http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Sat, 26 May 2018 20:13:29 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Rift Valley Resources appoints new chair to head-up magnet metals strategy ]]> http://www.proactiveinvestors.com.au/companies/news/196871/rift-valley-resources-appoints-new-chair-to-head-up-magnet-metals-strategy-196871.html Rift Valley Resources Ltd (ASX:RVY) has appointed accomplished resources executive Paul Atherley as non-executive chairman as it increases its focus on the Longonjo NdPr Project in Angola.

Atherley, who is based in London, has operational, development, capital markets and media experience across the mining and energy sectors in Africa, Australia, Europe, China and the UK.

READ: Rift Valley Resources to spin drill to expand magnet metal project

The company believes Longonjo has the potential to become a globally significant magnet metal deposit in both size and grade.

Stephen Dobson will step down as chairman and remain on the board as a non-executive director.

Atherley said: “The clean energy revolution has resulted in a dramatic increase in demand for battery metals, notably lithium and cobalt.

“Attention is now turning to a very much larger market – the rapidly growing application of electric motors to virtually all walks of life.

“From hair dryers to electric vehicles to grid-scale wind turbines, electric motors will be at the core of our clean energy future.”

Essential in electric motors

Neodymium Praseodymium (NdPr) metals are essential for the manufacture of electric motors and, following acquisitions in recent years, China now controls more than 90% of the production.

The new chairman said there was only one listed NdPr producer in the world today – Lynas Corporation Limited (ASX:LYC) - and it sold most of its product to China.

Rift Valley is divesting its interests in Tanzania to focus on its flagship Longonjo NdPr Project, at which 2018 field exploration programs are underway.

Drilling is planned

This program includes drilling that will target extensions to the resource of 11.6 million tonnes at 4.30% rare earth oxide (REO).

It will also aim to upgrade the resource to the indicated category and provide samples for metallurgical test work.

READ: Rift Valley Resources stokes up coffers through gold asset sales to pursue Angola interests

Atherley adds: “With just 14% of the target area drilled to date, the Longonjo NdPr Project has already reported a substantial mineral resource estimate.

“Dave Hammond and the team believe there is potential for considerably more.

“I very much look forward to supporting Dave and his team as they unlock the full potential of this exciting project.”

Wide-ranging experience

Atherley has wide-ranging international and capital markets experience.

He served as executive director of the investment banking arm of HSBC Australia where he undertook a range of advisory roles in the resources sector.

Beijing was his base from 2005 to 2015 and he developed strong connections within Chinese business, industry bodies and senior government officials.

He has been a regular business commentator on China and the resources sector.

Atherley is managing director of Berkeley Energia Ltd (ASX:BKY (LON:BKY) and a director of Leyshon Resources Limited and Leyshon Energy Limited.

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Mon, 14 May 2018 12:38:00 +1000 http://www.proactiveinvestors.com.au/companies/news/196871/rift-valley-resources-appoints-new-chair-to-head-up-magnet-metals-strategy-196871.html
<![CDATA[News - Rift Valley Resources to spin drill to expand magnet metal project ]]> http://www.proactiveinvestors.com.au/companies/news/195799/rift-valley-resources-to-spin-drill-to-expand-magnet-metal-project-195799.html Rift Valley Resources Ltd (ASX:RVY) has commenced field exploration programs for 2018 at its 70%-owned Ozango licence in Angola.

Significantly, the program includes drilling that will target resource extensions at the Longonjo Magnet Metal Project.

Longonjo contains a large new discovery of neodymium praseodymium (NdPr) mineralisation that’s part of the 11.6 million tonnes at 4.30% rare earth oxide (REO) JORC maiden resource.

READ: Rift Valley Resources stokes up coffers through gold asset sales to pursue Angola interests

Drilling at Longonjo will also aim to increase the JORC resource from the Inferred to Indicated category and provide samples for metallurgical test work.

This will provide data for the completion of a preliminary economic assessment that will include a revised resource and mining study.

The company believes Longonjo has the potential to become a globally significant magnet metal deposit in both size and grade.

Field work to explore potential of Cassenha Hill mineralisation

Exploration results to date have identified copper-gold mineralisation at surface extending over a 300-metre strike length at the Cassenha Hill Copper Gold Project also within the Ozango licence.

Exploration in 2018 will build on the nine-hole diamond drilling program completed in late 2017.

Rift Valley’s strategy is to define additional copper mineralisation with the potential to support a mining operation.

It aims to do this through the evaluation of the substantial strike extensions to Cassenha Hill as well as parallel mineralised positions as yet untested by drilling.

Regional exploration commenced within Ozango

The large 3,760 square kilometre Ozango licence is prospective for a range of mineral deposit types and commodities.

A regional stream sediment sampling program in early 2017 identified 13 high-priority targets areas for lithium, rare earths, gold, copper and other base metals.

Rift Valley plans to rapidly and cost-effectively evaluate all these target areas for their potential to host economically significant mineralisation.

It will do this through a combination of infill stream sediment sampling, geological reconnaissance and soil sampling programs that have now commenced.

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Thu, 26 Apr 2018 09:06:00 +1000 http://www.proactiveinvestors.com.au/companies/news/195799/rift-valley-resources-to-spin-drill-to-expand-magnet-metal-project-195799.html
<![CDATA[News - Rift Valley Resources stokes up coffers through gold asset sales to pursue Angola interests ]]> http://www.proactiveinvestors.com.au/companies/news/193025/rift-valley-resources-stokes-up-coffers-through-gold-asset-sales-to-pursue-angola-interests-193025.html Rift Valley Resources Ltd (ASX: RVY) has executed a conditional sale agreement in relation to its Kitongo Gold Project in Tanzania.

Total consideration is US$550,000 and the purchaser has deposited a non-refundable US$50,000 commitment fee.

The company is working with the purchaser to satisfy the remaining conditions of the sale which are well advanced.

Canuck sale to further boost the coffers

A mineral prospecting rights agreement has also been executed by Rift and the purchaser for the sale of the company’s Tanzanian Canuck prospecting licence.

The purchaser has agreed to acquire the licence for US$250,000 subject to the transfer of the prospecting licence, and has paid a deposit of US$100,000.

