A geophysical assessment revealed anomalies, suggesting strong IOCG (iron oxide copper gold) mineralization potential, aiding target planning for further exploration.
With reprocessed data, Altona aims to define initial drilling targets, using detailed magnetometer surveys to understand subsurface structures and guide precise drilling by Q1.
Collaboration with academic experts supports research at Monte Muambe, focusing on rare earths and high-grade fluorspar.
Cedric noted that, with confirmed grades and market interest, Altona aims to complete a conceptual study and potentially advance fluorspar production within approximately one year.
Highlights
· Earthmaps concludes that Kabompo South is prospective for Iron Ore Copper Gold (“IOCG”) copper mineralisation.
· The data assessment confirms the presence of geophysical features typically associated with IOCG deposits in Zambia.
· In Zambia, the viability of IOCG copper deposits has been clearly demonstrated by the discovery of the Kitumba copper deposit (31.5mt at 2.05% Cu), the mine construction for which started recently.
Cedric Simonet, CEO of Altona, commented: “The data assessment carried out by Klaus and his team has clearly outlined a geological context favorable to IOCG mineralisation, which are known to carry viable copper deposits in Zambia. The definition of a geological model to guide exploration is a necessary first step for any mining project and this represents a significant and exciting advancement for the Kabompo South project. I look forward to implementing the next exploration activities on the ground and updating our shareholders accordingly when the next set of results have been prepared.”
Simon Charles, Chair of Altona, commented: “These datasets from the Earthmaps team for Kabompo South are very pleasing. We are seeing our ambition to hold interests in a diversified portfolio of mineral assets beginning to take shape.”
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”. Rare Earths are a group of 17 chemical elements, many of which are critical to the World’s ongoing transition from carbon-based to renewable energies, and to the defence and communication sectors.
The Company is currently developing 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, 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 and process.
Altona is presently diversifying its portfolio by acquiring a limited number of critical raw material projects to complement Monte Muambe. The acquisition of the Kabompo South copper project in Zambia and of the Sesana copper-silver project in Botswana represent the first steps towards the implementation of this expanded strategy.
