ASX-listed rare earths explorer Pensana Metals’ share price went up 4.7% to A$0.22 apiece following the granting of an exploration licence for the 7 456 km2 Coola project, which is highly prospective for rare earth mineralisation, in Angola.
The area is about 16 km from its Longonjo rare earths project in the country.
The new licence grants the exploration of Coola for neodymium and praseodymium mineralisation.
The company says the Coola deposit hosts two known carbonatites, Coola and Monte Verda, which are structures made up of over 50% carbonite materials – confirmed by academic work on rock samples.
COO Dave Hammond says both carbonites are classified as a similar size to those at the Longonjo project. “The new project also hosts five additional alkaline intrusive complexes and five strong geophysical anomalies.”
He adds that the company plans on capturing the high potential brownfield opportunities within trucking distance of the proposed treatment plant of Longonjo, which have the potential to increase overall production.
The company recently received a mining licence for Longonjo.