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.
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