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Pensana Metals Ltd.
Summary
| Project: | Longonjo | |
|---|---|---|
| Deposit: | Longonjo | |
| Location: | Angola | |
| Commodities: | Rare Earth | |
| Date: | 2/19/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 19-2-2019: Pensana Metals Ltd. announces a Resource Estimation report for its Longonjo deposit at the Longonjo project. Updated mineral resources estimate at project. Pensana Metals Ltd (ASX: PM8) is pleased to announce a very substantial upgr | |
| Resources: | (Resource, Inf.): 85.2Mt @ 0.52% NdPr, 2.39% REO with 443kt NdPr and 2.03Mt REO contained | |
| CP/QP: | [Resources]: Rodney Brown (SRK Consulting (Australasia) Pty Ltd.) | |
| ABSTRACT: | Pensana Metals Ltd (ASX: PM8) is pleased to announce a very substantial upgrade to the Mineral Resource estimate for its Longonjo deposit which has transformed it into one of the world’s largest and highest grade NdPr deposits at a time when demand for NdPr in EV drivetrains is taking off. Highly respected international mining industry consultants SRK Consulting has reported an Inferred Mineral Resource estimate of: 240 million tonnes at 1.60% REO including 0.35% NdPr for 3,850,000 tonnes of REO including 840,000 tonnes of NdPr *NdPr = neodymium+praseodymium oxide. REO = total rare earth oxides. A 0.1% NdPr cut is applied. Tables 1 to 3 summarise the estimate at a range of cut off grades, material types and total rare earth oxide grades. This new Mineral Resource estimate represents a more than seven-fold increase in tonnes and contains well over four times the amount of NdPr compared with the maiden Mineral Resource estimate reported to the ASX on 26 September 2017 at equivalent cut‐off grades. The deposit occurs as a blanket of soft weathered material averaging around 30 metres in thickness and up to 75 metres in places. The highest grades occur from surface. The deposit remains open at depth and in a number of directions laterally. Further drilling is expected to increase the Mineral Resource estimate. The initial focus will be on the resource occurring within a cut off around .65% NdPr which totals 22.9 million tonnes at 4.16% REO and .86% NdPr containing For personal use only around 953,000 tonnes of REO including 197,000 tonnes of NdPr. | |
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