12th Feb 2021 11:26
Rainbow Rare Earths Ltd - Burundi, East Africa-focussed rare earth element miner - Reports first batch of assay results of the auger drilling programme completed at the Phalaborwa rare earths project in South Africa. Says results confirmed average in situ grade of 0.50% total rare earths oxide and average in-situ combined grade of 0.15% neodymium and praseodymium oxide, representing 29.7% of the total rare earths oxide grade reported in the rare earths basket.
"These assay results go a long way to confirming the substantial tonnage and value of the Phalaborwa rare earths project in terms of both in-situ grade and the consistency of the high-value NdPr content in the rare earths basket," says Chief Executive George Bennett.
He adds: "These are very high grades for a low-cost project of this type, which is potentially homogenous in nature, with minimal geological uncertainty, no waste stripping requirements and where the gypsum, which is already in a 'cracked' chemical form, is ready to process. The results further underscore Phalaborwa's potential to drive Rainbow's strategy to become a globally-significant producer of rare earth metals."
Current stock price: 12.09 pence; up 8.9% on Friday
Year-to-date change: up 12%
By Lucy Heming;Â [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Rainbow Rare Earths