London-listed Altona Rare Earths has drilled ten reverse circulation holes at its Monte Muambe rare earths project, in Mozambique, for a total 790 m.
So far, drilling at Target 3 has confirmed the presence of high-grade ore, while drilling at Target 4 returned a find of 76 m grading 3.4% total rare earth oxides (TREO) from surface.
The Target 4 find marks a record for the project in terms of length and grade.
Further, one hole on Target 3 intersected 2.7% TREO from surface to 30 m and open at depth.
Altona is working to publish a mineral resource estimate and scoping study.
Additional exploration work is planned for Target 3 in the meantime, as well as unexplored targets that were identified from a soil sampling survey last year.
Altona CEO Cedric Simonet comments that 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.