The remaining US$150,000 will be paid upon the transfer of the licence.

Option agreement over Miyabi Gold Project

Rift recently received a proposal to enter into a non-binding and non-exclusive option agreement for the acquisition of the company’s Miyabi Gold Project, also in Tanzania.

While this proposal is under consideration, it would provide further capital for the company to pursue initiatives related to high priority projects.

This includes infill drilling to upgrade the existing mineral resource estimate at the company's 70%-owned Longonjo Magnet Metal Project in Angola.

READ: Rift Valley Resources raises $1.5 million to support exploration in Angola

Rift recently raised $1.5 million to assist in progressing the Longonjo rare earths project which has the potential to deliver low-cost neodymium and praseodymium oxide.

Other important projects include the Cassenha Hill gold-copper prospect, also in Angola.

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Tue, 13 Mar 2018 10:21:00 +1100 http://www.proactiveinvestors.com.au/companies/news/193025/rift-valley-resources-stokes-up-coffers-through-gold-asset-sales-to-pursue-angola-interests-193025.html
<![CDATA[News - Rift Valley receives on-market buying support from two board members ]]> http://www.proactiveinvestors.com.au/companies/news/190956/rift-valley-receives-on-market-buying-support-from-two-board-members-190956.html Rift Valley Resources Ltd (ASX:RVY) has had over 2.4 million shares bought on market by two members of its board and management.

Stephen Dobson, executive chairman, purchased 2 million shares on-market to boost his stake in the company to over 12.6 million shares.

Furthermore, David Hammond, CEO and director, purchased 460,000 shares, also through on-market trades.

Magnet metals discovery in Angola

The company’s focus is the development of the Longonjo Carbonatite Magnet Metals Project in Angola.

Rift Valley produced a maiden JORC resource in September 2017 and initial results from the scoping study update in December 2017 were encouraging.

READ NOW: Rift Valley Resources strengthens board with deal maker

The combined inferred resource is 44.7 million tonnes at 2.50% total rare-earth oxides (TREO).

This includes a from-surface resource of 11.6 million tonnes at 4.30% TREO oxide ore.

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Thu, 01 Feb 2018 13:03:00 +1100 http://www.proactiveinvestors.com.au/companies/news/190956/rift-valley-receives-on-market-buying-support-from-two-board-members-190956.html
<![CDATA[News - Rift Valley Resources receives first batch of copper assays ]]> http://www.proactiveinvestors.com.au/companies/news/190272/rift-valley-resources-receives-first-batch-of-copper-assays-190272.html Rift Valley Resources Ltd (ASX:RVY) has received assays from its 2017 drilling program at the Cassenha Hill Copper Project in Angola.

Nine diamond drill holes for 803.5 metres were completed targeting extensions to a zone of oxide copper mineralisation on Cassenha Hill.

Drilling from 2015-16 at the target produced 24 metres at 1.49% copper from 84 metres.

First assays confirm copper mineralisation

Assay results have been received for the first six holes of the nine hole program.

Results include:

• 6 metres at 0.72% copper from 9 metres;
• 6 metres at 0.51% copper from 48 metres;
• 5 metres at 0.57% copper from 15 metres;
• 3 metres at 0.94% copper from 32 metres; and
• 5 metres at 0.34% copper from 41 metres.

Significant upside for copper mineralisation remains as drilling has tested only 400 metres of the 1,700-metre strike length.

Further copper-gold targets surround Cassenha Hill

While assays for the remaining three holes are pending, Rift Valley sees significant potential in surrounding targets.

Cassenha Hill sits within the greater 70% owned Ozango licence.

The company plans to evaluate additional target areas for copper-gold mineralisation to add to that already discovered at Cassenha Hill.

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Fri, 19 Jan 2018 11:10:00 +1100 http://www.proactiveinvestors.com.au/companies/news/190272/rift-valley-resources-receives-first-batch-of-copper-assays-190272.html
<![CDATA[News - Rift Valley Resources strengthens board with deal maker ]]> http://www.proactiveinvestors.com.au/companies/news/190134/rift-valley-resources-strengthens-board-with-deal-maker-190134.html Rift Valley Resources Ltd (ASX:RVY) has appointed investment banker Neil Thacker Maclachlan as a non-executive director to its board of directors.

Maclachlan has over 35 years investment banking experience and was a director of Extract Resources Ltd and Kalahari Minerals Plc.

Both Extract Resources and Kalahari Minerals were the subject of successful takeovers for $2.1 billion and ₤651 million respectively.

Board skills to maximise value of Angolan assets

Stephen Dobson, chairman, said: “The appointment of a candidate of Neil’s calibre further reinforces the company’s commitment to delivering shareholders a top tier board structure to unlock the value of our Angolan assets.

“We look forward to working with Neil and utilising his global skill set in the development of the Ozango project in this exciting phase of the company’s growth.”

READ: Rift Valley Resources raises $1.5 million to support exploration in Angola

Rift Valley recently raised $1.5 million in a share placement to fund exploration of its projects in Angola, including the flagship Longonjo Metal Magnet Project.

The company plans infill drilling at the 70%-owned Longonjo project to upgrade the maiden inferred resource estimate.

The combined inferred resource is 44.7 million tonnes at 2.50% total rare-earth oxides (TREO).

This includes a from-surface resource of 11.6 million tonnes at 4.30% TREO oxide ore.

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Wed, 17 Jan 2018 11:13:00 +1100 http://www.proactiveinvestors.com.au/companies/news/190134/rift-valley-resources-strengthens-board-with-deal-maker-190134.html
<![CDATA[News - Rift Valley Resources raises $1.5 million to support exploration in Angola ]]> http://www.proactiveinvestors.com.au/companies/news/188846/rift-valley-resources-raises-15-million-to-support-exploration-in-angola-188846.html Rift Valley Resources Ltd (ASX:RVY) will use $1.5 million in placement funds for exploration of its projects in Angola, including the flagship Longonjo Metal Magnet Project.

The company has received firm commitments for the placement from institutional and sophisticated investors.

The placement comprises 50 million shares at a price of $0.03.

