Altona Rare Earths plc said it would start Phase II drilling following positive exploration results at its Monte Muambe project in Tete Province, northwest Mozambique.
PHASE I
The company’s prospecting licence 7573L covers a 4km diameter circular carbonatite intrusion.
Phase I cost £580,000 with results from three drill holes and samples from multiple drill sites showing above average levels of rare earth elements (REEs) and identified two new mineralised areas.
Altona began the programme in October 2021, focusing on six target areas, and diamond drilled five holes for 590m and 38 reverse circulation holes (RC) for 2,541m.
The company said it had identified total rare earth oxide (TREO) in four of the six targets drilled, with two of the targets (holes MM021 and MM042) being new discoveries and open in several directions.
Soil sampling began in early February after cyclone Ana subsided.
Chief executive Christian Taylor-Wilkinson added that Monte Muambe could develop into a major REE resource.
PHASE II
Phase II will cost approximately £1.2 million and is due to start in April.
Altona’s priority is to test the lateral extension of holes MM021 and MM042, and to continue drilling Target 1 in a south-easterly direction.
Operations will last for up to 12 months and include additional soil sampling, ground geophysics and scout drilling (1,200 RC), resource drilling (6,800m RC), metallurgical testing and a scoping study.
These will all contribute to an initial resource estimate and a preliminary economic assessment.