PM8 Peer comparison - Other REE projects analysis, page-11

@ChinaSyndrome

This project has already a scoping study which is updated on Dec.2017. Now updated again by doubling the resources. No the JROC resource will be defined for PFS. They have informed the market many times that marketing studies and engagement with potential offtake customers for Longonjo’s products, and discussions with potential strategic partners and finance providers to secure funding for the development of the Longonjo Project is an ongoing thing. 

We all know that GRADE IS KING.

They need to make the resource very attractive by grade, tonnage, low-cost mineable and easily processable ore, infrastructure. These are all OK for now but a better resource will be more attractive for the investors, JV partners or offtake buyers. 

As they said on the anns. the initial focus will be on the HIGH GRADE RESOURCE IN WEATHERED SECTION which totals 22.9 million tonnes at 4.16% REO and 0.86% NdPr containing around 953,000 tonnes of REO including 197,000 tonnes of NdPr. 

Yes the resource is still open on two sides, the centre and at depth, However 197,000 tonnes of NdPr on the ground is already a big enough resource as you said. Pensana only wants to makes it better by increasing the NdPr grade which is already very good.  
 
The weathered zone contains the most favourable NdPr mineralisation for mining and processing due to its high grades from surface and forms a thick blanket of soft material extending up to 75 metres in depth.

For that purpose, infill drilling has already commenced on site to upgrade the highest‐grade portion of the deposit to an Indicated JORC Category for the Preliminary Feasibility Study.

See the red circled area (by me). It seems that that part is a high grade NdPr area in the weathered zone. When that is drilled that could increase the high grade NdPr tonnage a lot.



This is the 3D map of Longonjo from Google Maps. The resource area is roughly marked in red by me. Longonjo town is at back, and roads are all around. No jungle, no mountains, no remote, 300km to port. This is a very attractive resource area. 



This plant plan was giving by the company on their presentation before.