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Pensana Rare Earths (ASX:PM8) receives high-grades from drilling at Longonjo, Angola

The date of: 2020-07-14
viewed: 3

source:The Market Herald

Pensana Rare Earths (PM8) has reported high-grades from an 8000-metre drill program completed at the Longonjo neodymium-praseodymium oxide (NdPr) Project in Angola.

The infill and reverse circulation (RC) drilling program will support the company's bankable feasibility study (BFS). Pensana is targeting an initial 15-to-20 year mine life based on the weathered zone mineralisation at Longonjo.

The program was completed in March however COVID-19 travel restrictions caused a delay in receiving samples and assay results. The latest results account for 34 drill holes for 1939 metres.

Pleasingly, these results confirm particularly high-grade intersections from surface in the area of proposed first mining.

Latest results include; 18 metres at 6.25 per cent total rare earth oxides (REO), including 1.18 per cent NdPr from surface, 16 metres at 6.03 per cent REO, including 1.25 per cent NdPr from surface, and 12 metres at 5.74 per cent REO, including 1.14 per cent NdPr from surface.

This mineralisation zone remains open to the north and the east.

Encouragingly, the latest results have identified zones of high-grade weathered mineralisation from the surface that is expected to increase average grades in the area where Pensana is proposing an open-pit mining operation.

'These latest intersections from surface prove the continuity of the high grade weathered mineralisation in the area that will be the focus of mining in the early years,' Executive Director and Chief Operating Officer Dave Hammond said.

'The thick mineralised intersections returned from the fresh rock beneath the weathered zone, many of which remain open with depth, are very encouraging and support the potential to expand the project further on the successful completion of metallurgical test work,' Dave added.

Pensana expects these new higher grade results over a 400-metre strike length will increase the overall grade of the mineral resource in the southern margin area.

Company shares are up 1.52 per cent and trading for 33.5 cents each at market close.

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