Stephen Dobson, executive chairman, said: “We are delighted with the continued support shown by our existing shareholders and welcome new high quality investors to the register for the ongoing development of the assets in Angola.”

READ: Rift Valley Resources reveals maiden resource for Longonjo Magnet Metals Project in Angola

Rift Valley plans infill drilling at the 70%-owned Longonjo project to upgrade the maiden inferred resource estimate.

The combined inferred resource is 44.7 million tonnes at 2.50% total rare-earth oxides (TREO).

This includes a from-surface resource of 11.6 million tonnes at 4.30% TREO oxide ore.

Mineralisation open in all directions

The resource is expected to be just the beginning, with mineralisation open in all directions and at depth.

Only part of the prospective rare earth soil anomaly has been tested to date.

The project has potential to produce high purity rare earth products with a strong emphasis on the magnet metals neodymium and praseodymium.

READ: Rift Valley Resources reveals positive initial study results for rare earth project

The company also plans to complete a scoping study for the Longonjo project.

Initial results have been positive and indicate that weathered zone resources may be mined from a conventional shallow open pit.

There is “free dig” material and a very low waste to resource strip ratio.

The study by international mining consultant Amec Foster Wheeler PLC (LON:AMFW) justifies further development work and studies.

Rift Valley has already developed a conceptual process flowsheet to produce high purity, separated rare earth products.

Drilling to continue at Cassenha Hill

The placement funds will also enable Rift Valley to continue drilling at the Cassenha Hill Copper Prospect and to further explore the Bongo Gold Project.

Longonjo and Cassenha Hill are within the 3,760 square kilometre greater Ozango Project.

Angola remains a very supportive jurisdiction for mining, and is one of Africa’s largest oil producers, and the world’s fifth largest diamond producer (by value).

Rift Valley has also advanced negotiations regarding the sale of its gold properties in Tanzania.

The board is confident of a successful outcome which will bring further capital to fund the Angolan exploration activities.

Demand for magnet metals

The demand neodymium and praseodymium (NdPr) is predicted to surge as a result of their increasing application in high powered permanent magnets, or neodymium-iron-boron magnets.

These magnets are important components of the motors for hybrid and electric vehicles as well as the turbines for green energy wind farms.

They already used in major EV models such as the Nissan LEAF, Chevrolet Bolt and BMW i3.

Demand is expected to grow further as Tesla (NASDAQ:TSLA) decided to change the motor in the Model 3 RWD Long Range model to a 3-phase NdPr permanent magnet motor.

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Fri, 15 Dec 2017 13:22:00 +1100 http://www.proactiveinvestors.com.au/companies/news/188846/rift-valley-resources-raises-15-million-to-support-exploration-in-angola-188846.html
<![CDATA[News - Rift Valley Resources to boost cash for rare earths in Angola ]]> http://www.proactiveinvestors.com.au/companies/news/188398/rift-valley-resources-to-boost-cash-for-rare-earths-in-angola-188398.html Rift Valley Resources Ltd (ASX:RVY) is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.

Rift Valley is focused on the Longonjo Magnet Metal Project in Angola.

The country is underexplored by modern methods.

READ: Rift Valley Resources reveals positive initial study results for rare earth project

The halt will remain in place until the opening of trade on Monday 11th December 2017, or earlier if an announcement is made to the market.

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Thu, 07 Dec 2017 10:22:00 +1100 http://www.proactiveinvestors.com.au/companies/news/188398/rift-valley-resources-to-boost-cash-for-rare-earths-in-angola-188398.html
<![CDATA[News - Rift Valley Resources reveals positive initial study results for rare earth project ]]> http://www.proactiveinvestors.com.au/companies/news/188318/rift-valley-resources-reveals-positive-initial-study-results-for-rare-earth-project-188318.html Rift Valley Resources Ltd (ASX:RVY) has received positive initial results from the ongoing scoping study on its 70% owned Longonjo Magnet Metal Project in Angola.

The project has a potential to produce high purity rare earth products with a strong emphasis on the magnet metals neodymium and praseodymium.

READ: Rift Valley Resources reveals maiden resource for Longonjo Magnet Metals Project in Angola

Initial results indicate that weathered zone mineral resources may be mined by conventional shallow open pit with “free dig” material and a very low waste to resource strip ratio.

The study which is undertaken by international mining consultant Amec Foster Wheeler PLC (LON:AMFW) is encouraging and justify further development work and studies.

First mover advantage in Angola

Angola is underexplored by modern methods as a result of the civil war from 1975 to 2002 but is now a peaceful and stable country rapidly developing its infrastructure.

Rift Valley has established a first mover advantage in Angola by securing majority interest the Longonjo Magnet Metal Project, which extends over an area of 3,670 square kilometres.

The project is proximate to established major infrastructure, being located less than five kilometres from a sealed national highway and rail line to the port at Benguela.

Maiden rare earth resource defined

The combined inferred resource stands at 44.7 million tonnes at 2.50% total rare-earth oxides (TREO), including a from-surface resource of 11.6 million tonnes at 4.30% TREO oxide ore.

The maiden resource is expected to be just the beginning, with mineralisation open in all directions and at depth.

Rare earth mineralisation, the subject of the study, is hosted in the weathered zone of the Longonjo Carbonatite.

Next Steps

The company will fast-track infill drilling to upgrade the existing resource to facilitate the completion of the study, with only a portion of the prospective carbonatite and high tenor rare earth soil anomaly tested to date.

Rift Valley’s early metallurgical test work is encouraging with further work to be undertaken.

The company has already developed a conceptual process flowsheet to produce high purity, separated rare earth products.

Demand for magnet metals

The demand neodymium and praseodymium (NdPr) is predicted to surge as a result of their increasing application in high powered permanent magnets.

Permanent magnets are important components of the motors for hybrid and electric vehicles as well as the turbines for green energy wind farms.

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Wed, 06 Dec 2017 11:51:00 +1100 http://www.proactiveinvestors.com.au/companies/news/188318/rift-valley-resources-reveals-positive-initial-study-results-for-rare-earth-project-188318.html
<![CDATA[News - Rift Valley Resources reveals maiden resource for Longonjo Magnet Metals Project in Angola ]]> http://www.proactiveinvestors.com.au/companies/news/184788/rift-valley-resources-reveals-maiden-resource-for-longonjo-magnet-metals-project-in-angola-184788.html Rift Valley Resources Ltd’s (ASX:RVY) drilling success has delivered a maiden JORC resource for its 70% owned Longonjo Magnet Metals Project, located in Angola.

