Intersections In Fresh Rock Below Pit Design
Pensana Rare Earths Plc (LSE: PRE, ASX: PM8) has reported further high-grade gold intersections in the final assay results from the last 86 holes of its 8,000 metre drill programme at the Longonjo NdPr Project in Angola.
The programme is in support of a Bankable Feasibility Study which is due to be reported in mid‐October.
Executive Director and COO, Dave Hammond, said the latest results confirm the continuity of the weathered zone mineralisation from surface and also outline a wide area of mineralisation in fresh rock immediately below the current pit design that could add an extra dimension to the project beyond the initial mine life.
The latest and final results continue to confirm the continuity of high grade rare earth mineralisation from surface in the weathered zone.
Mr Hammond said the company expects to upgrade substantial amounts of Inferred mineralisation to higher categories, supporting an extended mine life.
He said the discovery of fresh rock mineralisation is adding a whole new dimension to the project: Wide, continuous high‐grade intersections grading 2% to 4% REO have been returned from the fresh rock immediately below the weathered zone. The mineralisation remains open below the 80 metre drill depth and to the north and west.
The reported grades and potential size of the further mineralisation are very encouraging and whilst not currently included in the current Bankable Feasibility Studies work has commenced on including this mineralisation in the overall development of the project.
Pensana has commenced on an updated Mineral Resource estimate to be reported in September 2020.
“These final results have further highlighted the world‐class opportunity at the Longonjo Project,” Mr Hammond said.
“The drilling continues to prove the continuity of the weathered mineralisation, returning significant grades from surface outside of our current mine plan.
“We expect these infill drilling results will allow us to upgrade the existing resource categories and extend the mine life.
“Further drill testing of the fresh rock zone, which is not in the current mine plan, has also exceeded expectations.
“With many holes ending in mineralisation at eighty metres depth, identifying several open positions, the potential for a sizeable deposit of this second style of mineralisation is an exciting possibility.
“All assay results have now been received, and SRK Consulting has commenced the estimation process. We look forward to reporting a new Mineral Resource estimate in September.”