TIDMRBW

RNS Number : 7866W

Rainbow Rare Earths Limited

28 April 2021

Rainbow Rare Earths Limited

("Rainbow" or the "Company")

(LSE: RBW)

28 April 2021

Final Phalaborwa Assay Results Demonstrate Value of Rare Earths Basket

Rainbow Rare Earths Ltd is pleased to announce the final assay results from the auger drilling programme completed at the Phalaborwa Rare Earths Project ("Phalaborwa" or the "Project") located in South Africa, further to the publication of the initial set of assay results on 12 February 2021, which confirm:

   --    Average grade of 0.45% total rare earths oxide ("TREO"). 

-- Average combined grade of 0.13% Neodymium and Praseodymium ("NdPr") oxide, representing 28.9% of the TREO grade reported in the rare earths basket.

-- Economic levels of Dysprosium and Terbium recorded, enhancing the overall rare earths basket value contained in the stacks by approximately 15%.

   --    Low levels of radioactive elements present in the stacks. 

The assay results, which are included in a table below, are broadly supportive of previous indications from the Sasol sample and test work programme. The assay results and average grades reported (which incorporate previously announced holes) do not represent a mineral resource estimate. Following the receipt of these results and prior to the publication of a JORC (2012) Mineral Resource Estimate, Rainbow will carry out an additional drilling programme within the estimated +/-35 million tonne gypsum stacks to confirm bulk density as well performing an updated topography survey.

George Bennett, CEO, said: "These results further reinforce our confidence in the considerable potential of Phalaborwa in South Africa. The grades reported, augmented by the Dysprosium and Terbium credits, highlight the substantial overall value of the rare earths basket contained within these gypsum stacks, surpassing our original expectations based on current rare earth prices.

In essence, although the average assay grade reported has dropped from 0.50% TREO to 0.45% TREO, the overall value per tonne of gypsum is 15% higher than we initially anticipated thanks to the high value of the Dysprosium and Terbium ("DyTb"). The overall rare earth basket price was expected to be dominated by the NdPr content, which at current prices is valued at US$111/t gypsum based on the assay values reported. The additional DyTb credit adds a further US$36/t gypsum, significantly enhancing the recoverable value of the rare earths from the gypsum stacks. Together, these high value elements represent over 92% of the total value of the Phalaborwa rare earths basket.

The Phalaborwa asset represents a fast-track development project, with metallurgical test-work underway at ANSTO in Sydney, to design an optimised processing circuit for recovery of a mixed rare earth carbonate."

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 Phalaborwa Rare Earths Project, located in South Africa, comprises approximately 35 million tonnes of gypsum tailings stacked in unconsolidated dumps derived from historic phosphate hard rock mining, containing rare earth elements with an initial estimated average in situ grade of 0.45% TREO, based on previous sampling campaigns, of which +/- 30% comprises high-value NdPr. The rare earths are contained in chemical form in the gypsum dumps, which is expected to deliver a higher-value rare earth carbonate, with lower operating costs than a typical rare earth mineral project.

The Company's Gakara Project in Burundi, which produces one of the highest-grade concentrates in the world (typically 54% total rare earths oxides ("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 85% of the value of the concentrate.

Assay results:

 
   Hole     Length    Ce     Dy    Er    Eu    Gd    Ho     La     Lu     Nd     Pr    Sm    Tb    Tm     Y    Yb    TREO    LREO    HREO   CREO    NdPr   Th     U 
    ID 
              m       ppm    ppm   ppm   ppm   ppm   ppm    ppm    ppm    ppm    ppm   ppm   ppm   ppm   ppm   ppm    ppm     ppm    ppm     ppm     %     ppm   ppm 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH06      12.0    1,411   32     6    32    101    4     652     0     763    346   125   12     1    65     3    4,253   3,950   303    1,060    31    57     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH07      16.5    1,768   44     8    41    138    5     867     0    1,009   233   205   15     1    97     3    5,302   4,884   417    1,416    27    51     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH12      13.5    1,526   38     7    34    110    5     692     0     800    360   135   13     1    83     3    4,558   4,210   348    1,137    30    60     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH13      21.0    1,521   40     7    36    122    4     738     0     878    201   183   14     1    85     2    4,582   4,212   370    1,236    28    48     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH18      12.0    1,436   36     6    34    102    4     665     0     790    349   133   12     1    73     3    4,361   4,040   320    1,108    31    60     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH19      21.0    1,519   41     7    37    124    4     751     0     878    203   189   14     1    84     2    4,607   4,236   371    1,237    28    53     3 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH22      12.0    1,365   37     4    28    100    3     602     0     762    179   146   11     0    75     2    3,965   3,656   309    1,070    28    57     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH24      10.5    1,474   38     7    36    110    4     718     0     871    265   152   13     1    73     3    4,502   4,165   337    1,208    30    50     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH25      19.5    1,635   41     7    34    104    4     686     0     938    180   147   12     1    65     2    4,614   4,294   320    1,277    28    45     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH27      19.5    1,432   37     4    29    108    4     636     0     815    191   153   12     0    73     3    4,184   3,864   320    1,133    28    40     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH28      18.0    1,250   34     3    26    95     3     553     0     702    168   131   11     0    72     2    3,653   3,358   295     993     28    51     3 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH31      12.0    1,651   43     7    34    101    4     683     0     947    174   139   12     1    63     2    4,619   4,305   314    1,287    28    43     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH33      7.5     1,334   37     7    28    82     4     550     0     768    141   110   10     1    61     2    3,752   3,478   273    1,060    28    42     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH36      4.5     1,337   37     7    28    81     4     547     0     766    142   110   10     1    60     2    3,748   3,476   272    1,057    28    34     3 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH38      16.5    1,533   38     6    31    92     4     626     0     897    163   130   11     1    60     2    4,301   4,012   290    1,215    29    20     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH40      13.5    1,618   40     7    30    105    4     783     0     810    284   116   11     0    77     2    4,658   4,328   330    1,138    28    39     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH41      16.5    1,563   37     7    28    97     4     688     0     781    250   115   12     1    84     3    4,395   4,072   323    1,106    28    47     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH42      15.0    1,557   35     7    29    97     4     605     1     780    171   131   14     1    80     3    4,213   3,891   322    1,102    26    49     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH43      16.5    1,417   34     7    27    91     5     554     1     707    156   120   13     1    81     3    3,854   3,542   312    1,013    26    47     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH44      9.0     1,445   33     7    29    93     5     572     1     722    159   124   14     1    74     3    3,929   3,624   306    1,024    26    42     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH45      7.5     1,010   32     6    25    103    4     428     0     708    138   133   11     1    61     3    3,181   2,889   292     982     31    32     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH46      18.0    1,536   35     7    33    100    5     606     1     782    169   134   15     1    83     3    4,204   3,869   334    1,113    27    53     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH47      15.0    1,563   44     7    30    138    5     788     1    1,182   238   233   14     1    37     4    5,108   4,781   328    1,527    33    58     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH48      13.5    1,409   38     7    25    119    4     699     0    1,071   216   200   12     1    35     4    4,582   4,293   289    1,381    33    55     3 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH49      18.0    1,651   52     8    39    117    5     691     0     804    170   128   15     0    94     3    4,522   4,129   393    1,178    25    48     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH50      18.0    1,240   32     6    29    119    4     535     0     845    167   161   13     1    65     3    3,846   3,525   321    1,154    31    53     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH51      6.0     1,010   27     5    24    99     3     429     0     702    138   131   11     0    50     2    3,142   2,881   261     952     31    29     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH52      22.5    1,654   43     6    32    95     4     699     0     725    148   119   13     0    91     3    4,358   4,014   344    1,064    24    53     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH53      15.0    1,311   41     6    28    128    4     663     0    1,001   203   221   14     1    45     4    4,376   4,056   