The combined inferred resource stands at 44.7 million tonnes at 2.50% total rare-earth oxides (TREO), including a from surface resource of 11.6 million tonnes at 4.30% TREO oxide ore, with a cut-off of 1.0% TREO.

The maiden resource is expected to be just the beginning, with mineralisation open in all directions and at depth.

The estimate forms the basis of the scoping study currently underway, which is expected to be complete in November.

Stephen Dobson, chairman, commented: “The announcement of the mineral resource estimate is an important milestone in the development of the Longonjo Project as a potential low-cost producer of the ‘in demand’ magnet metal products neodymium and praseodymium oxide.”

Angola remains a very supportive jurisdiction for mining, and is one of Africa’s largest oil producers, and the world’s fifth largest diamond producer (by value).

The Angolan government owns a 10% interest in the exploration licence.

Resource estimate details

The resource is split into two parts, the oxide material and the fresh material. The higher-grade oxide material overlies the fresh material throughout the deposit, mineralised from surface in every drill hole.

The average depth of the oxide zone is estimated at 20 metres below surface. Flat topography will lead to a very low strip ratio as feasibility studies continue.

The oxide zone measures 11.6 million tonnes at 4.30% TREO and the fresh zone measures 33.2 million tonnes at 1.87% TREO.

Metallurgical test work underway

Metallurgical test work is presently underway on composite samples of the diamond core.

Both the oxide and fresh mineralisation types are being assessed for their potential for physical upgrading to produce a high-grade flotation concentrate.

Positive metallurgy testing to date and regional availability of reagents supports lower quartile operating expenses compared to peers.

Background

Rift Valley Resources provides exposure to rare earths from the Longonjo project and copper through the Cassenha Hill project.

Both projects are within the 70% owned 3,760 square kilometre greater Ozango Project located in Angola.

Both copper and rare earths, particularly the magnet metals neodymium and praseodymium, are beneficiaries of the electric vehicle revolution.

Magnet metals of the future

Both neodymium and praseodymium, collectively known as NdPr, have experienced rapid price appreciation in 2017.

The main use of NdPr is in permanent magnets, or neodymium-iron-boron magnets, which are used in electric vehicle (EV) motors and already used in major EV models such as the Nissan LEAF, Chevrolet Bolt and BMW i3.

Demand is expected to grow further as Tesla made a decision to change their motor to a 3-phase NdPr permanent magnet motor in the Model 3 RWD Long Range model.

Scoping study to act as catalyst

According to Ashanti Capital, the Longonjo Magnet Metal Project should revalue upon delivery of the scoping study in November.

An advantage exists as a large proportion of the projected product value will be in the NdPr magnet metals.

Ashanti Capital estimates there is about US$9 billion worth of contained rare earth oxides within the high-grade oxide zone or US$6.8 billion worth of contained NdPr oxide.

Significantly, NdPr accounts for circa 20% of the resource’s TREO content, making it one of the most highly leveraged resources to the electric vehicle revolution.

Upcoming drilling results

The Longonjo Magnet Metals Project is located within the greater Ozango Project, which also hosts a number of other smaller projects and prospects.

One such prospect is the Cassenha Hill copper prospect, where drill results are expected shortly.

Drilling at Cassenha Hill is aimed at testing the extent of copper mineralisation delineated in the maiden drilling program during 2016.

Key results from prior drilling included: 21 metres at 1.39% copper; 15 metres at 2.27% copper; and 16 metres at 1.79% cooper.

There was also a broader intersection of: 70 metres at 0.87% copper.

All holes hit mineralisation and sampling work features up to 9% copper in clays and 5% copper in soils.

The right people in place

Recently, Rift Valley bolstered its board with the addition of non-executive director, Mark Hohnen.

Hohnen is an institutional grade corporate leader who was the founding chairman of £15 million capped Namibian focussed Kalhari Minerals.

He helped build Kalhari into a £750 million company before it was subject to a transaction in 2012 for $US2.2 billion.

Furthermore, the well-known resources-focused investment fund Resource Capital Funds owns a 13.5% stake in the company.

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Fri, 29 Sep 2017 09:03:00 +1000 http://www.proactiveinvestors.com.au/companies/news/184788/rift-valley-resources-reveals-maiden-resource-for-longonjo-magnet-metals-project-in-angola-184788.html
<![CDATA[News - Rift Valley Resources to reveal assays from Angola ]]> http://www.proactiveinvestors.com.au/companies/news/182763/rift-valley-resources-to-reveal-assays-from-angola-182763.html Rift Valley Resources Ltd (ASX:RVY) has been granted a trading halt by the ASX this morning, pending details on drilling results from the Longonjo Magnet Metal project in Angola.

Diamond drilling at Longonjo commenced in May to drill to 50 metres, exceeding the depth of previous air-core holes.

Drilling is expected to provide material from the Longonjo carbonatite mineralisation and enhance the geological model.

The halt will remain in place until the opening of trade on Thursday 26th August 2017, or earlier if an announcement is made to the market.

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Tue, 22 Aug 2017 10:58:00 +1000 http://www.proactiveinvestors.com.au/companies/news/182763/rift-valley-resources-to-reveal-assays-from-angola-182763.html
<![CDATA[News - Rift Valley Resources Ltd begins drilling at Tanzanian gold project ]]> http://www.proactiveinvestors.com.au/companies/news/143095/rift-valley-resources-ltd-begins-drilling-at-tanzanian-gold-project-68946.html Rift Valley Resources Ltd (ASX:RVY) has commenced a reverse circulation drilling program at the company’s 100% owned Miyabi Gold Project in Tanzania.

The Miyabi project is an advanced exploration tenement with 704,000 ounces of gold resource at 1.5g/t.

The recently completed data migration and geophysical interpretation of the project has identified the potential for repetitions of mineralization within the prospective corridor.

