Pensana Rare Earths: Final drill results include further high-grade intersections in fresh rock below pit design

Pensana Rare Earths Plc (LSE: PRE, ASX: PM8) is pleased to report the final assay results from the last 86 holes of the 8,000 metre drill programme completed 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.

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.

- Initial Mine Plan: Latest and final results continue to confirm the continuity of high grade rare earth mineralisation from surface in the weathered zone. The Company expects to upgrade substantial amounts of Inferred mineralisation to higher categories, supporting an extended mine life.

- Fresh rock mineralisation - 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.

- New Mineral Resource estimate: Work has commenced on an updated Mineral Resource estimate to be reported in September 2020.

Intersection highlights from the new drill results include:

Weathered Zone:

Drill hole Intersection*

LRC295: 18 metres at 7.93% REO including 1.50% NdPr from surface

LRC298: 22 metres at 6.69% REO including 1.30% NdPr from surface

LRC310: 22 metres at 5.61% REO including 1.11% NdPr from surface

LRC344: 14 metres at 5.37% REO including 1.01% NdPr from surface

*NdPr = neodymium – praseodymium oxide. REO = total rare earth oxides. Intersections reported at a +0.4% NdPr lower grade cut off. See Table 1 for details of all new results, including wider intersections at a +0.2% NdPr cut

Fresh Rock:

Drill hole Intersection

LRC274: 18 metres at 4.40% REO including 0.86% NdPr from 44 metres and

10 metres at 3.90% REO including 0.76% NdPr from 66 metres

LRC293: 24 metres at 3.64% REO including 0.60% NdPr from 28 metres and

8 metres at 4.45% REO including 0.79% NdPr from 58 metres

LRC289: 14 metres at 3.23% REO including 0.64% NdPr from 18 metres and

20 metres at 3.46% REO including 0.68% NdPr from 60 metres to end of hole

Executive Director & COO Dave Hammond commented:

“These final results have further highlighted the world-class opportunity at the Longonjo Project. 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.”

Authorised by the Board of Pensana Rare Earths Plc

For further information:

Pensana Rare Earths Plc

Website:

Paul Atherley Chairman / Tim George, CEO

www.pensana.co.uk

[email protected]

Buchanan (UK Financial PR)

Bobby Morse/ Augustine Chipungu /James Husband

+44 (0) 207 466 5000

[email protected]

Link to the original release: https://www.asx.com.au/asxpdf/20200804/pdf/44l56cvfpv97b0.pdf