REG - Altona Rare Earths - Monte Muambe Fluorspar Results

Altona Rare EarthsAnnouncement

10/02/2025 07:00

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RNS Number : 4922W  Altona Rare Earths PLC  10 February 2025

 

10 February 2025

 

 

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

 

 

MONTE MUAMBE FLUORSPAR RESULTS

 

Altona (LSE: REE), a resource exploration and development company focused on
critical raw materials in Africa, is pleased to announce very encouraging
assay results from fluorspar ore samples collected at the Monte Muambe
Fluorite Zone, with an average of 88.03% CaF(2).

 

Highlights

 

·    Representative crushed ore samples CaF(2) grade average 88.03%,
exceeding management's expectations

·     CaF(2) grade exceeds the typical range for metallurgical grade
fluorspar (60 to 85%)

·     Altona is progressing metallurgical studies to confirm process
parameters, driving the short-term fluorspar production scoping study forward

 

CaF2 assay results

 

In late October 2024, Altona collected and crushed a 300kg representative
fluorspar ore sample from the Fluorite Zone, a high-grade fluorspar deposit
located along the Western margin of the Monte Muambe rare earths bearing
carbonatite, within Mining Licence 11854. Fluorspar is the commercial term
used for the mineral fluorite, whose chemical formula is CaF(2).

 

The samples received minimal processing (removal of approximately 5% by weight
by manually discarding visibly low-grade material) before being submitted to
Intertek, an experienced laboratory which routinely assays commercial
fluorspar exports from South Africa.

 

The CaF(2) grade of separate assays on 3 sub-samples averaged 88.03%.

 

The assays also indicated the presence of, on average: 6.16% Fe(2)O(3), 0.97%
SiO(2), 0.49% Al(2)O(3), 1.08% P(2)O(5), 1.62% SrO, and less than 0.36%
CaCO(3).

 

These results support the Company's optimism in the potential to produce a
metallurgical grade or possibly even an acid grade fluorspar product from this
ore. The Company continues to discuss potential off taking terms with various
trading houses who have been encouraged by these results.

 

Scoping study progress

 

In the light of these results, Altona is proceeding with metallurgical testing
with Peacocke Simpson laboratories in Zimbabwe to assess processing options
available to produce a commercial fluorspar product.

 

The Company has also started discussions with processing equipment supplier
Appropriate Processing Technologies, based in South Africa, which specialises
in constructing small and medium size gravity separation and flotation plants,
designed to be modular and easy to mobilize. This approach supports Altona's
desire to achieve fluorspar production from Monte Muambe in the most
efficient, quickest and cost-effective manner possible.

 

 

Cedric Simonet, CEO of Altona, commented: "I am very pleased with these assay
results which, as far as CaF(2) grade is concerned, exceed our expectations.
With the fluorspar production scoping study in progress, and the Mining
Licence in place, we are getting closer to our objective of producing 15,000
to 20,000 tons of fluorspar per year from Monte Muambe's Fluorite Zone in the
short term."

 

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).

 

To subscribe for RNS alerts, please visit: https://investors.altonare.com/
(https://investors.altonare.com/)

-ends-

 

Altona Rare Earths Plc

Cédric Simonet,
CEO
+44 (0) 7778 866 108

Louise Adrian, CFO
                                         +44 (0) 7721 492
922

 

Strand Hanson (Financial Adviser)
 
+44 (0) 20 7409 3494

Christopher Raggett

 

 

About Altona Rare Earths Plc

 

Altona is a resource exploration and development company focused on critical
raw materials in Africa. The Company is listed on the Main Market of the
London Stock Exchange with the ticker "REE". The Company currently holds
copper, fluorspar and rare earths projects.

 

The Monte Muambe rare earths and fluorspar projects is located in Northwest
Mozambique. The Project was acquired in June 2021, and the Company has so far
drilled over 7,800m, and defined a maiden JORC Mineral Resource Estimate of
13.6 million tons at 2.42% TREO. A Competent Person Report including the
Scoping Study for Monte Muambe was published on 18 October 2023. The Project
is now at Prefeasibility Study stage, with a focus on metallurgical testing
for rare earths extraction.

 

The Company is also assessing the possibility of rapidly putting in production
high-grade fluorspar veins occurring at Monte Muambe along the western margin
of the rare earth bearing carbonatite intrusion.

 

Altona is presently diversifying its portfolio by acquiring a limited number
of critical raw material projects to complement Monte Muambe. The acquisitions
of the Kabompo South copper project in Zambia and of the Sesana copper-silver
project in Botswana, located just 25 km from MMG's Khoemacau Zone 5
copper-silver mine, represent the first steps towards the implementation of
this expanded strategy.

 

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