A 3,000 metre drilling program is planned with the primary aim of testing the strike extents of gold mineralisation delineated from the previous campaign.

Highlights from the previous drilling program include thick, high grade intercepts of 18 metres at 12.0 g/t gold from 46 metres and 16 metres at 12.0 g/t gold from 65 metres.

Rift Valley recently raised $1.5 million through a private share placement to Australian and U.K. investors.

The new funds will be used for exploration at the 100% owned gold projects in Tanzania and the 70% owned Ozango project in Angola.

The gold resource at at Dalafuma is currently 1,265,000 tonnes at 4.1g/t Au for 167,000 ounces.

Assay results from diamond drilling at Angola in April showed broad zones of copper including 24 metres at 1.23% copper from 12 metres.

The share price of Rift Valley has increased by 24% during the last three months.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 01 Jun 2016 10:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/143095/rift-valley-resources-ltd-begins-drilling-at-tanzanian-gold-project-68946.html
<![CDATA[News - Rift Valley Resources Ltd gets ready to raise ]]> http://www.proactiveinvestors.com.au/companies/news/143092/rift-valley-resources-ltd-gets-ready-to-raise-68283.html Rift Valley Resources Ltd (ASX:RVY) has recently been advancing exploration for gold in Tanzania, with new regional high priority targets identified.

The company is now heading to market with a capital raising, with the ASX granting a trading halt to prepare.

The halt will remain in place until the opening of trade on Friday 29th April 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 27 Apr 2016 10:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/143092/rift-valley-resources-ltd-gets-ready-to-raise-68283.html
<![CDATA[News - Rift Valley Resources Ltd to divulge drilling results ]]> http://www.proactiveinvestors.com.au/companies/news/143090/rift-valley-resources-ltd-to-divulge-drilling-results-67927.html Rift Valley Resources Ltd (ASX:RVY) is preparing to reveal drilling results in coming days, with the ASX granting the company a trading halt to prepare.

Rift Valley has recently been drilling in Angola, with maiden results including a broad copper/gold mineralisation.

The halt will remain in place until the opening of trade on Monday 11th April 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 07 Apr 2016 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/143090/rift-valley-resources-ltd-to-divulge-drilling-results-67927.html
<![CDATA[News - Rift Valley Resources has drilling results on the horizon ]]> http://www.proactiveinvestors.com.au/companies/news/143088/rift-valley-resources-has-drilling-results-on-the-horizon-67024.html Rift Valley Resources (ASX:RVY) is preparing to outline its latest drilling results, with the ASX granting the company a trading halt to prepare.

The company has recently been undertaking a diamond drilling program at its Cassenha Hill Copper-Gold Project, which is also located within the broader Ozango Project area in Angola.

The halt will remain in place until the opening of trade on Wednesday 17th February 2016, or earlier if an announcement is made to the market.


Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 15 Feb 2016 16:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/143088/rift-valley-resources-has-drilling-results-on-the-horizon-67024.html
<![CDATA[News - Rift Valley Resources acquiring Tanzanian assets, raises $4M ]]> http://www.proactiveinvestors.com.au/companies/news/143086/rift-valley-resources-acquiring-tanzanian-assets-raises-4m-61161.html Rift Valley Resources (ASX:RVY) has signed a sale and purchase agreement to acquire the Mtemi Group of Companies, which have a gold, copper and uranium exploration tenements in Tanzania.

Mtemi also owns a drill rig, trucks and other equipment which will be beneficial to Rift’s existing operations in Tanzania.

In conjunction with the acquisition, the company has raised $4 million through a placement of shares priced at $0.025 each to institutional and sophisticated investors.

Proceeds will go towards further drilling and resource development at the company’s projects in Tanzania.

Funds will also be used for drilling, trenching, stream sediment sampling, acquisition and interpretation of the airborne survey recently undertaken by the Angolan Government at its Ozango project in Angola.

The issue is subject to shareholder approval at a general meeting of shareholders to be called shortly and expected to be held in mid-April 2015.

Cconsideration for the acquisition of Mtemi will be satisfied by the issue of 32 million Rift shares (subject to 12 months escrow) and 42,855,000 unlisted Rift options exercisable at $0.06 and expiring in 3 years.

Mtemi will be invited to appoint a nominee to the board of Rift as a non-executive director for a term of 3 years.

Adding interest, Mtemi has a sophisticated shareholder base of successful Tanzanian and international businessmen who bring with them valuable Tanzanian and general African experience and technical capabilities.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 10 Mar 2015 12:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/143086/rift-valley-resources-acquiring-tanzanian-assets-raises-4m-61161.html
<![CDATA[News - Rift Valley Resources to complete acquisition, raise capital ]]> http://www.proactiveinvestors.com.au/companies/news/143084/rift-valley-resources-to-complete-acquisition-raise-capital-61105.html Rift Valley Resources (ASX:RVY) has been granted an ASX trading halt in relation to a capital raising and completion of an acquisition.

The halt will last until the earlier of the announcement being made or the start of trade on Tuesday, 10th March 2015.

In February, the company signed a term sheet with the Mtemi Resources Group of Companies for the acquisition of additional tenements in Tanzania.

Rift Valley has two gold projects in Tanzania and five priority targets in Angola.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 06 Mar 2015 11:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/143084/rift-valley-resources-to-complete-acquisition-raise-capital-61105.html
<![CDATA[News - Rift Valley Resources to acquire more mineral tenements in Tanzania ]]> http://www.proactiveinvestors.com.au/companies/news/143083/rift-valley-resources-to-acquire-more-mineral-tenements-in-tanzania-60607.html Rift Valley Resources (ASX:RVY) has signed a term sheet with Mtemi Resources Group of Companies for the acquisition of additional tenements in Tanzania.

Recent drilling at its Kitongo Gold Project in Tanzania has intersected strong zones of gold mineralisation.

This confirmed that resource grade mineralisation continues at depth beneath the defined 370,000 ounce Main Zone resource.

It also identified a major new zone of shallow mineralisation in the South Limb position.

