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On 27 December 2018, Mineral exploration company Pensana Metals Limited (ASX:PM8) reported further excellent drilling results from the latest 31 holes of its exploration programme at the Longonjo NdPr Project.
Pensana Metals has identified a number of high-grade intersections from latest 31 holes results with intersections starting from the surface up to 42 metres in thickness.
Notable Results include-
- Drill Hole (LRC053): 10 metres at 8.03 percent REO including 1.98 percent NdPr from surface and 14 metres at 7.33% REO including 1.86 percent NdPr from 20 metres.
- Drill Hole (LRC055): 14 metres at 5.45 percent REO including 1.13 percent NdPr from surface.
- Drill Hole (LRC042): 12 metres at 4.01% REO including 1.01% NdPr from surface.
- Drill Hole (LRC057): 42 metres at 3.98 percent REO including 0.85 percent NdPr from surface.
The company has identified High-grade mineralization over a total width of 1,250 metres which remains open to the east, west, and south, where results from drilling are awaited. From the total of 108 holes, the results from the 67 holes have already extended the area of the Mineral Resource estimate by 700m to the north, east and the west and the results from the remaining 41 holes are expected to further extend the mineralization.
With just over half of the drill results received to date, itâs clear that much of the weathered blanket covering the 3.8km2 carbonatite is mineralized which is an indication that the project is having a substantially large mineral resource estimate. The latest results are demonstrating the widespread nature of near-surface NdPr mineralization across the carbonatite, and that is particularly enriched in the weathered zone.
Through these results, Pensana Metals is trying to determine the potential of the project to become a globally significant supplier of raw materials to the expanding magnet metal market ? a market driven by the electrification of transport and the drive to green energy generation. Longonjo is having various unique advantages which are arising due to its favorable location, already placed transport infrastructure, high-grade nature of surface mineralization and low waste to ore ratio. The company is trying to leverage these unique advantages so that the company could develop a relatively low capital intensive, low technical risk, conventional open pit mine and on-site beneficiation plant to produce a high-grade mineral product for export.
After all the final assays are received, the Company will complete its revised Mineral Resource estimate for Longonjo project. After that, the company will identify and select the most favorable, highest quality mineralization for initial development studies.
Meanwhile, in the last six months, the share price of the company decreased by 11.11 percent as on 21 December 2018. PM8âs shares traded at $0.016 with a market capitalization of circa $19.23 million as on 27 December 2018 (AEST 3:17 PM).
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