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Pensana Metals drill results to expand globally significant NdPr deposit

Drill results will feed into an updated JORC resource estimate which has commenced.

 RC drilling at Longonjo, March 2019
The updated resource estimate will support the PFS on schedule for completion in September

Pensana Metals Ltd (ASX:PM8) has received the final results from its reverse circulation (RC) infill and exploration drill program at its Longonjo NdPr Project in Angola.

Infill drilling highlights include 8 metres at 7.66% rare earths oxide (REO) including 1.39% NdPr from surface and 12 metres at 5.12% REO including 0.91% NdPr from 6 metres.

Notably, exploration drilling along the southern margin of the carbonatite intersected a deep zone of weathered mineralisation.

Exploration drilling highlights included 22 metres at 4.26% REO including 0.86% NdPr from 48 metres and 10 metres at 4.07% REO including 0.73% NdPr from 16 metres.

READ: Pensana Metals substantial shareholder FIL lifts interest to 10%

Pensana’s executive director Dave Hammond said: “These high grade NdPr intersections confirm the continuous nature of the near surface blanket of weathered zone NdPr mineralisation in the area targeted for initial open pit mining in the preliminary feasibility study.

“The results from the exploration holes are significant as they add further proof of the existence of arcuate mineralised ring dyke structures around the margins of the circular carbonatite.

Several kilometres of this prospective contact zone have yet to be drill tested and offer further upside potential to the weathered zone mineralisation at Longonjo.”

READ: Pensana Metals obtains commitments for $5 million to progress Longonjo PFS

Earlier this month, Pensana completed a share placement raising $5 million through the issue of 250 million shares priced at 2 cents.

The funds will be used to advance the pre-feasibility study (PFS) underway evaluating the development of Longonjo.

Longonjo is globally substantial neodymium-praseodymium (NdPr) deposit with an inferred mineral resource of 240 million tonnes at 1.60% rare earth oxides (REO).

Today’s infill drilling results will support a revised JORC resource estimate for the high-grade weathered zone at Longonjo.

Quick facts: Pensana Metals Ltd

Price: 0.215 AUD

Market: ASX
Market Cap: $31.68 m

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Pensana Metals announces substantial resource expansion and welcomes new CEO

Pensana Metals Ltd's (ASX:PM8) Paul Atherley speaks to Proactive London's Andrew Scott following the company's quarterly update to the end of March 2019. The company's recently announced they've increased the mineral resource estimate more than seven-fold for the Longonjo...

on 30/4/19

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