The new zone is outside the area of artisanal mining and remains open down dip and for at least 300 metres along strike.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 10 Feb 2015 13:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/143083/rift-valley-resources-to-acquire-more-mineral-tenements-in-tanzania-60607.html
<![CDATA[News - Rift Valley Resources inks rare earth JV with Angolan Government ]]> http://www.proactiveinvestors.com.au/companies/news/143081/rift-valley-resources-inks-rare-earth-jv-with-angolan-government-54697.html Rift Valley Resources (ASX: RVY) has formally executed documentation required by the Angolan state owned company Ferrangol E.P, S.A. over the Ozango rare earth joint venture project.

The Joint venture over the tenement is now compliant with newly established Angolan exploration and mining rules and has been incorporated into newly formed company Ozango Minerais S.A.

Shareholding and investment agreements have been established between Ozango and Ferrangol, and Rift is looking at acquiring further mineral licences over the tenement.

Recently, Rift delivered 4 metre composite assays up to 11.32% total rare earth oxides (TREO), 39 metres at 4.48% TREO from surface, and 20 metres at 6.75% TREO from surface from Ozango.

All drill holes returned significant REE mineralisation from surface over an area 600 metres by 500 metres, and remains open in all directions.

Importantly, the project is located proximal to the National highway, railway and grid power, which will result in lower capital and operating expenditures.

Longonjo covers some 3,670 kilometres of Archaean greenstone rocks that have been intruded by Cretaceous felsic volcanics, carbonatites and kimberlites.

These rocks are considered highly prospective for REE, phosphate, copper, iron ore and gold. To date however, this area has seen very little modern exploration.

Rift is capitalised at $6.5 million and may perform well when positive investor sentiment towards rare earths returns.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 05 May 2014 09:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/143081/rift-valley-resources-inks-rare-earth-jv-with-angolan-government-54697.html
<![CDATA[News - Rift Valley Resources hits high grade rare earths at Longonjo, Angola ]]> http://www.proactiveinvestors.com.au/companies/news/143079/rift-valley-resources-hits-high-grade-rare-earths-at-longonjo-angola-53996.html Rift Valley Resources (ASX: RVY) should trade higher after assaying high grade rare earth elements (REE) from drilling at its 70% owned Longonjo prospect in Angola.

Highlights included 4 metre composite assays up to 11.32% total rare earth oxides (TREO), 39 metres at 4.48% TREO from surface, and 20 metres at 6.75% TREO from surface.

All drill holes returned significant REE mineralisation from surface over an area 600 metres by 500 metres, and remains open in all directions.

Importantly, the project is located proximal to the National highway, railway and grid power, which will result in lower capital and operating expenditures.

Whilst drilling has tested only a small portion of the soil anomaly, the geochemistry has been qualified at depth with broad intersections of significant rare earth mineralisation over an area with sufficient potential to delineate substantial tonnages.

The company considers metallurgical assessment to be the next priority, which has commenced.

This test work is scheduled to take 4 weeks, the results of which will be announced to the market as they come to hand.

Longonjo covers some 3,670 kilometres of Archaean/Palaeoproterozoic greenstone rocks that have been intruded by Cretaceous felsic volcanics, carbonatites and kimberlites.

These rocks are considered highly prospective for REE, phosphate, copper, iron ore and gold. To date, however, this area has seen very little modern exploration.

Capitalised at $6.5 million, Rift Valley is primed for when positive investor sentiment returns towards rare earth deposits.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 31 Mar 2014 10:20:00 +1100 http://www.proactiveinvestors.com.au/companies/news/143079/rift-valley-resources-hits-high-grade-rare-earths-at-longonjo-angola-53996.html
<![CDATA[News - Rift Valley Resources prepares for rare earth drilling at Longonjo, Angola ]]> http://www.proactiveinvestors.com.au/companies/news/143078/rift-valley-resources-prepares-for-rare-earth-drilling-at-longonjo-angola-51051.html Rift Valley Resources (ASX: RVY) has secured a drilling rig to test its Longonjo rare earth elements prospect in Angola next month.

Longonjo is to be the first prospect advanced within its newly acquired Ozango project, with drilling aiming to test bedrock mineralization beneath a soil anomaly and provide sample material for metallurgical analysis.

The prospect is defined by a 3.5 kilometre by 1.7 kilometre +0.5% rare earth soil anomaly peaking at over 5% total rare earth oxide (TREO).

A follow up trenching and pitting program within the geochemical anomaly returned TREO grades up to 18.9% in bedrock pit samples, and the target is yet to be drilled.

In addition, Longonjo hosts significant niobium with assays peaking at 0.76%, and phosphate with assays peaking at 7.45%.

Importantly, uranium and thorium levels are also low.

The project lies proximal to infrastructure including the city of Huambo, the national highway and the recently recommissioned railway to the port of Lobito.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 11 Dec 2013 10:20:00 +1100 http://www.proactiveinvestors.com.au/companies/news/143078/rift-valley-resources-prepares-for-rare-earth-drilling-at-longonjo-angola-51051.html
<![CDATA[News - Rift Valley Resources acquiring 70% interest in Angola copper, gold and rare earths project ]]> http://www.proactiveinvestors.com.au/companies/news/143076/rift-valley-resources-acquiring-70-interest-in-angola-copper-gold-and-rare-earths-project-50375.html Rift Valley Resources (ASX: RVY) has agreed to acquire private company Sable Minerals, which has a 70% interest in the Ozango copper-gold and rare earth project in Angola, for $1.5 million in shares.

Ozango covers 3,670 square kilometres and is located just 70 kilometres west of the country’s second largest city of Huambo which is linked with the Atlantic deep water port of Benguela by a national highway and revamped railway that run through the tenement.

Huambo also hosts an international standard airport while hydro power, fuel, water, general supplies and accommodation are readily available.

The project has three distinct target areas for priority follow up: the Catabola copper‐gold target; the Longonjo rare earth element target; and the Bongo gold target.

Sufficient first pass exploration has been completed on the Catabola and Longonjo targets to enable initial drilling programs to be planned while the Bongo target requires follow up surface prospecting.

