ------- ------ ------ ------
These intersections total 42.5m out of the 200m analysed so far,
and average 6.06% TREO, all at relatively shallow depths (less than
50m).
All drill holes were inclined at 50 to 60 degrees with holes
orientated in 4 main and perpendicular directions which endeavoured
to map the mineralised bodies (veins and breccias) at depth, while
also attempting at intersecting such bodies perpendicularly to
interpreted orientations. The quoted mineralisation widths may be
considered an estimate of true thickness.
Commenting on the results, Rainbow CEO George Bennett said:
"These results continue to confirm our belief that the
mineralisation at Kiyenzi extends far beyond the localised narrow
high grade intersections first viewed, and support our hypothesis
that the Kiyenzi deposit should support a large portion of the
first phase of our expansion target, being the production of 10,000
tonnes per annum of concentrate for at least 10 years."
**ENDS**
For further information, please contact
+27 82 652 8526
Rainbow Rare Earths George Bennett +44 (0) 20 3910
Ltd Company Jim Wynn 4551
SP Angel Corporate Ewan Leggat +44 (0) 20 3470
Finance LLP Joint Broker Charlie Bouverat 0470
-------------- ------------------- -----------------
Andy Thacker +44 (0) 20 3657
Turner Pope Investments Joint Broker Zoe Alexander 0050
-------------- ------------------- -----------------
Notes to Editors:
Rainbow's focus is the Gakara Project in Burundi, one of the
highest-grade (47%-67% Total Rare Earth Oxide) rare earths projects
globally and the only African producer.
The Company began production of rare earth concentrates in Q4
2017 and has a ten-year distribution and offtake agreement with
multinational ThyssenKrupp Materials Trading secured for the sale
of at least 5,000tpa of concentrate produced.
The Gakara basket is weighted heavily towards the magnet rare
earths, including neodymium and praseodymium, which are driving
demand and account for 70% of annual global REE sales due to their
use in vital components in motors, generators, wind turbines, and
electric vehicles.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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