Altona Rare Earths plc said its now completed 2022 drilling programme showed further high grade rare earth element (REE) mineralisation at Monte Muambe in Tete Province, northwest Mozambique.
MRE
The 2022 programme comprised 36 reverse circulation (RC) holes for 3,360m, similar to 2021.
Data will contribute to the company’s inaugural mineral resource estimate (MRE) expected during Q1 2023 and scoping study due in Q2 2023.
TARGET 1
Since October, Altona has completed further drilling work on Target 1 in the northeast of the tenement.
Seven new RC holes for 811m were drilled to explore the deeper parts of the target.
“This has provided a better view of the orebody’s dip angle, which appears to be gently dipping towards the northeast, thus limiting the amount of overburden once production commences,” said Altona in a statement.
RESULTS
The company added that results of the final stage of drilling showed new high levels of REE across all holes where drilling intercepted “thick, high-grade mineralisation”.
Results included hole MM096: 60m at 2.66% TREO, calculated in this instance as the sum of Nd, La, Ce and Y oxides, from 68m depth.
Hole MM098 on new near surface ore shoots – 22m at 3.32% TREO, including 10m at 5.48% TREO from 12m depth.
STRATEGY
“Even at this early stage we believe the assay will show that Monte Muambe is a significant, high-grade, viable rare earths project that is suitable for open-pit mining,” said chief executive Christian Taylor-Wilkinson.
“Rare earths are high on the global critical metals list and needed across many key industries.
He added that the European Union had stated that rare earths would soon become more important than oil and gas and that the bloc would become self-sufficient in rare earths following recent new laws.
“It is Altona’s strategy to become part of this crucial supply chain.”