The large project also contains untested iron, barite and tungsten occurrences.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 20 Nov 2013 11:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/143076/rift-valley-resources-acquiring-70-interest-in-angola-copper-gold-and-rare-earths-project-50375.html
<![CDATA[News - Rift Valley Resources to divulge acquisition ]]> http://www.proactiveinvestors.com.au/companies/news/143074/rift-valley-resources-to-divulge-acquisition-50269.html Rift Valley Resources (ASX: RVY) is preparing to reveal details of an acquisition, with the company granted a trading halt by the Australian Stock Exchange.

Rift Valley's shares are now in pre-open.

In the company's recent September quarterly, it outlined that discussions with the joint venture partner on the Miyabi gold project continued, with the potential to acquire the local interests in the project now on the table.

Currently Rift Valley holds 50%, with the right to earn 75%.

The project is located 200 kilometres southwest of Mwanza in the Lake Victoria Goldfields of Tanzania.

The halt will remain in place until the opening of trade on Wednesday 20th November 2013, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 18 Nov 2013 11:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/143074/rift-valley-resources-to-divulge-acquisition-50269.html
<![CDATA[News - Rift Valley Resources drilling results confirms high grade gold at Chui prospect in Tanzania ]]> http://www.proactiveinvestors.com.au/companies/news/143072/rift-valley-resources-drilling-results-confirms-high-grade-gold-at-chui-prospect-in-tanzania-37343.html Rift Valley Resources (ASX:RVY) has completed the second phase of drilling at its Miyabi gold project in the Lake Victoria Goldfields in Tanzania with results at the Chui prospect confirming high grade.

The latest five week drilling program focussed on the new Chui Prospect and on three new geophysical targets identified within the broader Miyabi Structural Corridor.

A new drill hole on the Chui prospect confirmed the high grade mineralisation identified by a previous drill hole which intersected gold anomalies at 11 metres at 23 grams per tonne (g/t) of gold.

The new hole intersected 12 metres at 6.02g/t gold from 33 metres in the reverse circulation percussion pre‐collar and extending to the end of the pre‐collar.

A total of 117 holes for 4,290 metres of drilling have now been completed in the second phase of 2012 drilling. It involved 107 aircore holes, 9 reverse circulation percussion holes and one diamond drill hole.

Exploration work will continue at Miyabi during December 2012 and January 2013 to infill the soil sampling grid within the Miyabi Structural Corridor which is aimed at targeting additional zones of mineralisation.

The Miyabi Gold Project has Mineral Resources contained in several deposits totalling 12.4 million tonnes at 1.3g/t of gold.

This Resource comprises 520,000 ounces of gold estimated in accordance with JORC in 2004. The resource also comprises 370,000 ounces of Indicated Mineral Resource and 150,000 ounces of Inferred Mineral Resource that was estimated in 2006.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 14 Dec 2012 13:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/143072/rift-valley-resources-drilling-results-confirms-high-grade-gold-at-chui-prospect-in-tanzania-37343.html
<![CDATA[News - Rift Valley Resources in significant transaction, granted halt by the ASX ]]> http://www.proactiveinvestors.com.au/companies/news/143070/rift-valley-resources-in-significant-transaction-granted-halt-by-the-asx-24327.html Rift Valley Resources (ASX: RFV) in its first eight months of public life since listing on the ASX has been active in establishing a presence in some richly mineralised areas of Tanzania.

Today Rift Valley has been granted a trading halt by the ASX pending the release of information surrounding a significant transaction, with the company's shares placed in pre-open.

The company has not yet elaborated any further on the proposed transaction.

In 2011 Rift Valley added to its portfolio of projects through the acquisition of the Maji Moto Project, the Igando Project and the Geita East Project.

Maji is located 28 kilometres southwest of African Barrick Gold’s multimillion ounce North Mara gold mine and covers numerous known gold occurrences and gold workings surrounding the old Maji Moto gold mine, which was operated up until the 1950s.

Igando is located in the Rwamagaza greenstone belt 15 kilometres from the old Buckreef gold mine, and has a number of old gold workings both in and adjacent to the project.

Geita East Project is positioned 5 kilometres east of AngloGold Ashanti’s multi‐million ounce Geita gold mine, covers a strategically located portion of the Geita greenstone belt that has generally been under explored in the past because of widespread soil cover.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 23 January.

 

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Thu, 19 Jan 2012 11:50:00 +1100 http://www.proactiveinvestors.com.au/companies/news/143070/rift-valley-resources-in-significant-transaction-granted-halt-by-the-asx-24327.html
<![CDATA[News - Rift Valley Resources identifies gold anomalism at Suguti in Lake Victoria Goldfield, Tanzania ]]> http://www.proactiveinvestors.com.au/companies/news/143068/rift-valley-resources-identifies-gold-anomalism-at-suguti-in-lake-victoria-goldfield-tanzania-22145.html Rift Valley Resources (ASX: RFV) has defined anomalous gold trends with clear orientation and continuity at the Suguti Project in the Lake Victoria Goldfield in Tanzania.

This is good news for Rift, which listed on the ASX close to six months ago.

Initial soil samples were taken on a 100 metre by 200 metre pattern, covering areas with a residual soil profile.

Three areas identified as more prospective through field mapping were selected for closer spaced sampling at 100 metres by 50 metres.

Gold and arsenic assay results define potentially mineralised trends that the company plans to follow up on.

The anomalies are located in a greenstone rock sequence that is conducive to hosting gold mineralisation in the Lake Victoria Goldfields.

Follow up work is planned to begin as soon as possible, while possible northern extensions of the anomalies will be tested.

The Suguti Project covers about 77 square kilometres in the Mara-Musoma goldfield, located 7 kilometres south of the historical Kiabakari gold mine.

A sealed highway passes through the western edge of the licence, allowing for good access to the project.

Rift was admitted to the ASX on May 19, following a successful IPO which offered 50 million shares at $0.20 to raise up to $10 million.

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Wed, 16 Nov 2011 16:07:00 +1100 http://www.proactiveinvestors.com.au/companies/news/143068/rift-valley-resources-identifies-gold-anomalism-at-suguti-in-lake-victoria-goldfield-tanzania-22145.html
<![CDATA[News - Rift Valley Resources increases gold holdings in Tanzania’s Lake Victoria Goldfields ]]> http://www.proactiveinvestors.com.au/companies/news/143066/rift-valley-resources-increases-gold-holdings-in-tanzanias-lake-victoria-goldfields-20176.html Rift Valley Resources (ASX: RFV) has acquired two gold projects in the Lake Victoria Goldfields region of Tanzania, adding to its existing 1,138 square kilometre landholding in the area.

