Rainbow Rare Earths Limited Phalaborwa drilling update (8361K)
January 07 2021 - 1:00AM
UK Regulatory
TIDMRBW
RNS Number : 8361K
Rainbow Rare Earths Limited
07 January 2021
Rainbow Rare Earths Limited
("Rainbow" or the "Company")
(LSE: RBW)
7 January 2021
Drilling at the Phalaborwa Rare Earths Project
'Completed ahead of schedule and under budget'
Rainbow Rare Earths Ltd is delighted to announce that it has
completed an auger drilling programme at the Phalaborwa Rare Earths
Project ("Phalaborwa" or the "Project"), which was planned to
deliver an inferred JORC (2012) resource classification, within the
35 million tonne gypsum stacks. Assay samples have been dispatched
to SGS laboratories in South Africa, with results expected during
Q1 2021. The drilling programme was completed ahead of schedule and
under budget.
A metallurgical test programme will also be conducted from the
drill samples to facilitate process optimisation of the original
processing flow sheet, developed by Sasol, which enabled the
successful operation of a pilot plant to produce over three tonnes
of mixed rare earth carbonate.
George Bennett, CEO, said: "Based on previous sampling
campaigns, the gypsum stacks contain rare earth elements with an
estimated average in situ grade of 0.6% TREO, of which an estimated
30% is Neodymium and Praseodymium (NdPr), vital metals for the
green revolution. Defining an inferred resource for Phalaborwa will
represent an important step in validating the Project's
considerable potential as a significant producer of NdPr, enabling
us to define and progress the optimal route to commercial
production.
Owing to the nature of the Project, with the resources contained
in gypsum stacks, the drilling programme was extremely low-cost
compared to drilling a hard rock deposit to define a similar size
resource. I am extremely pleased with the excellent progress to
date at Phalaborwa, which puts Rainbow in a strong position to
further understand the significant potential of this Project."
**ENDS**
For further information, please contact
Rainbow Rare George Bennett
Earths Ltd Company Pete Gardner +27 82 652 8526
SP Angel Corporate Ewan Leggat
Finance LLP Broker Charlie Bouverat +44 (0) 20 3470 0470
--------- ------------------- --------------------------------------
Flagstaff Strategic Tim Thompson +44 (0) 207 129 1474
and Investor Fergus Mellon rainbowrareearths@flagstaffcomms.com
Communications
------------------ --------------------------------------
Notes to Editors:
Rainbow's strategy is to become a globally-significant producer
of rare earth metals. NdPr are vital components of the strongest
permanent magnets used for the motors and turbines driving the
green technology revolution. Analysts are predicting demand for
magnet rare earth oxides will grow substantially over the coming
years, driven by increasing adoption of green technology, pushing
the overall market for NdPr into deficit.
The Company's Gakara Project in Burundi, which produces one of
the highest-grade concentrates in the world (typically 54% total
rare earth oxide ("TREO")) through ongoing trial mining operations,
is currently the only African producer of rare earths. The Gakara
basket is weighted heavily towards NdPr, which account for over
approximately 19.5% of the contained TREO and 80% of the value of
the concentrate.
The Phalaborwa Rare Earths Project, located in South Africa,
comprises approximately 35 million tonnes of gypsum resulting from
historic phosphate hard rock mining, containing rare earth elements
with an estimated average in situ grade of 0.6% TREO, based on
previous sampling campaigns, of which 30% comprises high-value
NdPr. The rare earths are contained in chemical form in the gypsum
stacks, which is expected to deliver a higher-value rare earth
carbonate, with lower operating costs than a typical rare earth
mineral project.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDBRGDBDBGDGBL
(END) Dow Jones Newswires
January 07, 2021 02:00 ET (07:00 GMT)
Rainbow Rare Earths (LSE:RBW)
Historical Stock Chart
From Apr 2024 to May 2024
Rainbow Rare Earths (LSE:RBW)
Historical Stock Chart
From May 2023 to May 2024