Correction: Pensana Rare Earths: Further High Grade Drill Results at Surface and Very Encouraging Results from Fresh Rock Below Initial Mine Plan

ID: 1559401
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(businesspress24) - 13 July 2020 - 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 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 BFS.

- 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 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

Link to the original release: https://www.asx.com.au/asxpdf/20200713/pdf/44kh7zv3y3j8vv.pdf



More information:
http:// https://www.realwire.com/releases/InfinityQS-signs-partnership-with-InControl-Systems-Limited https://ownkind.com.au/



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Date: 07/13/2020 - 03:48
Language: English
News-ID 1559401
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