Mining News
Pensana Rare Earths confirm Angola find
(***** News) - Pensana Rare Earths (PRE:LSE) have said they found high-grade rare earths in soils from the first sampling programmes completed at its 7,500 square kilometre Coola Project located 16 kilometres north of its flagship Longonjo project in Angola.
It the update the company accounted the appointment of accomplished economic geologist Grant Haywood as Exploration Manager together with an update on recent site activities at the Longonjo.
Chief Operating Officer Dave Hammond said "These high grade rare earth assays are a great start, from what is only the first of several exploration targets for critical technology metals identified within the new Coola Project. Results confirm a rare earth mineralised carbonatite at Coola that is now sufficiently well-defined for drill testing. Drilling will also determine if rare earth mineralised carbonatite lies beneath the soil cover in the central part of the one kilometre diameter volcanic pipe.".
He then added "It is great to have Grant join us and lead the team going forward with his extensive experience in the evaluation of rare earth deposits and a whole range of other commodities. Assay results from soil sampling at the Monte Verde carbonatite - alkali complex are expected shortly and sampling of the Sulima Complex target will commence early next year. he drilling programme at Longonjo was efficiently and successfully executed under Grant's supervision and 100 tonnes of the mineralisation is now on its way to Perth."
Today the share price Pensana shares are trading over 5.5% higher. The trendline on the chart has broken to the upside despite some weakness in the UK bourses today. It will be interesting to see where the price closes and if the bulls can challenge the highs over the next coming weeks.
