Further high-grade drill results expected to extend mine life

(firmenpresse) -

Pensana Rare Earths Plc (ASX: PM8) is pleased to report results from a further 18 holes of the recently completed 7,000 metre drill programme at the Longonjo NdPr Project in Angola.

The new results include further high-grade intersections from angled holes testing two mineralised contact zones well outside of the Preliminary Feasibility Study (PFS) pit design (ASX announcement 15 November 2019).

- Southern margin: results have extended NdPr mineralisation associated with sub vertical mineralised carbonatite dykes up to 25 metres wide within the contact zone of the Longonjo Carbonatite.

- North east margin: results have defined a 400 metre zone of strong weathering up to 200 metres wide and 80 metres deep containing rare earth mineralisation with elevated NdPr content. Mineralisation remains open along strike to the north and south.

- The company expects that these latest results will allow these areas of Inferred mineral resource to be upgraded to Indicated category, allowing its inclusion into the mine plan on completion of the Definitive Feasibility Study work programmes.

Drill hole- Intersection
LRC231: -8 metres at 4.94% REO including 1.05% NdPr from 24 metres and
12 metres at 4.16% REO including 0.79% NdPr from 36 metres
LRC232:-14 metres at 5.63% REO including 0.96% NdPr from 56 metres
LRC233:-8 metres at 7.73% REO including 1.32% NdPr from 10 metres
LRC242:-10 metres at 4.82% REO including 1.06% NdPr from 28 metres
LRC248:-6 metres at 5.32% REO including 1.10% NdPr from 24 metres
*NdPr = neodymium - praseodymium oxide. REO = total rare earth oxides. Intersections reported at a +0.4% NdPr lower grade cut off. See Table 1 for details of all new results, including wider intersections at a +0.2% NdPr cut


Executive Director & COO Dave Hammond commented:

These latest results demonstrate the continuity of large areas of Inferred resources outside the PFS pit design which along with the previous results we are expecting will significantly extend the mine life in the Definitive Feasibility Study.

We are very much looking forward to the results from the outstanding 120 holes. The majority are infill holes within the high-grade area of the PFS pit design and include several deeper holes which are testing an area immediately below the PFS pit design where previous drilling had intersected high grades in fresh rock.

Authorised by the Board of Pensana Rare Earths Plc

For further information please contact Tim George (CEO) at:
contact(at)pensana.co.uk

www.pensana.co.uk
ASX: PM8
CN 12206525
Ground Floor, 10 Outram Street,
West Perth WA 6005
Ph: +61 8 9221 00 90

Technical Report

Further assay results have been received from the +7,000m infill and extension reverse circulation drilling programme completed in March 2020 at Longonjo. The drilling is in support of Definitive Feasibility Studies (DFS) in progress with Wood Group as lead engineers.

The new results are from 18 drill holes testing areas of Inferred mineralisation on the margins of the carbonatite, well outside of the current PFS pit design and Indicated Mineral Resource (ASX Announcement 15 November 2019).

https://www.irw-press.at/prcom/images/messages/2020/51431/20200406 PM8 RC Drill Results Approved_prcom.001.png
Figure 1: Plan view of the location of new assay results (red) and completed new drill holes with results outstanding (black) over the +0.2% NdPr November 2019 Mineral Resource estimate block model for the weathered mineralisation. The current extent of the Indicated category Mineral Resource estimate is highlighted. Results from a further 120 drill holes (black) are awaited.

The DFS drilling programme is designed to extend the November 2019 PFS mine life through the conversion of the large areas of Inferred category Mineral Resource to Indicated through infill drilling. The majority of the Inferred mineralisation was excluded from the PFS mine plan.

The Indicated weathered zone Mineral Resource has also been infilled to a 50 metre x 50 metre hole spacing to provide detailed data to support an upgrade to the Measured JORC category and, after the completion of further DFS engineering studies, to support Probable or Proved Ore Reserves.

