The trading halt will remain until the beginning of normal ASX trading on Monday, June 3, or when an announcement is released to the market, whichever occurs earliest.
Pensana's shares last traded at 2.2 cents.
Earlier this month Pensana obtained further high-grade drilling results from its infill drilling program at the Longonjo NdPr Project in Angola.
Results included some of the highest grades returned from the project to date with the company confirming the continuity of ‘thick blanket” of neodymium-praseodymium (NdPr) mineralisation from surface.
Among the highlights from this latest round of drilling was hole LRC135, which returned 14 metres at 5.2% rare earth oxides (REO) including 1.06% NdPr from surface.
Last month Pensana chairman Paul Atherley spoke to Proactive about the company’s new mineral resource estimate, which increased more than seven-fold in tonnes and contains more than four times the amount of NdPr compared to the maiden resource estimate.
The new estimate now sits at 240 million tonnes at 1.60% REO, including 0.35% NdPr for 3.85 million tonnes of REO and 840,000 tonnes of NdPr.
Pensana has also appointed international engineering company Wood Group to execute a pre-feasibility study (PFS) for the project.