Pensana (LON: PRE) has confirmed that the Sulima West laterite target at its Coola exploration project, in Angola, contains three main types of rare earth minerals.
According to the company, the Sulima West laterite contains bastnaesite, monazite and florencite.
“We are encouraged that the initial mineralogical study has confirmed the processing potential of the rare earth host minerals for both the Sulima West laterite and the Coola Carbonatite,” Pensana’s exploration manager Grant Hayward said in the statement.
“The opportunity for upgrading the ore at the current location using physical separation techniques will be further assessed with the testing of larger samples which are in the process of being collected,” Hayward said.
“We obviously see both Sulima West and Coola carbonatite as having the potential for upgrading the ore at its current location and thereby providing a high-grade near-term feedstock 40 km from Longonjo.”
The Coola project is located approximately 160 km east of Port of Lobito and covers an area of 7,456 sq. km. It consists of three highly prospective targets, the Sulima West carbonatite, the Benga Novo alkaline complex and the Coola carbonatite, all located between 40 and 100 km north of Pensana’s Longonjo project.
Shares of Pensana were up 3.8% Friday in London. The company has a market capitalization of $123 million.