Pensana Rare Earths: Further high grade drill results at surface and very encouraging results from fresh rock below

ID: 1559395
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(businesspress24) - Pensana Rare Earths Plc (LSE: PRE, ASX: PM8) is pleased to report results from a further 34 holes of the 8,000 metre drill programme completed at the Longonjo NdPr Project in Angola.

The programme is in support of the Bankable Feasibility Study work programmes for which the Company is targeting an initial 15 to 20 year mine life based on the weathered zone mineralisation at Longonjo. New results confirm particularly high-grade intersections from surface in the area of proposed first mining.

- Initial mine plan: Infill drilling has confirmed +6% rare earth oxide (REO) in the surface weathered zone mineralisation. This area of mineralisation remains open to the north and east. The Company expects to upgrade the mineral resource to Measured in this area for inclusion in the initial 15 to 20 year mine plan.

- Fresh rock mineralisation: the first systematic drill testing of the potential immediately below the weathered zone mineralisation has returned wide intersections of 2.5% to 3% REO. These grades are very encouraging and add a second dimension to the Longonjo Project beyond the initial 15-20 year mine life. The mineralisation remains opens below the 80 metre drill depth.

- Southern margin: drilling has identified zones of high grade weathered zone mineralisation from surface that is expected to increase average grades in this area of the proposed open pit.

- Updated Mineral Resource estimate: An updated Mineral Resource estimate will be reported in the current quarter once all remaining assay results have been received.

Intersection highlights from the new drill results include:

Drill hole-Intersection
LRC254:-12 metres at 5.74% REO including 1.14% NdPr from surface and
20 metres at 5.76% REO including 1.09% NdPr from 16 metres
LRC263:-10 metres at 5.60% REO including 1.10% NdPr from surface
LRC265:-16 metres at 6.03% REO including 1.25% NdPr from surface
LRC267:-16 metres at 6.08% REO including 1.16% NdPr from surface


LRC276:-18 metres at 6.25% REO including 1.18% NdPr from surface
*NdPr = neodymium - praseodymium oxide. REO = total rare earth oxides. Intersections reported at a +0.4% NdPr lower grade cut off. See Table 1 for details of all new results, including wider intersections at a +0.2% NdPr cut

Executive Director & COO Dave Hammond commented:

These latest intersections from surface prove the continuity of the high grade weathered mineralisation in the area that will be the focus of mining in the early years. We expect these infill drilling results will allow us to upgrade the current Indicated mineral resource to Measured.
The thick mineralised intersections returned from the fresh rock beneath the weathered zone, many of which remain open with depth, are very encouraging and support the potential to expand the project further on the successful completion of metallurgical testwork.
We look forward to reporting the results from the remaining 86 holes and 3,457 metres of drilling and the revised Mineral Resource estimate which is on track for completion before the end of September.

Authorised by the Board of Pensana Rare Earths Plc

For further information:
Pensana Rare Earths Plc
Website: www.pensana.co.uk
Paul Atherley Chairman / Tim George, contact(at)pensana.co.uk
CEO

Buchanan (UK Financial PR) +44 (0) 207 466 5000
Bobby Morse/ Augustine Chipungu /Jamepensana(at)buchanan.uk.c
s om
Husband

Technical Report
Additional assay results have been received from the ~8,000 metre infill and extension reverse circulation drilling programme completed in support of Bankable Feasibility Studies (BFS) for Longonjo. The Company completed the drilling with the aim to support an extended mine life of +15 years based on the near surface weathered zone mineralisation.

The programme was completed in March 2020 and transport of some samples was delayed due to Covid-19 restrictions but are now flowing freely and further results are expected shortly.

