Pensana Metals Ltd (ASX: PM8) believes there is an opportunity to significantly grow its Longonjo NdPr (Neodymium and Praseodymium) Project in Angola on the back of new drilling results.
The company has received the assay results received from the first 16 holes of the 7000m infill and extension drilling programme at Longonjo and they havr identified further high grade weathered mineralisation from surface over an area extending 250m by 450 m immediately to the west of the current pit design.
Executive Director Dave Hammond said the results demonstrate the potential to extend the weathered zone mineralisation and the mine life in the recently reported Preliminary Feasibility Study.
Interestingly, several of the infill drill holes intersected higher NdPr grades than estimated by the current Mineral Resource estimate block model in this area.
“This is a great start to the DFS drilling programme and these initial results confirm the continuous and consistent nature of this weathered blanket style of mineralisation from surface,” Mr Hammond said.
“We expect to be able to upgrade significant amounts of currently Inferred Mineral Resource to the higher Indicated JORC category, thereby extending the current mine life with further studies.
“We look forward to reporting many more results from this large drilling programme that will include the testing of some potentially high-grade targets, extensions to the known mineralisation and an area of high grade fresh rock hosted mineralisation that could add a further dimension to the project.”
The current drilling programme is designed to convert more of the Longonjo weathered zone Inferred Mineral Resource estimate into Measured and Indicated Mineral Resource and then into Proved and Probable Ore Reserves on completion of further technical studies for financing purposes. An updated Mineral Resource estimate is expected in May 2020.
Mr Hammond said the programme is expected to lead to an increase of the current mine life of nine years as indicated by the November 2019 Preliminary Feasibility Study.
Drilling will also test several high grade targets, which have the potential to provide sources of high grade NdPr material and also drill into the fresh material immediately underlying the shallow weathered zone in the current mine plan.
Samples from a further 41 drill holes have been despatched for analysis and drilling operations have recommenced on site after the Christmas and New Year holiday period.
Mr Hammond said the company plans to mobilise a second drill rig this month is expected to be completed in March to support a revised Mineral Resource estimate by May 2020.
