REG - Altona Rare Earths - Monte Muambe Operational Update

Altona Rare EarthsAnnouncement

16/08/2023 07:00

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RNS Number : 4861J  Altona Rare Earths PLC  16 August 2023

16 August 2023

 

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

 

 

Monte Muambe Operational Update

Record Intercept - 76m at 3.426% TREO from Surface

 

Altona (LSE: REE), a resource exploration and development company focused on
Rare Earths in Africa, announces an operational update for its rare earths
mining project in Mozambique.

 

 

HIGHLIGHTS

 

·    76m at 3.426% Total Rare Earth Oxides ("TREO") from surface at Target
4 - a record for Monte Muambe in terms of length and grade

 

·    High grade ore confirmed at new Target 3

 

·    10 Reverse Circulation holes drilled for a total of 790m

 

 

In line with the plan announced on 5 July 2023, the Company has so far drilled
10 Reverse Circulation holes for a total of 790m.

 

Drilling at Target 4 provided further data to feed into the Company's on-going
geological modelling for the Mineral Resource Estimate ("MRE"). Samples from
this drilling programme will be assayed at the laboratory later during the
year and these results will be used in future resource updates.

 

At Target 3 (discovered by Altona in 2021), two holes were drilled. Hole MM110
intersected 2.735% TREO from surface to 30m, open at depth, confirming this
Target 3 potential to add to Monte Muambe's resource base in the next phase of
reporting.

 

On-site pXRF Results - significant intercepts

 

 Hole   Target  From (m)  To (m)  Length (m)  TREO% ((1))
 MM086  T4      25        67      42          1.570
 MM102  T4      33        84.4    51.4        2.620
 MM103  T4      Surface   80      80          1.897
 MM105  T4      Surface   76      76          3.426
 MM106  T4      Surface   28      28          1.590
 MM107  T4      27        70      43          1.865
 MM90   T4      44        77.5    33.5        1.675
 MM110  T3      Surface   30      30          2.735

 

(1)   Sum of La, Ce, Nd, Pr and Y from Altona's pXRF assays, in oxide
percent. See note at the end of this RNS.

 

MRE Update

The Company is pleased to report that all its assay results relating to the
2022 drilling programme have been received from Intertek and have been sent to
Snowden-Optiro, the mining consultant engaged by Altona to prepare the MRE and
Scoping Study. Geologist Robert Barnett, a representative of the
Snowden-Optiro's Competent Person for Monte Muambe, visited the site between 7
and 10 August 2023, as required as part of the MRE preparation. The Company
can confirm that the work for the MRE is on schedule.

 

Finally, the Monte Muambe exploration team has embarked on a shallow trenching
programme to gather additional data on the position of the high-grade orebody
boundaries of Target 1, Target 3 and Target 4 at surface level. The trenching
programme will also involve testing other targets previously identified using
geochemical and geophysical methods.

 

 

Cedric Simonet, CEO of Altona, commented, "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. While we continue to
focus on our immediate deliverables, namely the MRE 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."

 

 

Note regarding pXRF results: In this RNS, TREO% is calculated as the sum of
Nd, Pr, La, Ce and Y oxides from portable X-Ray Fluorescence ("pXRF") assay
results. Altona uses a Hitachi X-Met8000 pXRF analyser equipped with a 50kv
anode and specific programmes to enable the detection and quantification of
Nd, Pr, La, Ce and Y, as well as of light elements relevant to carbonatites
such as K, Mg and Si. Duplicate 1m RC samples are prepared using plastic cups
covered by a mylar film and assayed under standard conditions using both the
light elements programme (30s assay time) and the rare earths programme (60s
assay time). Regular checks and calibration are done using a SiO2 blank and
various standards. Comparisons between Altona pXRF results and Intertek
laboratory assay results for Phase 1 and 2 confirmed the reliability of
Altona's pXRF results (slight underestimation, R(2) = 0.95). In the current
conditions, pXRF results give a very good indication as to the degree to which
samples are mineralised and are used as a decision tool. However, they are
preliminary in nature and should therefore be considered with caution. All
mineralised samples will be sent to a certified laboratory for assay.

 

-ends-

 

For more information on Altona and its current mining projects please visit:
www.altonaRE.com (http://www.altonaRE.com)

 

 

Altona Rare Earths Plc

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

Christian Taylor-Wilkinson, Business
Development
+44 (0) 7795 168 157

 

Novum Securities Ltd

David
Coffman
+44 (0) 20 7399 9400

Daniel Harris

George Duxberry

 

Optiva Securities
(Broker)
     +44 (0) 20 3411 1882

Daniel
Ingram

 

Yellow Jersey PR (Financial
PR)
+44 (0) 20 3004 9512

Sarah Hollins

Annabelle Wills

Jazmine Clemens

 

 

About Altona Rare Earths Plc

 

Altona is a resource exploration and development company focused on Rare
Earths in Africa. The Company is listed on the Main Market of the London Stock
Exchange.

 

Rare Earths are a group of 17 chemical elements, many of which are critical to
the World's on-going transition from carbon-based to renewable energies, and
to the defence and communication sectors.

 

The Company currently focuses on the development of Monte Muambe, its flagship
Magnet Rare Earths Project, located in Northwest Mozambique. The project was
acquired in June 2021, and the Company has so far drilled over 7,800m, to
support its maiden JORC Mineral Resource Statement which will be published in
the Third Quarter of 2023.

 

Altona continues to take advantage of its position in Africa to assess other
possible Rare Earths opportunities on the Continent.

 

 

Competent Persons Statement

 

The information in this report that relates to Geology and Exploration results
is based on information compiled and/or reviewed by Cédric Simonet, who is a
Member of European Geologist Federation (Eur. Geol. #739). Cédric Simonet is
the Chief Executive Officer and a Director of the Company. He has sufficient
experience which is relevant to the style of mineralisation and type of
deposit under consideration and the activity which he is undertaking to
qualify as a Competent Person in terms of the 2012 Edition of the Australian
Code for the Reporting of Exploration Results, Mineral Resources and Ore
Reserves. Cédric Simonet consents to the inclusion in the report of the
matters based on his information in the form and contest in which it appears.

 

For more information visit: www.altonaRE.com (http://www.altonaRE.com)

 

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