Altona Rare Earths plc has estimated an exploration target of up to 56.6 million tonnes at up to 1.65% total rare earth oxide (TREO) at its rare earth element (REE) Monte Muambe project in Tete Province, northwest Mozambique.
MRE AND PEA
Altona said its estimate included 11.5 million tonnes at 2.41% TREO, corresponding to a “well defined high-grade zone”.
The estimate, in compliance with JORC 2012, is based on the company’s continuing exploration work.
Altona is on course to publish its first JORC mineral resource estimate (MRE) in Q1 2023.
The preliminary economic assessment is due by Q2 2023.
TARGET ESTIMATE
The company added that the exploration target estimate relates to Monte Muambe’s Targets 1 and 4 and uses data from drilling over a five-month programme up to 5 July 2022.
“Robust datasets” came from soil sampling from February-June 2022; drilling in 2021 and April-June 2022.
Altona also added results from legacy drilling (2010 to 2012).
The company used calculations based on data from 113 boreholes for modelling and estimation of Target 1 and; from 25 boreholes for modelling and estimating Target 4.
TARGET 1
Target 1, the orebody length now reached 480m and is expected to exceed the 700m length of the surface-based soil anomaly, with which it showed an “excellent correlation”.
Best Target 1 intercepts include:
– 36m @ 3.182% TREO from 17m (Hole MM074)
– 30m @ 3.031% TREO from surface (Hole MM053)
– 57m @ 2.170% TREO from 29m (Hole MM079)
DRILLING
Altona continues exploration activities for the 2023 MRE, including additional drilling, assaying all relevant samples at a certified laboratory, and topographical data collection.
Since 12 June 2022 , Altona has drilled nine additional holes for 868m on Targets 1 and new Target 9, including two 150m long holes.
REE mineralisation is now documented from surface to 120m below surface.
POTENTIAL
“By completing this key milestone, it has become apparent that Monte Muambe is shaping up to be a significant rare earths project, with the estimated potential size and grade surpassing the results of some of our much larger LSE and ASX listed peers,” added chief executive Christian Taylor-Wilkinson.
“These results have given the board the confidence to fully commit Altona to completing the necessary phases of exploration to take the project to feasibility as soon as possible.”