Lindian Resources Ltd (ASX:LIN) has fielded a further batch of broad high-grade assay results from phase one drilling at the Kangankunde Rare Earths Project in Malawi.
The results relate to 14 reverse circulation (RC) drill holes, all of which returned extensive intersections of non-radioactive mineralisation and a significant total percentage – in the order of 21% – of the critical rare earth metal elements neodymium and praseodymium (NdPr).
Shares have been as much as 10.21% higher in the first hour of ASX trading to A$0.27.
Metallurgical test work is also underway in Perth on a one-tonne sample, with preliminary results anticipated in the near term.
Dominated by light rare earths
The mineralisation is dominated by light rare earths cerium, lanthanum, neodymium and praseodymium, with (NdPr) content making up about a fifth of this.
“As we expected, these latest assays continue to demonstrate high grade and very broad, consistent intersections of non-radioactive mineralisation that is present at Kangankunde,” Lindian chief executive officer Alistair Stephens said.
“The NdPr ratio is again very favourable averaging around 21%. Also encouraging is the consistent rare earths grades in areas of breccia mineralisation.
"Current drilling across multiple drill holes is demonstrating that the grade of the breccia is in many places well above 1% TREO, and as high as 2% TREO.
“This potentially adds to the inventory of mineralisation at depth and peripheral to the central carbonatite mineralised system.”
Highlights
Significant intersections include:
- 26 metres from 58 metres to end-of-hole (EOH) averaging 6.15% TREO including 3 metres at 15.16% from 69 metres with a 1-metre interval within this grading 18.8%;
- 167 metres from surface to EOH averaging 2.85% TREO including 134 metres at 3.18% from surface;
- 80 metres from surface averaging 2.63% TREO including 38 metres at 3.46% from surface;
- 175 metres from surface to EOH averaging 2.31% TREO including 29 metres at 2.93% from 127 metres and 5 metres at 3.28% from 162 metres; and
- 160 metres from surface to EOH averaging 2.04% TREO including 126 metres at 2.82% from 62.2 metres.
The company has completed more than 11,200 metres of drilling in this 12,500-metre program and is waiting on results from another 43 drill holes.
MRE on track
Lindian remains on track to achieve a mineral resource estimate next quarter.
“I can also confirm that the metallurgical test work in Perth is progressing well and we expect to report results in the near term,” Stephens said.
“Concurrently with the mine development drill program and the metallurgy, we are advancing investigations into a low capex, first-phase production facility which we are targeting to have operational in 2024 given we are fully permitted to commence mining operations.
“Interest from rare earths industry participants in this project is encouraging and we expect to report on progress more fully in the coming month.”
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