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Pensana Metals first assay batch shows mine life extension

The date of: 2020-01-14
viewed: 1

source:Proactive Investors

Pensana Metals Ltd (ASX:PM8) has received the first assay results from the ongoing infill and extension drilling program at the Longonjo NdPr Project in Angola.

Highlights from this first batch of assays include:

16 metres at 4.19% rare earth oxides (REO) including 0.93% neodymium and praseodymium (NdPr) from surface;

18 metres at 5.69% REO including 1.06% NdPr from surface;

16 metres at 6.53% REO including 1.27% NdPr from surface to end of hole; and

13 metres at 6.19% REO including 1.01% NdPr from surface to end of hole.

Results from the first 16 holes have identified further high-grade rare earth mineralisation from surface over an area extending 250x450 metres to the west of the planned open pit.

Because these high-grade results are outside the open pit shells, this supports the notion that the project has potential to have its mine life extended and therefore increase project economics.

Results expected to translate to resource upgrade

Pensana’s executive director Dave Hammond said: “This is a great start to the DFS drilling programme and these initial results confirm the continuous and consistent nature of this weathered blanket style of mineralisation from surface.

“We expect to be able to upgrade significant amounts of currently Inferred Mineral Resource to the higher Indicated JORC category, thereby extending the current mine life with further studies.

More results expected as drilling continues

“We look forward to reporting many more results from this large drilling programme that will include the testing of some potentially high-grade targets, extensions to the known mineralisation and an area of high-grade fresh rock hosted mineralisation that could add a further dimension to the project.”

“Angola has made transformational changes since we both last worked there and this bodes well as we are looking to rapidly advance the Longonjo project from pre‐feasibility status into production and become the first major rare earth mine to be developed at a time when demand for magnet metals is taking off.“

To date, a total of 57 holes for 1,591 metres have been completed of the planned 7,000-metre DFS drilling program.

Samples from a further 41 drill holes have been sent to the lab for assay.

Drilling is expected to be completed during March leading to a revised JORC resource estimate in May 2020.

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