7th Dec 2022 12:17
(Alliance News) - Altona Rare Earths PLC on Wednesday announced it had completed its drilling programme at its Mozambique Monte Muambe Project.
The London-based exploration company focused on east and central Africa said the 2022 drilling programme had been completed on time and in budget, and would provide the company with data to allow it to deliver its maiden mineral resource estimate in the first quarter of 2023 and scoping study in the second quarter.
Altona said that 36 reverse circulation holes had been drilled in the programme, with a combined length of 3,360 metres. All RC cuttings were assayed on site using a portable X-ray fluorescence analyser, instead of being sent to an independent laboratory, the company said.
Seven new holes have been drilled since Altona's announcement in October, with a total of 811 metres of further drilling work carried out on target 1 to explore deeper, and allowing the company to gain a better view of the orebody's dip angle.
Final stage drilling results showed high levels of rare earth elements, across all holes that intercepted thick, high-grade mineralisation, the company said. These results included total rare earth oxides at 2.7% for 60 metres, as well as 22 metres at 3.3% and 10 metres at 5.5%.
Chief Executive Officer Christian Taylor-Wilkinson said: “For the second year in a row we have delivered the drilling programme on time and within budget. From the commencement of operations at Monte Muambe in 2021, we have been driving towards the publication of this maiden Resource Estimate, which will provide investors with the first independent evaluation of the project."
Altona shares were unchanged at 7.25 pence per share at midday on Monday in London.
By Harvey Dorset, Alliance News reporter
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