Longonjo Mineral Resource estimate upgraded
Pensana Rare Earths Plc (LSE: PRE, ASX: PM8) is pleased to announce a substantial upgrade to the Mineral Resource estimate for its Longonjo project.
International mining industry consultants SRK Consulting has reported an upgraded
Measured, Indicated and Inferred Mineral Resource estimate of:
313 million tonnes at 1.43% REO including 0.32% NdPr for 4,470,000 tonnes of
REO including 990,000 tonnes of NdPr
*NdPr = neodymium+praseodymium oxide. REO = total rare earth oxides. A 0.1% NdPr cut is applied. Tables 4 to 7 summarise the estimate at a range of cut off grades, material types, resource categories and individual rare earth oxide grades.
The upgraded estimate:
- contains more than 2.3 times the previous estimate of the Measured and Indicated resources used in the Preliminary Feasibility Study1 (announced ASX: 15 November 2019).
- has increased the proportion of the resources reported in the Measured andIndicated categories from 31% to 68%2;
- and has increased the overall contained NdPr by 35%2;
A number of previously announced drill holes in fresh rock mineralisation immediately below the weathered zone have reported continuous mineralisation to a depth of 80 metres, which remain open. Further drilling is planned in this area which will form the basis for future Mineral Resource estimation.
At a 0.2% NdPr lower grade cut, the Measured and Indicated Mineral Resource estimate for the Weathered Zone is:
39.9 million tonnes at 2.38% REO including 0.52% NdPr for 948,000 tonnes of REO
including 208,000 tonnes of NdPr
A 0.2% NdPr cut is applied. Weathered Zone Measured and Indicated categories only, and is contained within and is a subset of the Total Mineral Resource estimate.
The upgraded resource estimate is being incorporated into the technical studies currently underway and is expected to support an extended mine life on completion of additional work streams of the Bankable Feasibility Study (BFS).
Executive Director Dave Hammond commented:
“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.
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 scale of the project.”
Link to the entire news: https://www.asx.com.au/asxpdf/20200914/pdf/44mldjqdg49l2m.pdf
Authorised by the Board of Pensana Rare Earths Plc
For further information:
Pensana Rare Earths Plc
Website: www.pensana.co.uk
Paul Atherley Chairman / Tim George, CEO
Buchanan (UK Financial PR)
Bobby Morse/ Augustine Chipungu /James Husband
+44 (0) 207 466 5000
Pensana Rare Earths Plc
100 Pall Mall, St James, London, SW1Y 5NQ,
United Kingdom www.pensana.co.uk
*LSE: PRE; ASX: PM8, CN 12206525
1 Comparison of contained NdPr within the Weathered Zone Measured and Indicated categories at a 0.2% NdPr cut off, November 2019 and new Mineral Resource estimates.
2 Comparison of contained NdPr within the November 2019 and new Total Longonjo Mineral
Resource estimates at a 0.1% NdPr cut off (Measured+Indicated+Inferred categories).
