11 March 2024
THIS
ANNOUNCEMENT CONTAINS INSIDER INFORMATION
Pensana
Plc
("Pensana"
or the "Company")
Update
on Coola and Sulima West Exploration Programmes
Pensana
(PRE.L) is pleased to report the interpretation of the geophysical
surveys conducted late in 2023 over the Coola carbonatite and the
Sulima West laterite located 75 kilometres north of the Longonjo
project and of the commencement of a bulk metallurgical test work
programme designed to test for the amenability of this
mineralisation to be processed at Longonjo.
The Coola
Exploration project of which the company has a 90% interest is
located approximately 160 kilometres east of the Port of Lobito,
originally covering an area of 7,456 square
kilometres.
The
Company has completed multiple field programmes in
2020,
2021 and
2022 confirming carbonatite/alkaline rare earth mineralisation on
two highly prospective targets, the Coola carbonatite and Sulima
West laterite.
Highlights
-
Coola
confirmed as a 900 metre diameter carbonatite ring dyke with a
similar scale and prospectivity to Longonjo;
-
Sulima
West has reported strong anomalies of high-grade Total Rare Earth
Oxide (TREO) mineralisation for drill testing;
-
A
Coola carbonatite 4.7% TREO bastnaesite initial sample and a Sulima
West 4.8% TREO enriched laterite initial sample have been sent for
bulk metallurgical test work in South
Africa; and
-
These
bulk samples will be tested for low-cost beneficiation to a
high-grade concentrate at site for trucking to Longonjo for
processing.
A
metallurgical test work programme at Blu Sky Mining laboratory in
South Africa is underway to test
the identified mineralisation for low-cost physical separation
techniques which can be applied at site to produce a high-grade
rare earth concentrate.
Successful
results from these separation techniques will allow the drill
programmes to target zones of mineralisation which have the
potential to produce a high-grade concentrate at site. These
concentrates may then be trucked to the Longonjo facility for
processing.
Four bulk
samples have been sent for metallurgical test work, including the
Coola carbonatite initial sample reporting 4.7% TREO as mainly
bastnaesite, and the Sulima West enriched laterite initial sample
reporting 4.8% TREO as well as samples of fluorite and
apatite.
These
samples will be tested for multi-gravity, wet tables, WHIMS (wet
high intensity magnetic separation), magnetic separation, and
XRF/optical sorting with a view to concentrate generation ahead of
processing at Longonjo, or as standalone mining opportunities in
the case of the fluorite and apatite targets.
Figures
1 & 2: Coola carbonatite Magnetics (TMI-RTP - left hand image)
showing central diatreme unique magnetic anomaly and Coola
Radiometrics (Total Count - right hand image) showing fluorite rich
plug.
Exploration
Manager, Grant Hayward,
commented:
“The
Coola carbonatite magnetic survey has identified a number of
compelling targets for follow-up and has clearly identified a
large, roughly 600 metre diameter circular magnetic feature, with a
unique magnetic signature occupying the central
caldera.
We
believe this to be a highly prospective, deeply weathered, volcanic
pipe, or diatreme, which appears to have a similar scale to
Longonjo. We know that the central areas of carbonatites often host
supergene enriched REE deposits as is the case at Longonjo and so
we are looking forward to drill testing this highly prospective
target.”
About
the Coola Exploration Project
The Coola
Exploration project is located approximately 160 kilometres east of
Port of Lobito, originally covering an area of 7,456 square
kilometres.
Exploration
is now focussed on two highly prospective targets: the Coola
carbonatite and Sulima West, which are located between 40 and 100
kilometres north of the Longonjo project.
Pensana,
through Coola Mining LDA in which Pensana holds a 90% interest, was
granted the Coola exploration license in May
2020. It has since completed multiple field programmes in
2020, 2021 and 2022 involving geological mapping, rock chip
sampling, trench and pit sampling, stream sediment sampling,
initial radiometric surveys, close space soil sampling and
assaying, confirming rare earth mineralisation across two
carbonatites/alkaline complexes.
The
Coola
carbonatite is a
roughly circular body, measuring about 900 metres across as,
inferred from the limited outcrops of carbonatite and fenite. The
circular shape suggests that the Coola carbonatite may be a ring
dyke or breccia pipe, similar to the carbonatite at Longonjo. Rock
chip sampling of the 0.9 kilometre diameter Coola carbonatite ring
dyke returned values of between 0.6% and 4.9% TREO (average
2.6%).
Soil
geochemistry over the covered carbonatite returned values of
between 0.37% and 13.18% TREO (average 3.21%). Mineralogical
studies of the Coola carbonatite identified the rare earth mineral
to be bastnäsite, which occurs as discrete veins, veinlets, and
segregations within the carbonatite.
Soil
geochemistry over the fluorite-rich zone at Coola identified an
area of 13 000 square metres with average fluorite values of 17%
(Calcium Fluoride) CaF2.
Sulima
West is a 4.2
kilometre diameter alkaline carbonatite ring complex with a
corresponding high radiometric response. Ten historic trenches,
each of about 90 metres in length located in the western segment of
the structure, were identified and corresponded with the highest
radiometric response.
Twenty-two
reconnaissance samples were extracted from the trenches in 2021.
The trenches were excavated into an iron/manganese-rich laterite
very similar in appearance to the rare earth element laterite
developed over the Longonjo carbonatite. Results of this initial
sampling returned significant values for rare earth oxides with up
to 10.6% TREO encountered in the laterite and averaging 4.2%
TREO.
In Q2
2022, further trench and pit exploration activities were conducted
at the Sulima West target, reporting initial rare earth grades of
up to 9.7% TREO averaging 3.4% TREO over 68 metres at surface in
the trench and up to 5.2% TREO, averaging 4.3% TREO over 6 metres
at surface for the pit. Manganese oxide values of up 15.9% MnO and
averaging 7.2% MnO were also reported. In addition, an outcropping
hill of apatite-maghemite occurs to the north of the laterite which
returned values of 22% P2O5.
The
presence of highly anomalous TREO of >10%, the anomalous
radioactivity, outcropping fenite, as well as significant manganese
and supergene apatite, are all supportive of a carbonatite at
depth.
For
further details please go to
https://pensana.co.uk/coola-exploration-project/ on the Pensana
website.
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.
-
ENDS –
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