4 November
2024
ALTONA RARE EARTHS
PLC
("Altona"
or "the Company")
MONTE MUAMBE FLUORSPAR MINING
SCOPING STUDY
OPERATIONAL
UPDATE
Altona (LSE: REE), a resource
exploration and development company focused on critical raw
materials in Africa, is pleased to provide an
operational update on its scoping study for the short-term
development of a fluorspar mine at Monte Muambe.
Highlights
· Scoping study on
short-term fluorspar mining at Monte Muambe started, results
expected Q1 2025.
· Field activities
completed and representative ore sample taken for assay,
beneficiation testing and evaluation by potential
buyers.
As announced on 25 September 2024,
the Company has started a scoping study (the "Study") for the
production of metallurgical grade fluorspar from low-tonnage
high-grade veins located along the western margin of the rare
earths bearing Monte Muambe carbonatite intrusion (the "Fluorite
Zone").
As part of this Study, the Company's
team carried out field activities at Monte Muambe during the month
of October. These included:
· A photogrammetric
topographic survey of the Fluorite Zone to provide a
high-resolution Digital Terrain Model ("DTM") to serve as base for
3D modelling of fluorspar mineralisation.
· Detailed
geological mapping of high-grade fluorspar outcrops.
· The production of
a representative 300kg crushed sample of high-grade fluorspar
ore.
The ore sample will be split into
different sub-samples which will be used for geochemical assays and
for beneficiation testing. Representative sub-samples will also be
submitted to potential buyers and off-takers for evaluation this
month. Results will be communicated to shareholders as soon as
possible and will be used as inputs in the Study.
The Study will take into
consideration the potential production of 15,000 to 20,000 tons of
fluorspar per year over an initial period of 5 years. Beneficiation
of high-grade ore from the Fluorite Zone to produce
metallurgical-grade fluorspar is expected to be simple and to
involve crushing followed by gravity concentration using jigs or a
Dense Medium Separation ("DMS") plant, translating into a
relatively low capex. The Study is expected to be completed during
Q1 2025.
The anticipated size and relative
simplicity of this project lends itself to fast-tracking, with
potential for commercial sales within 12 months of an investment
decision.
Cedric Simonet, CEO of Altona, commented:
"The potential
rapid development of fluorspar production from the Fluorite Zone at
Monte Muambe represents an excellent opportunity to monetise an
additional part of our investment in this asset. If successful, it
would create a cash inflow for the Company.
"Furthermore, this project fits perfectly in our
diversification strategy, along with our promising copper
exploration assets in Botswana and in Zambia, therefore expanding
revenue generation opportunities for the
Company."
This announcement contains
information which, prior to its disclosure, was inside information
as stipulated under Regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310 (as amended).
To subscribe for RNS alerts, please
visit: https://investors.altonare.com/
-ends-
Altona Rare Earths Plc
Cédric Simonet,
CEO
+44 (0) 7778 866 108
Louise Adrian,
CFO
+44 (0) 7721 492 922
Novum Securities Ltd (Corporate
Finance)
+44 (0) 20 7399 9400
David
Coffman
Daniel Harris
About Altona Rare Earths Plc
Altona is a resource exploration and
development company focused on critical raw materials in Africa.
The Company is listed on the Main Market of the London Stock
Exchange with the ticker "REE". The Company currently holds copper,
fluorspar and rare earths projects.
The Monte Muambe rare earths and
fluorspar projects is located in Northwest Mozambique. The Project
was acquired in June 2021, and the Company has so far drilled over
7,800m, and defined a maiden JORC Mineral Resource Estimate of 13.6
million tons at 2.42% TREO. A Competent Person Report including the
Scoping Study for Monte Muambe was published on 18 October 2023,
and a mining licence is expected to be granted before the end of
2024. The Project is now at Prefeasibility Study stage, with a
focus on metallurgical testing for rare earths
extraction.
The Company is also assessing the
possibility of rapidly putting in production high-grade fluorspar
veins occurring at Monte Muambe along the western margin of the
rare earth bearing carbonatite intrusion.
Altona is presently diversifying its
portfolio by acquiring a limited number of critical raw material
projects to complement Monte Muambe. The acquisitions of the
Kabompo South copper project in Zambia and of the Sesana
copper-silver project in Botswana, located just 25 km from MMG's
Khoemacau Zone 5 copper-silver mine, represent the first steps
towards the implementation of this expanded strategy.