The drilling will also test the potential for substantial fresh rock hosted mineralisation immediately beneath the weathered zone by systematically extending drill holes to 80 metres depth in the 450 metre by 350 metre initial target area.

The new results are from RC drill holes in the southern and north eastern margins of the carbonatite. Drill holes were angled at -600 to test both the vertical mineralised carbonatite dykes and geological contacts and the horizontal weathering overprint that is host to highest grade mineralisation.

Several high grade intersections were returned from the southern margin zone including:

Drill hole- Intersection*
LRC231: -8 metres at 4.94% REO including 1.05% NdPr from 24 metres and
12 metres at 4.16% REO including 0.79% NdPr from 36 metres
LRC232:-8 metres at 3.23% REO including 0.59% NdPr from surface and
12 metres at 3.33% REO including 0.58% NdPr from 16 metres and
14 metres at 5.63% REO including 0.96% NdPr from 56 metres
LRC233:-8 metres at 7.73% REO including 1.32% NdPr from 10 metres and
-30 metres at 3.25% REO including 0.57% NdPr from 74 metres
LRC242:-10 metres at 4.82% REO including 1.06% NdPr from 28 metres
LRC248:-6 metres at 3.86% REO including 0.74% NdPr from surface and
6 metres at 5.32% REO including 1.10% NdPr from 24 metres
*NdPr = neodymium - praseodymium oxide. REO = total rare earth oxides. Intersections reported at a +0.4% NdPr lower grade cut off. See Table 1 for details of all new results, including wider intersections at a +0.2% NdPr cut

The new results from the southern margin confirm and extend rare earth mineralisation in the weathered zone of vertical carbonatite dykes and also in the primary fresh rock zone beneath (Figures 2 and 3).
The company expects to upgrade this area of Inferred Mineral Resource to Indicated, allowing its inclusion in an extended mine plan for the DFS.

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Figure 2: Location of new drilling results (red) along the southern margin of the Longonjo Carbonatite and outside the 9 year PFS open pit. Intersection highlights are shown over the +0.2% NdPr November 2019 Mineral Resource estimate block model (blue) for the weathered mineralisation (see Figure 1 for location). High grade intersections returned from the green drill holes reported in January and March 2020 also suggest the potential to extend the open pit into these areas.

https://www.irw-press.at/prcom/images/messages/2020/51431/20200406 PM8 RC Drill Results Approved_prcom.003.jpeg
Figure 3: Vertical north - south section 523,700mE looking west. New high grade drill intersections demonstrate mineralisation within and around vertical carbonatite dykes that intrude the fenite (altered granite) along the margin of the Longonjo Carbonatite. Note that the usually higher grade weathered zone remains to be tested on this section. LRC233 is located 260 metres west of the current open pit design.

Angled drilling along the north eastern margin of the carbonatite has defined a consistent zone of deep weathering containing NdPr enriched rare earth mineralisation. Wide intersections from the -600 angled holes at a 0.4% NdPr lower grade cut include:

Drill hole- Intersection*
LRC234: -34 metres at 2.57% REO including 0.79% NdPr from surface,
14 metres at 1.63% REO including 0.48% NdPr from 40 metres and
6 metres at 2.00% REO including 0.62% NdPr from 64 metres to end of hole
LRC235:-26 metres at 1.88% REO including 0.53% NdPr from surface and
4 metres at 1.92% REO including 0.50% NdPr from 40 metres and
6 metres at 2.06% REO including 0.65% NdPr from 62 metres to end of hole
LRC236:-6 metres at 2.02% REO including 0.60% NdPr from 64 metres
LRC237:-30 metres at 2.12% REO including 0.57% NdPr from 4 metres and
-28 metres at 1.92% REO including 0.47% NdPr from 44 metres and
-12 metres at 1.56% REO including 0.48% NdPr from 80 metres
*NdPr = neodymium - praseodymium oxide. REO = total rare earth oxides. Intersections reported at a +0.4% NdPr lower grade cut off. See Table 1 for details of all new results, including wider intersections at a +0.2% NdPr cut

The 400m long zone of deeply weathered carbonatite hosted mineralisation is 200 metres wide along the contact with the fenite (Figures 4 to 6). NdPr to REO ratios are higher than usual with NdPr, the projects main value driver, comprising over 30% of total REO compared to the more typical 21%. Mineralisation remains open to the north and south.

