(Alliance News) - Altona Rare Earths PLC on Wednesday said its Monte Muambe rare earths project in Mozambique reopened on Monday, with drilling to resume on or around Saturday next week.

The Monte Muambe-focused firm said drilling will initially focus on in-fill and down-dip drilling at target 4, which is one of the two orebodies being included in the maiden JORC mineral resource estimate, as well as exploration drilling at target 3.

Target 3 was discovered by Altona in 2021, but has not yet been explored. It has the potential to increase the project's resource base for high-grade ore.

Drilling will be carried out by Spartan Drilling Services Ltda, Altona said, which has been engaged for the third consecutive season.

Altona also noted findings from a number of laboratory assay results from the 2022 drilling campaign - which it said in late June were returned to the company from Intertek Group PLC's facility in Australia and are being integrated into the database for the ongoing MRE work - are consistent with its own preliminary findings.

"We have a very busy second half of 2023 ahead of us, with a number of objectives to achieve; the MRE and scoping study being our immediate focus. Considerable attention will be given to the metallurgy of Monte Muambe, a key parameter for carbonatite hosted rare earth elements projects," said Chief Executive Officer Cedric Simonet.

"The 2023 drilling campaign will specifically aim at expanding the high-grade orebodies in order to increase the resource base. Altona's strategy is to focus its exploration on high-grade ore to fast-track the project towards production and help meet the ever-increasing gap between magnet metals supply and demand."

Shares in Altona were down 0.1% to 5.00 pence each in London on Wednesday late morning.

By Greg Rosenvinge, Alliance News reporter

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