Altona Rare Earths plc said it expected results by the end of March 2022 from its Phase I exploration drilling at the Monte Muambe project in the Tete Province, northwest Mozambique.
PHASE I
The company completed 43 holes totaling 3,131m across six targets within the licence area in late November.
Following preparation, the reverse circulation chips and core samples are undergoing assay with Intertek’s laboratory in Australia before the results are announced.
In its statement to investors, Altona said it expected to start Phase II at Monte Muambe following the end of the rainy season in April 2022.
PHASE II
The work plan and budget for Phase II comprises a 100-hole drill programme for 8,000m focused on the best of the targets based on the assay results.
The company has explored less than 20% of Monte Muambe and will continue to identify additional targets on the remaining areas.
STRATEGY
Altona added that its 2022 programme would develop its Mozambique and Malawi assets in a “phased, risk-mitigated and capital efficient approach” to the bankable feasibility study (BFS) stage.
“Depending on the specific economics of each asset, the longer-term plan is to ascribe value to the assets through production or through other options.
“This hybrid strategy ensures that the company will extract maximum value for its shareholders from each asset, whilst retaining the flexibility to redeploy profits from one asset into new, more lucrative opportunities which arise.”
The company is currently reviewing its next rare earth elements acquisition, which it hopes to complete in the first half of 2022.
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