(Alliance News) - Altona Rare Earths PLC on Wednesday said it is planning additional work on one of its targets at Monte Muambe, after confirming high-grade ore at the site.
Altona is a mining exploration company focused on the evaluation, acquisition and development of projects in Africa.
Monte Muambe is Altona's rare earths mining project in Mozambique.
So far, the company has drilled ten reverse circulation holes for a total of 790 metres.
At target 3, hole MM110 intersected 2.7% total rare earth oxides from surface to 30 metres, open at depth. Altona said this means the target could potentially be added to Monte Muambe's resource base in the next phase of reporting.
Meanwhile, drilling at Target 4 showed 76 metres at 3.4% total rare earth oxides, which Altona said was a record in terms of length and grade.
"The record high-grade intercept drilled at Target 4, as well as the confirmed presence of high-grade ore at Target 3 are both highly positive discoveries, which show that Monte Muambe still has a lot of resource building potential in store," said Chief Executive Officer Cedric Simonet.
"While we continue to focus on our immediate deliverables, namely the [mineral resource estimate] and the scoping study, additional exploration work is now being planned for Target 3. We are also planning new exploration work on other, as yet-unexplored targets which were identified from the soil sampling survey we conducted last year."
Altona Rare Earths shares were trading flat at 4.75 pence each in London on Wednesday morning.
By Holly Beveridge, Alliance News reporter
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