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Pensana Metals in trading halt ahead of capital raising news

The company’s securities will remain in trading halt until the beginning of trade on Monday, June 3, 2019, or when an announcement is released.

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Pensana is targeting a globally significant NdPr deposit at the Longonjo project

Pensana Metals Ltd (ASX:PM8) has been granted a trading halt by the ASX with a capital raising announcement pending.

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.

READ: Pensana Metals progresses Longonjo NdPr in Angola towards PFS in September

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.

Quick facts: Pensana Metals Ltd

Price: 0.225 AUD

ASX:PM8
Market: ASX
Market Cap: $34.42 m
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Watch

Pensana Metals' Paul Atherley discusses its 'low capex, fast payback'...

Pensana Metals Ltd's (ASX:PM8) Paul Atherley speaks to Proactive London's Andrew Scott following the release of a preliminary feasibility study on its Longonjo neodymium and praseodymium (NdPr) project in Angola. The study supports a sustainable operation with initial capital costs of...

on 18/11/19

2 min read