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Pensana shares up on new drill results in Angola

COO Dave Hammond and GM Graeme Clatworthy at the Longonjo project in Angola. Image from Pensana.

Pensana Rare Earths (LON: PRE) reported on Tuesday the final assay results from the last 86 holes of the 8,000 metre drill program completed at the Longonjo neodymium/praseodymium (NdPr) Project in Angola.

The program is in support of a bankable feasibility study, due in mid-October.

According to the company, the latest results confirm the continuity of the weathered zone mineralisation from surface and also outline a wide area of mineralisation in fresh rock immediately below the current pit design that could add an extra dimension to the project beyond the initial mine life.

Pensana’s stock was up 16% on the LSE at close

The latest and final results also continue to confirm the continuity of high-grade rare earth mineralisation from surface in the weathered zone, and Pensana expects to upgrade substantial amounts of the inferred mineralisation to higher categories, supporting an extended mine life.

Wide, continuous high-grade intersections grading at between 2% and 4% rare earth oxide have also been returned from the fresh rock immediately below the weathered zone.

“Further drill testing of the fresh rock zone has also exceeded expectations. With many holes ending in mineralisation at 80 metres depth, identifying several open positions, the potential for a sizeable deposit of this second style of mineralisation is an exciting possibility,” said Pensana executive director Dave Hammond in a media release.

An updated mineral resource estimate will be published in September.

Pensana’s stock was up 16% on the LSE at market close. The company has a £77 million market capitalization.