The new intersections are from 34 drill holes for 1,939 metres in the area of planned first mining (Figure 1) as identified by the Preliminary Feasibility Study (ASX Announcement 15 November 2019).

https://www.irw-press.at/prcom/images/messages/2020/52592/13 July_kurz_PRCOM.001.jpeg

Figure 1: Plan view of the location of new assay results (red) and completed new drill holes (green) with results outstanding (black) over the +0.2% NdPr November 2019 Mineral Resource estimate block model for the weathered mineralisation. The current extent of the Indicated category Mineral Resource estimate is highlighted. Results from a further 86 drill holes (black) are awaited.

The 50 metre x 50 metre hole spacing will provide detailed data to support an upgrade of the current Indicated to a Measured mineral resource.
The BFS drilling programme is also designed to extend the November 2019 PFS mine life through the conversion of the large areas of Inferred category Mineral Resource to Indicated through infill drilling. The majority of the Inferred mineralisation was excluded from the PFS mine plan.

A third objective of the drilling programme is to test the potential for substantial fresh rock hosted mineralisation immediately beneath the weathered zone by systematically extending drill holes to 80 metres depth in an initial 450 metre by 350 metre target area.

Infill and fresh rock drilling
Assay results from 50m x 50m spaced vertical drill holes in the northern part of the current Indicated mineral resource (Figure 1) returned some particularly high grades from surface within the weathered zone that is the basis of the current BFS.

https://www.irw-press.at/prcom/images/messages/2020/52592/13 July_kurz_PRCOM.002.jpeg

Figure 2: Location of new drilling results (red) in the northern area of initial proposed mining within the PFS open pit. Intersection highlights are shown over the +0.2% NdPr November 2019 Mineral Resource estimate block model (blue) for the weathered mineralisation (see Figure 1 for location).

Intersection highlights from the weathered zone included:

Drill hole-Intersection*
LRC263: -10 metres at 5.60% REO including 1.10% NdPr from surface
LRC265:-16 metres at 6.03% REO including 1.25% NdPr from surface
LRC267:-16 metres at 6.08% REO including 1.16% NdPr from surface
LRC272:-18 metres at 5.57% REO including 1.09% NdPr from surface
LRC276:-18 metres at 6.25% REO including 1.18% NdPr from surface
LRC283:-16 metres at 5.14% REO including 1.02% NdPr from surface
*NdPr = neodymium - praseodymium oxide. REO = total rare earth oxides. Intersections reported at a +0.4% NdPr lower grade cut off. Refer appendix- Table 1 for details of all new results, including wider intersections at a +0.2% NdPr cut

The new results demonstrate the continuity of high grade weathered zone rare earth mineralisation from surface in this important area proposed for initial mining. Note that mineralisation still remains open to the northeast from high grade intersections in LRC267 and LRC265 (Figure 3).

Some holes were extended through the weathered zone to 80 metres depth, providing the first systematic test of the fresh rock potential. Fresh rock mineralisation is excluded from the current BFS studies. The drilling identified thick zones of mineralisation hosted within unweathered carbonatite breccia including:

Drill hole-Intersection*
LRC265:-8 metres at 2.16% REO including 0.48% NdPr from 22 metres and
36 metres at 2.96% REO including 0.60% NdPr from 36 metres
LRC266:-26 metres at 2.83% REO including 0.61% NdPr from surface and
24 metres at 3.28% REO including 0.70% NdPr from 54 metres
LRC267:-32 metres at 2.49% REO including 0.51% NdPr from 48 metres to end of hole
LRC268:-30 metres at 4.23% REO including 0.86% NdPr from surface and
18 metres at 2.80% REO including 0.63% NdPr from 62 metres to end of hole
LRC270:-30 metres at 3.48% REO including 0.70% NdPr from surface and
24 metres at 2.88% REO including 0.58% NdPr from 32 metres
LRC272:-20 metres at 3.62% REO including 0.74% NdPr from 50 metres

* Intersections reported at a +0.4% NdPr lower grade cut off. Refer Appendix- Table 1 for details of all new results, including wider intersections at a +0.2% NdPr cut.

https://www.irw-press.at/prcom/images/messages/2020/52592/13 July_kurz_PRCOM.003.jpeg

Figure 3: Vertical east - west section 8,571,350mN looking north. New results prove the continuity of high grade weathered mineralisation from surface that remains open to the north and east. Consistent fresh rock mineralisation immediately beneath the weathered zone also remains open with depth over a 200 metre width with further results pending.

