AQSE-listed Altona’s final Phase 1 assay results from Monte Muambe, its light rare earth elements (REEs) project in Mozambique, have shown significant REE levels across multiple target areas.
Siginificant levels of neodymium and praseodymium (NdPr) were identified, the company reports.
The results show individual intercepts with up to 7.24% total rare earth oxides and up to 1.21% NdPrOx.
Out of the six targets drilled, four have significant REE mineralisation and warrant follow-up, with two of these being new discoveries.
NdPr are the key metals used in the manufacture of permanent magnets for the drive trains in electric vehicles and in wind turbines.
Monte Muambe is a 4-km-diameter circular carbonatite intrusion located in Tete province, in north-west Mozambique, held under prospecting licence 7573L.
The company started an initial drilling programme in October 2021, focusing on six target areas.
It had 705 diamond drilling samples and 974 reverse circulation samples assayed by Intertek in South Africa and Australia.
PHASE 2 PROGRAMME
Phase 2 groundwork started in March and included additional soil sampling and ground geophysics to identify potential new targets.
Drilling equipment is being mobilised at the start of May to perform scout drilling and resource drilling, with a phase of metallurgical testing at the end of the year – all of which will be used to produce a maiden mineral resource estimate and a preliminary economic assessment.
The current priority is to test the lateral extension of holes MM021 and MM042, and to continue drilling Target 1 in a south-easterly direction.
“Our goal is to fill a significant gap in the global REE supply chain as demand for NdPr and the other critical metals continues to rise.
"This early success at Monte Muambe, together with our developing African infrastructure, increases Altona’s opportunity to become a serious partner to any of the major manufacturers, which rely upon a sustainable supply of critical rare earth metals,” says CE Christian Taylor-Wilkinson.