10
February 2025
ALTONA RARE EARTHS
PLC
("Altona"
or "the Company")
MONTE MUAMBE FLUORSPAR
RESULTS
Altona (LSE: REE), a resource
exploration and development company focused on critical raw
materials in Africa, is pleased to announce very
encouraging assay results from fluorspar ore samples collected at
the Monte Muambe Fluorite Zone, with an average of 88.03%
CaF2.
Highlights
·
Representative crushed ore
samples CaF2 grade average 88.03%, exceeding
management's expectations
·
CaF2 grade exceeds the
typical range for metallurgical grade fluorspar (60 to
85%)
· Altona
is progressing metallurgical studies to confirm process parameters,
driving the short-term fluorspar production scoping study
forward
CaF2 assay results
In late October 2024, Altona
collected and crushed a 300kg representative fluorspar ore sample
from the Fluorite Zone, a high-grade fluorspar deposit located
along the Western margin of the Monte Muambe rare earths bearing
carbonatite, within Mining Licence 11854. Fluorspar is the
commercial term used for the mineral fluorite, whose chemical
formula is CaF2.
The samples received minimal
processing (removal of approximately 5% by weight by manually
discarding visibly low-grade material) before being submitted to
Intertek, an experienced laboratory which routinely assays
commercial fluorspar exports from South Africa.
The CaF2 grade of
separate assays on 3 sub-samples averaged 88.03%.
The assays also indicated the
presence of, on average: 6.16% Fe2O3, 0.97%
SiO2, 0.49% Al2O3, 1.08%
P2O5, 1.62% SrO, and less than 0.36%
CaCO3.
These results support the Company's
optimism in the potential to produce a metallurgical grade or
possibly even an acid grade fluorspar product from this ore. The
Company continues to discuss potential off taking terms with
various trading houses who have been encouraged by these
results.
Scoping study progress
In the light of these results,
Altona is proceeding with metallurgical testing with Peacocke
Simpson laboratories in Zimbabwe to assess processing options
available to produce a commercial fluorspar product.
The Company has also started
discussions with processing equipment supplier Appropriate
Processing Technologies, based in South Africa, which specialises
in constructing small and medium size gravity separation and
flotation plants, designed to be modular and easy to mobilize. This
approach supports Altona's desire to achieve fluorspar production
from Monte Muambe in the most efficient, quickest and
cost-effective manner possible.
Cedric Simonet, CEO of Altona, commented:
"I am very
pleased with these assay results which, as far as CaF2
grade is concerned, exceed our expectations. With the fluorspar
production scoping study in progress, and the Mining Licence in
place, we are getting closer to our objective of producing 15,000
to 20,000 tons of fluorspar per year from Monte Muambe's Fluorite
Zone in the short term."
This announcement contains
information which, prior to its disclosure, was inside information
as stipulated under Regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310 (as amended).
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-ends-
Altona Rare Earths Plc
Cédric Simonet,
CEO
+44 (0) 7778 866 108
Louise Adrian, CFO
+44 (0) 7721 492
922
Strand Hanson (Financial
Adviser)
+44 (0) 20 7409 3494
Christopher Raggett
About Altona Rare Earths Plc
Altona is a resource exploration and
development company focused on critical raw materials in Africa.
The Company is listed on the Main Market of the London Stock
Exchange with the ticker "REE". The Company currently holds copper,
fluorspar and rare earths projects.
The Monte Muambe rare earths and
fluorspar projects is located in Northwest Mozambique. The Project
was acquired in June 2021, and the Company has so far drilled over
7,800m, and defined a maiden JORC Mineral Resource Estimate of 13.6
million tons at 2.42% TREO. A Competent Person Report including the
Scoping Study for Monte Muambe was published on 18 October 2023.
The Project is now at Prefeasibility Study stage, with a focus on
metallurgical testing for rare earths extraction.
The Company is also assessing the
possibility of rapidly putting in production high-grade fluorspar
veins occurring at Monte Muambe along the western margin of the
rare earth bearing carbonatite intrusion.
Altona is presently diversifying its
portfolio by acquiring a limited number of critical raw material
projects to complement Monte Muambe. The acquisitions of the
Kabompo South copper project in Zambia and of the Sesana
copper-silver project in Botswana, located just 25 km from MMG's
Khoemacau Zone 5 copper-silver mine, represent the first steps
towards the implementation of this expanded strategy.