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Figure 4: Location of new angled drilling results (red) along the north east margin of the carbonatite. Intersection highlights are shown over the +0.2% NdPr November 2019 Mineral Resource estimate block model (blue) for the weathered mineralisation and the 9 year PFS open pit. NdPr rich rare earth mineralisation lies within a zone of deeply weathered carbonate adjacent to the fenite contact over a strike length of 400m, open to the north and south.

https://www.irw-press.at/prcom/images/messages/2020/51431/20200406 PM8 RC Drill Results Approved_prcom.005.jpeg
Figure 5: Vertical east - west section 8,571,600mN looking north. New high grade drill intersections define a deep zone of weathered NdPr rich rare earth mineralisation along the fenite contact LRC237 is located 225 metres north of the current open pit design. Mineralisation continues into the fresh rock immediately beneath the weathered zone.

https://www.irw-press.at/prcom/images/messages/2020/51431/20200406 PM8 RC Drill Results Approved_prcom.006.jpeg
Figure 6: Vertical east - west section 8,571,900mN looking north. Drilling demonstrates the continuity of the deep zone of weathered NdPr rich rare earth mineralisation over a 400m strike length along the fenite contact. LRC234 is located 480 metres north of the current open pit design.


Samples from a further 120 drill holes are at the sample preparation and assay laboratories and the Company looks forward to providing further updates as results are received.

A revised Mineral Resource estimate for Longonjo to incorporate the new drilling data will be completed once final assays are received.

Competent Persons Statement
The information in this report that relates to Geology, Data Quality and Exploration results is based on information compiled and/or reviewed by David Hammond, who is a Member of The Australasian Institute of Mining and Metallurgy. David Hammond is the Chief Operating Officer and a Director of the Company. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity which he is undertaking to qualify as a Competent Person in terms of the 2012 Edition of the Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves. David Hammond consents to the inclusion in the report of the matters based on his information in the form and contest in which it appears.

The information in this statement that relates to the 2019 Mineral Resource estimates is based on work done by Rodney Brown of SRK Consulting (Australasia) Pty Ltd. Rodney Brown is a member of The Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012 edition).

The Company confirms that it is not aware of any new information or data that materially affects the information included in the above original market announcements. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcement.

Table 1: Longonjo NdPr Project, RC drill intersections at least 4m thick and 0.20% NdPr lower grade cut. Intersections > 0.40% NdPr lower grade cut shown in bold italics
Hole East North RL Hole From To IntervaREO %NdPr %
ID Depth (m) (m)l
(m) (m)

LRC231523,798,570,51,58860 0 4 4 3.93 0.73
7 53 16 50 34 3.24 0.63
(incl.24 32 8 4.94 1.05
and 36 48 12 4.16 0.79)
LRC232523,798,570,61,58080 0 30 30 2.76 0.49
6 10 (incl.0 8 8 3.23 0.59
and 16 28 12 3.33 0.58)
40 52 12 1.78 0.28
54 78 24 4.13 0.69
(incl.56 70 14 5.63 0.96)
LRC233523,708,570,51,580105 0 30 30 3.21 0.57
7 77 (incl.10 18 8 7.73 1.32)
48 54 6 1.66 0.37
74 104 30 3.25 0.57
LRC234524,438,571,91,70470 0 70 70eoh 1.99 0.61
4 02 (incl.0 34 34 2.57 0.79
and 40 54 14 1.63 0.48
and 64 70 6eoh 2.00 0.62)
LRC235524,488,571,71,72168 0 38 38 1.65 0.45
0 99 (incl.12 38 26 1.88 0.53)
40 68 28eoh 1.50 0.42
(incl.40 44 4 1.92 0.50
and 62 68 6eoh 2.06 0.65)
LRC236524,518,571,71,73075 46 75 29eoh 1.27 0.38
6 18 (incl.50 56 6 1.43 0.43
and 64 70 6 2.02 0.60)
LRC237524,508,571,61,72796 0 94 94 1.82 0.47
5 01 (incl.4 34 30 2.12 0.57
and 44 72 28 1.92 0.47
and 80 92 12 1.56 0.48)
LRC238523,688,571,31,62548 2 6 4 1.03 0.22
3 65 30 36 6 0.98 0.25

