- Pensana Rare Earths (PM8) has revealed an upgraded Mineral Resource Estimate for the Longonjo project in Angola
- It is now estimated that there are 4,470,000 tonnes of contained rare earth oxides (REO) including 990,000 tonnes of neodymium-praseodymium
- This equates to a 35 per cent increase in the overall contained neodymium-praseodymium
- The proportion of the MRE classified as Measured or Indicated has also increased from 31 per cent to 68 per cent
- The updated MRE is expected to contribute to an extended Life of Mine in the Bankable Feasibility Study for Longonjo
- Shares have been trading 1.8 per cent higher at 84.5 cents
Pensana Rare Earths (PM8) has revealed an upgraded Mineral Resource Estimate for the Longonjo project in Angola.
The updated MRE sits at 313 million tonnes at 1.43 per cent rare earth oxides (REO) including 0.32 per cent neodymium-praseodymium for 4,470,000 tonnes of REO including 990,000 tonnes of neodymium-praseodymium.
This equates to a 35 per cent increase in the overall contained neodymium-praseodymium.
The proportion of the MRE classified as Measured or Indicated has also increased from 31 per cent to 68 per cent.
Executive Director Dave Hammond said the MRE builds significantly on the previous MRE used in the Pre-Feasibility Study for the project.
“This is a substantial upgrade which will underpin the Bankable Feasibility Studies. We now have 2.3 times the amount of mineralisation in the Measured and Indicated category, which we expect will lead to a significantly extended mine life beyond the nine years defined in last year’s Preliminary Feasibility Study," he said.
"We have only just begun to explore the fresh rock mineralisation which lies immediately beneath the weathered zone. We’ve tested it to eighty metres depth so far with several holes ending in mineralisation.
"Metallurgical testwork is underway on this material to confirm the optimum process route to treat this second style of mineralisation, which if successful, could add significantly to the scale of the project," he said.
Further drilling is also planned for this area of fresh rock mineralisation which will be a focus of future resource estimation activities.
Shares have been trading 1.8 per cent higher at 84.5 cents at 1:45 pm AEST.