The thick zones of mineralisation intersected remain open with depth and to the north and east, suggesting the potential for significant amounts of this fresh rock mineralisation. Note that the fresh rock mineralisation starts from surface in adjacent holes LRC266, LRC268 and LRC270 (Figure 2). Metallurgical testwork is in progress to determine the economic potential of processing this second style of mineralisation at Longonjo.

https://www.irw-press.at/prcom/images/messages/2020/52592/13 July_kurz_PRCOM.004.jpeg

Figure 4: Vertical east - west section 8,571,050mN looking north. New high grade drill intersections in the weathered zone from surface. Fresh rock beneath is also mineralised and open with depth. Additional results are expected shortly.

Southern margin
Angled holes were completed along the southern margin of the Longonjo Carbonatite to test mineralisation in sub-vertical carbonatite dykes as well as the horizontal weathered zone. High grade intersections in both the weathered and fresh rock zones included:

Drill hole- Intersection*
LRC250: -18 metres at 3.32% REO including 0.77% NdPr from surface
LRC251:-12 metres at 3.51% REO including 0.85% NdPr from surface
LRC253:-14 metres at 3.70% REO including 0.80% NdPr from surface
LRC254:-12 metres at 5.74% REO including 1.14% NdPr from surface and
20 metres at 5.76% REO including 1.09% NdPr from 16 metres
LRC258:-26 metres at 4.40% REO including 0.96% NdPr from surface

* Intersections reported at a +0.4% NdPr lower grade cut off. Refer Appendix- Table 1 for details of all new results, including wider intersections at a +0.2% NdPr cut

https://www.irw-press.at/prcom/images/messages/2020/52592/13 July_kurz_PRCOM.005.jpeg

Figure 5: Location of new drilling results (red) along the southern margin of the Longonjo Carbonatite and outside the 9 year PFS open pit. Intersection highlights are shown over the +0.2% NdPr November 2019 Mineral Resource estimate block model (blue) for the weathered mineralisation (see Figure 1 for location). High grade intersections returned from the green drill holes reported in January and March 2020 also suggest the potential to extend the open pit into these areas.

The Company expects these new higher grade results over a 400 metre strike length to increase the overall grade of the mineral resource in this southern margin area.

https://www.irw-press.at/prcom/images/messages/2020/52592/13 July_kurz_PRCOM.006.jpeg


Figure 6: Vertical north - south section 534,000mE looking west. New high grade drill intersections define a deep zone of weathered NdPr rich rare earth mineralisation along the fenite contact. Mineralisation continues into the fresh rock immediately beneath the weathered zone within steeply dipping carbonatite dykes.

Assay results for samples from the remaining 86 drill holes for 3,457 metres of the programme are expected shortly and the Company looks forward to providing further updates as results are received.

A revised Mineral Resource estimate for Longonjo to incorporate the new drilling data will be completed once final assays are received.

Competent Persons Statement
The information in this report that relates to Geology, Data Quality and Exploration results is based on information compiled and/or reviewed by David Hammond, who is a Member of The Australasian Institute of Mining and Metallurgy. David Hammond is the Chief Operating Officer and a Director of the Company. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity which he is undertaking to qualify as a Competent Person in terms of the 2012 Edition of the Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves. David Hammond consents to the inclusion in the report of the matters based on his information in the form and contest in which it appears.

The information in this statement that relates to the 2019 Mineral Resource estimates is based on work done by Rodney Brown of SRK Consulting (Australasia) Pty Ltd. Rodney Brown is a member of The Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012 edition).

The Company confirms that it is not aware of any new information or data that materially affects the information included in the above original market announcements. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcement.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014




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Date: 07/13/2020 - 01:22
Language: English
News-ID 1559395
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