Lindian Resources Ltd (ASX:LIN) is trading higher on intersecting the highest-grade rare earths to date at the Kangankunde Rare Earths Project in Malawi, affirming the project’s status as one of the greatest REE projects in the world, according to the company.
The assay results for an additional 13 reverse circulation (RC) drill holes and four core holes have demonstrated extensive rare earths mineralisation, reaching up to an impressive 15.8% total rare earth oxides (TREO), which the company says is nothing short of “spectacular”.
Among the notable intersections are:
- 49 metres at 5.47% TREO from surface to EOH;
- 163 metres at 3.68% TREO from surface to EOH, including 48 metres at 5.28% TREO from surface and 105 metres at 3.16% TREO from 57 metres; and
- 293.4 metres at 3.66% TREO from 4 metres to EOH, including 170 metres at 3.55% TREO from 4 metres and 122.7 metres at 3.94% TREO from 174.7 metres.
Moreover, the average grade of rare earths critical metal elements neodymium-praseodymium (NdPr) stands at approximately 20% of TREO across all holes.
Looking ahead, Lindian is on track to deliver its maiden Kangankunde mineral resource estimate (MRE) by the end of this quarter.
The markets have welcomed the news with shares trading as high $0.425, up 14.87% from the previous close.
“Substantial” rare earths grades
Lindian CEO Alistair Stephens said: “The assays we are reporting today are nothing short of spectacular.
“They provide futher evidence that Kangankunde has substantial rare earths grade and massive geometric size, substantial depth potential, with non-radioactive mineralisation.
“All this points to the fact that Kangankunde could very soon emerge as one of the world’s greatest rare earths assets.
“Furthermore, initial metallurgical work programs have ascertained the mineralisation is amenable to water-based gravity separation with exceptional recovery and grade.
Continuing at depth
“While all assays are very encouraging, with KGKRC059’s 49 metres at 5.47% TREO from surface to end of hole being a clear standout, KGKRCDD018 warrants special mention given we have intersected ~123 metres at 3.94% TREO from almost 175 metres down.
“This demonstrates that higher-grade mineralisation is continuing at depth.
“We look forward to reporting assays from the remaining 14 holes, ongoing progress from the Phase 2 drill program and progress with respect to the first stage processing plant.
“Lindian is very well-placed and interest continues to grow in the project from investors throughout the world and potential quality offtakers.”
Drill highlights
Lindian kicked off phase one drilling at Kangankunde in late October 2023 intending to undertake a drill program that will culminate in a mineral resources estimate and a subsequent exploration target below a mineral resource supported by phase 2 drilling.
The phase one program has been completed with 12,670 metres of RC drilling completed and 1,643 metres of core drilling.
Drilling is continuing on the phase 2 program with two 1,000-metre drill holes designed to test the E-W and N-S axis of the carbonatite between 300 metres and 800 metres below the hilltop, approximately 500 metres below the current deepest drilling.