Zak Mir talks to Cedric Simonet, CEO of Altona Rare Earths, as the resource exploration and development company focused on Rare Earths in Africa, announces its maiden JORC compliant Mineral Resource Estimate for its Monte Muambe rare earths project in Mozambique.
Altona Mineral Resource announced its maiden JORC-compliant Mineral Resource Estimate for its Monte Muambe rare earths project in Mozambique. 13.6 million tons at 2.42% TREO(1) using a cut-off grade of 1.5% TREO; Including 0.31% NdPrO(2) representing 42,500 contained tons NdPrO. The company said Monte Muambe’s maiden MRE is an important milestone.
This is the first-ever official measure of the size and grade of the project and it is delighted with the results, which confirm the presence of a potentially open-pit mineable REE resource. The Company is now finalising its Scoping Study, which will give a first-pass economic viability overview of the project, to the highest standard.
· 13.6 million tons at 2.42% TREO(1) using a cut-off grade of 1.5% TREO;
· Including 0.31% NdPrO(2) representing 42,500 contained tons NdPrO;
· 58% of the reported tonnage in the Indicated category;
· Mineralisation open at depth at both Target 1 and Target 4; and
· The Scoping Study is expected to be finalised for publication no later than the third week of October.
Comment: REE is the new rock and roll in mining, and for this to be open-pit mineable is even more pleasing for ANR. It would appear the company is delivering on the promise of its backers and management.
The complete Competent Person Statement is available on the Company’s website investor section: https://www.altonare.com/investors/reports/
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