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
- Phase 1 assay results show significant REE levels across
multiple target areas
- NdPr levels identified in significant levels
- Individual intercepts with up to 7.24% TREO and up to 1.21%
NdPrOx;
- Out of the 6 targets drilled, 4 have significant REE
mineralisation and warrant follow-up, 2 being new discoveries
- NdPr are the key metals used in the manufacture of permanent
magnets for the drivetrains for Electric Vehicles and Wind
Turbines
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.