TIDMPRE
RNS Number : 2221G
Pensana PLC
14 November 2022
14 November 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Pensana Plc
("Pensana" or the "Company")
Exploration Results from Coola Exploration Licence
Pensana is very pleased to report on the results from the
recently completed exploration programme on the Coola Exploration
Licence located 40 kilometres north of Longonjo.
Exploration activities have been focused on three highly
prospective targets namely the Sulima West carbonatite, the Benge
Novo alkaline complex and the Coola carbonatite.
The results from Sulima West are considered to be a significant
discovery and will be the main focus of exploration activities in
2023.
Highlights include:
-- Trench sampling at Sulima West carbonatite reported rare
earth grades of up to 9.7% Total Rare Earth Oxides ("TREO"),
averaging 3.4% TREO over 68 metres at surface. Individual samples
from other trenches reported grades between 3.4 and 5.2% TREO.
-- Pit sampling at Sulima West carbonatite reported rare earth
grades of up to 5.2% TREO, averaging 4.3% TREO over 6 metres at
surface.
-- Manganese grades in the laterite at Sulima West were reported
from 1.5% to 18% Manganese Oxide ("MO"), averaging 12% MnO all at
surface and are regarded as economically significant.
-- Geological mapping at Sulima West identified a prominent
outcrop of supergene apatite occurring together with maghemite and
monazite and the area has the potential to host significant
phosphate resources. The style of mineralisation has similarities
to the Mt Weld deposit currently being mined in Western Australia
by Lynas Corporation.
-- Reconnaissance mapping of the Benga Novo intrusion,
immediately to the north of Sulima West carbonatite, indicates a
large almost 10 km alkaline intrusion largely covered by residual
soils. Reconnaissance mapping indicates potential for bauxite
deposits, ionic clay type Rare Earth Element ("REE") deposits and
direct application fertilizers.
Exploration Manager, Grant Hayward, commented:
"We are extremely excited with the trench and pit analytical
results from Sulima West laterised carbonatite which have reported
high rare earth grades over significant widths at surface. Together
with the presence of abundant apatite and manganese, we regard
Sulima West as a significant discovery and it will be the main
focus of our exploration activities in 2023.
The deeply weathered soils overlying the vast Benge Novo
intrusion appear to have the potential for ionic clay hosted rare
earth mineralisation in addition to bauxite deposits and potassic
rock fertilizers. Geophysical surveys of all targets are scheduled
for early 2023 and diamond drilling is scheduled to be initiated on
the Sulima West and Coola targets by mid-2023."
Sulima West nepheline syenite and carbonatite complex
-- Significant rare earth elements (TREO), phosphate (P) and
manganese (Mn) mineralization have been identified at Sulima
West.
-- One of the five historic trenches at Sulima West, excavated
in the 1970's by the colonial era Compania Minerais do Lobito
prospecting for radiometric anomalies, was cleaned and sampled at
2-meter intervals across the iron/manganese ("Fe/Mn") enriched
lateritised regolith. Analysis returned values of between 0.3 and
9.7% TREO, with an average grade of 3.4% TREO over 68 meters at
surface.
-- A historic pit at Sulima West and adjacent to Trench 1, was
cleaned and sampled at 1-meter intervals. Analytical results
(ICP-MS)returned values of between 3.4% and 5.2% TREO, with an
average grade of 4.3% TREO over 6 meters.
-- Five additional Fe/Mn laterite samples from the other
trenches reported individual values which vary from 4.5% to 7.6%
TREO.
-- Reported manganese grades in the laterite range from 1.5% to
18% MnO and average 12% MnO at surface. The manganese component is
regarded to be economically significant.
-- Samples of the Fe/Mn laterite have been collected for Mineral Liberation Analysis.
-- The presence of outcrops of secondary, supergene apatite
occurring together with maghemite and monazite at Sulima West
attests to the formation of a zone of phosphate enrichment which
must occur within a deeply weathered regolith. Similar zones of
apatite enrichment are noted at Mabounie in Gabon, Catalão 2 in
Brazil and Mt Weld in Australia.
-- Samples of the apatite/maghemite/monazite rock have been
collected for Mineral Liberation Analysis.
Geophysical surveying and diamond drilling of this target is
scheduled for Q2 2023 to ascertain the extent of the underlying
carbonatite, but importantly also to quantify the presence and
amount of apatite, TREO and manganese.
Benge Novo alkaline complex
-- The Benge Novo intrusion is interpreted as a very large
caldera occurring to the north of the Sulima, Sulima West and Monte
Verde intrusions. It is regarded to be at least 10 km across and is
characterised by flat, deeply weathered soils with a solitary
alkaline granite outcropping in the south eastern area.