320    1,321    32    49     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH56      27.0    1,617   38     8    34    119    4     791     0     866    328   147   14     1    72     3    4,838   4,492   347    1,201    29    65     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH57      10.5    1,650   49    10    35    106    6     693     1     739    152   128   16     1    114    4    4,440   4,034   406    1,122    24    57     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH58      6.0     1,338   39     7    20    102    4     756     0     782    281   112   11     0    69     1    4,211   3,911   300    1,080    30    35     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH59      13.5    1,368   36     8    32    122    4     578     1     807    165   155   13     1    82     4    4,037   3,679   358    1,139    28    57     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH60      15.0    1,586   45     7    35    136    5     945     0    1,088   340   203   14     1    81     4    5,357   4,971   386    1,479    31    56     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH61      15.0    1,753   47     7    38    132    5    1,226    0    1,146   495   156   14     1    95     3    6,111   5,706   405    1,572    32    56     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH62      16.5    1,581   43     6    34    118    4    1,005    0    1,003   393   139   13     0    79     2    5,282   4,926   356    1,376    31    41     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH63      13.5    1,567   39     6    28    81     4     660     0     631    126   109   10     1    84     2    4,018   3,714   304     932     22    49     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH64      13.5     991    34     7    25    123    4     542     0     651    190   165   13     1    72     4    3,368   3,032   336     936     29    55     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH65      13.5    1,256   31     7    29    112    4     538     0     760    157   148   12     1    74     3    3,744   3,421   324    1,064    29    57     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH66      15.0    1,156   26     5    27    97     3     484     0     686    137   130   10     0    57     2    3,375   3,104   271     946     29    31     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH67      13.5    1,287   30     6    29    104    4     550     0     715    145   138   11     1    74     3    3,705   3,395   311    1,010    27    57     3 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH68      15.0    1,280   31     6    30    108    4     544     0     755    151   144   12     1    75     3    3,760   3,440   320    1,059    28    57     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH72      3.0     1,275   37     4    27    104    4     584     0     748    173   135   12     1    87     3    3,821   3,488   333    1,072    28    47     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH73      4.5      885    33     7    23    115    4     475     0     592    178   164   12     1    44     3    3,025   2,740   285     825     30    44     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH74      13.5    1,298   43     8    32    168    5     748     0     875    267   241   17     1    54     4    4,485   4,095   390    1,196    30    40     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH77      13.5    1,453   49     9    36    191    6     843     1     969    296   269   20     1    58     5    5,015   4,575   440    1,327    30    55     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH78      15.0    1,558   42     8    35    161    5     732     0    1,015   281   217   17     1    71     4    4,950   4,546   404    1,382    31    51     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH79      16.5    1,573   36     7    33    139    4     648     0    1,002   307   165   15     1    86     3    4,805   4,422   383    1,374    32    42     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH80      18.0    1,296   32     6    23    96     4     641     0     925    193   170   11     1    36     3    4,102   3,852   250    1,201    32    55     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH81      21.0    1,536   35     7    38    107    4     642     0     886    202   199   14     1    77     3    4,487   4,149   339    1,232    28    52     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH82      18.0    1,498   33     6    34    101    4     611     0     871    199   186   13     1    67     3    4,337   4,027   310    1,194    29    46     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH83      19.5    1,625   38     7    36    123    4     688     0     869    208   193   16     1    76     3    4,652   4,292   360    1,214    27    49     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH84      18.0    1,533   34     6    31    122    4     635     0     859    199   162   14     1    78     3    4,403   4,058   345    1,191    28    42     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  PAH85      18.0    1,404   30     6    29    119    4     590     0     865    185   157   13     1    66     3    4,150   3,831   318    1,176    30    48     1 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
  Total     786.0 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
 Average             1,468   38     7    32    114    4     677     0     852    219   158   13     1    73     3    4,375   4,039   336    1,182    29    49     2 
           -------  ------  ----  ----  ----  ----  ----  ------  ----  ------  ----  ----  ----  ----  ----  ----  ------  ------  -----  ------  -----  ----  ---- 
 
 
 Table key: 
 ppm    parts per million 
 Ce     Cerium 
 Dy     Dysprosium 
 Er     Erbium 
 Eu     Europium 
 Gd     Gadolinium 
 Ho     Holmium 
 La     Lanthanum 
 Lu     Lutetium 
 Nd     Neodymium 
 Pr     Praseodymium 
 Sm     Samarium 
 Tb     Terbium 
 Tm     Thulium 
 Y      Yttrium 
 Yb     Ytterbium 
 TREO   Total Rare Earths Oxides 
 LREO   Light Rare Earths Oxides 
 HREO   Heavy Rare Earths Oxides 
 CREO   Critical Rare Earth Oxides 
 NdPr   Neodymium and Praseodymium 
 Th     Thorium 
 U      Uranium 
 

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April 28, 2021 02:00 ET (06:00 GMT)

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