Rift Valley has contracted with Tanzanian companies Sigo Gems and Fenites Limited to acquire ownership of three Prospecting Licences.

Tanzania is an attractive investment environment in Africa, with political stability and a rich endowment of mineral resources.

Under the agreement, which is subject to due diligence, Rift Valley will acquire an initial 80% interest in the tenements, with a further 10% to be acquired upon Rift Valley making a decision to mine.

The deal involves an upfront payment of $US25,000 upon transfer of the tenements along with subsequent annual payments of $US20,000, $US25,000 and $US30,000.

A further $US75,000 will be paid upon a decision to mine, and after production commences on the tenements, two payments of $750,000 will be made, one upon production reaching 85% of the facility's production capability, and one on the first anniversary of production commencement.

All consideration will be paid 50% in cash and, subject to shareholder approval if required, 50% in Rift Valley shares.

Two of the three tenements make up the Igando project area, which is located 15 kilometres from the old Buckreef gold mine.

Igando covers 26.7 square kilometres in the western Rwamagaza greenstone belt, which hosts numerous known gold deposits and occurrences, including African Barrick Gold's (LON: ABG) Tulawaka gold mine 34 kilometres to the west, the Buckreef gold deposit 15 kilometres to the east and a more recent (2006) gold discovery named Mnekezi located only 14 kilometres to the west of Igando.

The project area is accessible via a sealed highway 42 kilometres southeast of the town of Geita and a new gravel road to the village of Iparamasa. Some 90% of the total project area is over greenstone rocks with a number of old gold workings both in and adjacent to the property.

The second tenement makes up the 51 square kilometre Geita East project, which covers a strategically located portion of the Geita greenstone belt that has not been subjected to extensive exploration in the past, due to widespread soil cover.

Rift Valley plans to concentrate its initial exploration program on potentially significant old gold workings that are located in a major shear structure on the greenstone-granite contact.

Previous small-scale open pit mining exposed an extensive stock-work of gold bearing quartz veins over a length of 200 metres and widths of 20-40 metres.

 

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Thu, 29 Sep 2011 10:22:00 +1000 http://www.proactiveinvestors.com.au/companies/news/143066/rift-valley-resources-increases-gold-holdings-in-tanzanias-lake-victoria-goldfields-20176.html
<![CDATA[News - Rift Valley Resources kicks off gold nickel exploration in Tanzania ]]> http://www.proactiveinvestors.com.au/companies/news/143064/rift-valley-resources-kicks-off-gold-nickel-exploration-in-tanzania--16458.html Recently listed Rift Valley Resources (ASX: RFV) has begun initial gold nickel exploration programs on its tenements in Tanzania, East Africa, the continent’s third largest gold producing country.

Field activity, comprising detailed geological mapping and rock chip sampling, is currently underway on Golden Pride North, Buhemba South East and Nyamagoma.

Golden Pride North is located four kilometres from Resolute Mining’s (ASX: RSG) Golden Pride Mine in the Nzega greenstone belt, and Buhemba South East is located in the Mara-Musoma greenstone belt. Both tenements hold potential for gold mineralisation.

Nyamagoma lies within the Kabaran Fold Belt, in the Kabanga region, and is being explored for its nickel potential.

Mike McKevitt, managing director, said “following the over-subscribed IPO we have hit the ground running and have commenced exploration on our gold and nickel prospects in Tanzania.”

Rift Valley listed on the ASX on 19 May 2011, offering 50 million shares at $0.20 to raise up to $10 million.

The company owns nine tenements in Tanzania covering 1,183 square kilometres and holds the rights over a further seven applications for prospecting licenses.

Tanzania has in the past decade emerged as an African gold producing powerhouse, and from virtually no production in 1998 the country is now the third largest producer of gold in Africa.

Tanzania provides one of the most attractive investment environments in Africa following its embrace of open-market economic policies starting in the mid 1990’s.

It is a politically stable democracy, follows a British legal system, and has a rich endowment of mineral resources.



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Fri, 20 May 2011 09:10:00 +1000 http://www.proactiveinvestors.com.au/companies/news/143064/rift-valley-resources-kicks-off-gold-nickel-exploration-in-tanzania--16458.html
<![CDATA[News - Rift Valley Resources targeting gold in Tanzania, first trade on ASX at 11am today ]]> http://www.proactiveinvestors.com.au/companies/news/143062/rift-valley-resources-targeting-gold-in-tanzania-first-trade-on-asx-at-11am-today-16411.html Rift Valley Resources (ASX: RFV) has been admitted to the ASX after a successful IPO which offered 50 million shares at $0.20 to raise up to $10 million.

Rift Valley will hit the ASX boards at 11:00 am AEST today, Thursday 19 May, with a total of 66.4 million shares on issue.

The company has an exploration focus on the Lake Victoria Gold Field in Tanzania.

Tanzania has in the past decade emerged as an African gold producing powerhouse, and from virtually no production in 1998 the country is now the third largest producer of gold in Africa.

Tanzania provides one of the most attractive investment environments in Africa following its embrace of open-market economic policies starting in the mid 1990’s.

It is a politically stable democracy, follows a British legal system, and has a rich endowment of mineral resources.


The Rift Valley footprint in Tanzania

Rift Valley has entered into agreements to acquire a package of tenements in some highly prospective areas of Tanzania, with the company saying that additional mining opportunities are being sought in the country.

The company holds interests in a 1,183 square kilometre landholding, within geological provinces containing known deposits of gold, nickel, copper and platinum group elements (PGE).

Rift Valley said these properties have potential for the discovery of commercial minerals, principally gold and nickel, in a number of geologic settings.

Adding interest to the company's exploration at these projects is that there has been little or no exploration using modern mining techniques.

 

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Thu, 19 May 2011 10:23:00 +1000 http://www.proactiveinvestors.com.au/companies/news/143062/rift-valley-resources-targeting-gold-in-tanzania-first-trade-on-asx-at-11am-today-16411.html