-- The discovery of thick, leached and clay rich lateritised
material above the western parts of the known alkaline silicate
complex of Benge Novo are strong indications of the possibility of
bauxite potential. Similar occurrences are known in other parts of
the world, for example, the Pocos do Caldas intrusive nepheline
syenite in Brazil. Initial sampling has been completed and assays
awaited.
-- The identification of a significant, clay dominated, deeply
weathered regolith over parts of the main Benge Novo intrusion may
additionally be prospective for the occurrence of ionic clay hosted
REE deposits.
-- Both Phosphorus and Potassium are enriched in these rock
types and the use of nepheline syenite as well as ultra-potassic
rocks as direct application crushed rock fertilisers has been a
success in many parts of the world. Soils in the sub region are
notoriously impoverished in Phosporous and to a lesser degree
Potassium, two of the three plant macro-nutrients, and further
sampling will be conducted to evaluate the potential for these
essential elements.
Airborne geophysical survey of the Benge Novo complex is
scheduled for Q2 2023, with a view to guiding exploration of this
highly prospective complex.
Coola carbonatite
-- Detailed mapping and sampling of the Coola carbonatite has
previously revealed elevated values of TREO over thin soils above
outcropping carbonatite, as well as REE-enriched dolomitic
carbonatite which importantly hosts bastnaesite.
-- Rock chip sampling of the 20-50 m wide portions of the
dolomitic carbonatite ring dyke returned values of between 0.6% and
4.9% TREO (average 2.6%). Soil geochemistry over areas of soil
covered dolomitic carbonatite returned values of between 0.37% and
13.18% TREO (average 3.21%).
-- Samples of the REE mineralized dolomitic carbonatite have
been collected for Mineral Liberation Analysis.
-- Auger drilling of the soil covered central caldera, aimed at
testing the potential for near surface supergene mineralisation,
was previously unsuccessful as the auger was unable to penetrate a
hardpan ferricrete developed below the colluvial soils. Deeper
drilling is scheduled for 2023 to effectively test this target.
Further details of the Exploration programme and the results
obtained are provided on the Company's website ( available here
).
The information contained within this announcement is considered
by the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No.596/2014. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information will be considered to be in the public domain.
The person responsible for arranging for the release of this
announcement on behalf of the Company is Paul Atherley,
Chairman.
-S -
For further information, please contact:
Shareholder/analyst enquiries:
Pensana Plc
Paul Atherley, Chairman IR@pensana.co.uk
Tim George, Chief Executive Officer
Rob Kaplan, Chief Financial Officer
George Zacharias, Group Company Secretary
Media enquiries:
FGS Global:
Gordon Simpson / Richard Crowley Pensana-LON@fgsglobal.com
About Pensana Plc
The electrification of motive power is the most important part
of the energy transition if we are to tackle climate change and one
of the biggest energy transitions in history. Magnet metal rare
earths are central to that transition, forming a critical part of
the technology for efficient electric vehicle motors and offshore
wind turbines.
Pensana plans to establish its Saltend processing hub as an
independent and sustainable supplier of the key rare earth magnet
metal oxides to a market which is currently dominated by China.
The US$195 million Saltend facility is being designed to produce
circa 12,500 tonnes per annum of rare earth products, of which
4,500 tonnes will be neodymium and praseodymium oxide (NdPrO),
representing over 5% of the world market in 2025.
Pensana's plug-and-play facility is located within the
world-class Saltend Chemicals Park, a cluster of leading chemicals
and renewable energy businesses in the Humber Freeport and will
create over 500 jobs during construction and over 125 direct jobs
once in production.
Powered by low-carbon offshore wind, it will be the first major
separation facility to be established in over a decade and will
become one of the few major producers located outside China.
Feedstock will be shipped as a clean, high purity mixed rare
earth sulphate (MRES) from the Company's Longonjo low-impact
operations in Angola. The mine's state-of-the-art concentrator and
proprietary MRES processing plant are designed by Wood to the
highest international standards.
The operations will be powered by renewable energy from
hydroelectric power and connected to the Port of Lobito by the
recently upgraded Benguela railway line.
Pensana believes that provenance of critical rare earth
materials supply, life cycle analysis and GHG Scope 1, 2 and 3
emissions will all become significant factors in supply chains for
major customers.
The Company intends to offer customers an independently and
sustainably sourced supply of the metal oxides and carbonates of
increasing importance to a range of applications central to
addressing the energy transition.
Pensana is also aiming to establish Saltend as an attractive
alternative to mining houses that may otherwise be limited to
selling their products to China, having designed the facility to be
easily adapted to cater for a range of rare earth feedstocks.
www.pensana.co.uk
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