LRC239523,498,570,51,55450 2 6 4 2.12 0.57
9 76 32 40 8 1.60 0.44
(incl.32 36 4 2.15 0.57)
LRC240523,508,570,61,54630 0 16 16 2.85 0.65
1 47 (incl.0 10 10 2.09 0.52)
20 30 10eoh 1.17 0.25
LRC241523,498,570,61,54128 0 14 14 2.33 0.65
9 79 (incl.0 12 12 2.45 0.70)
20 24 4 2.11 0.48
LRC242523,598,570,51,56354 14 22 8 2.74 0.50
7 63 26 38 12 4.26 0.94
(incl.28 38 10 4.82 1.06)
42 46 4 1.62 0.37
LRC243523,608,570,61,55936 0 32 32 1.43 0.36
0 49 (incl.14 20 6 1.95 0.53
and 24 32 8 1.80 0.44)
LRC244523,798,570,61,57558 20 36 16 1.19 0.29
8 62 44 58 14 1.55 0.38
(incl.46 54 8 1.88 0.46)
LRC245523,898,570,71,57836 0 12 12 2.89 0.70
7 46 20 30 10 0.96 0.25

LRC246523,998,570,51,59142 32 36 4 0.73 0.22
8 47

LRC247524,398,570,61,56524 6 10 4 4.32 0.66
7 58

LRC248524,298,570,51,56740 0 6 6 3.86 0.74
9 99 24 30 6 5.32 1.10
*All holes are angled reverse circulation except for LRC238 in the centre of the project, which is vertical - see Table 2 for details. REO = Total rare earth oxide includes NdPr and is the sum of La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3. NdPr = neodymium + praseodymium oxide. eoh = intersection to end of hole. Co-ordinate system is WGS84 UTM Zone 33 south, rounded to nearest metre. Assays of 2m composite samples by peroxide fusion and ICP analysis, Nagrom laboratories Perth, Western Australia. Maximum of 2m internal subgrade included.

Table 2: Longonjo NdPr Project, RC drill holes collar inclinations and azimuths
Hole ID Zone Angle AzimuthHole
Depth
(m)

LRC231 Southern -59 181 60
margin

LRC232 Southern -59 179 80
margin

LRC233 Southern -59 179 105
margin

LRC234 North east -59 90 70
margin

LRC235 North east -59 88 68
margin

LRC236 North east -59 99 75
margin

LRC237 North east -59 89 96
margin

LRC238 Central area -90 0 48
LRC239 Southern -60 180 50
margin

LRC240 Southern -60 179 30
margin

LRC241 Southern -60 178 28
margin

LRC242 Southern -59 183 54
margin

LRC243 Southern -60 179 36
margin

LRC244 Southern -60 184 58
margin

LRC245 Southern -59 181 36
margin

LRC246 Southern -59 183 42
margin

LRC247 Southern -60 180 24
margin

LRC248 Southern -59 178 40
margin
Collar angles (from horizontal) and azimuths rounded to nearest degree. Accurate hole angle and azimuths recorded at 5m intervals down hole after completion using a Reflex Ez-Gyro tool.

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Datum: 06.04.2020 - 07:19 Uhr
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