21 October
2024
ALTONA RARE EARTHS
PLC
("Altona"
or "the Company")
KABOMPO SOUTH COPPER
PROJECT
GEOPHYSICAL DATA REVIEW
RESULTS
Altona (LSE: REE), a resource
exploration and development company focused on diversified critical
raw materials in Africa, is pleased to announce
the results of the geophysical and geochemical data assessment for
the Company's new Kabompo South copper project in Zambia, performed
by Earthmaps Consulting ("Earthmaps").
Highlights
· Earthmaps concludes
that Kabompo South is prospective for Iron Ore Copper Gold ("IOCG")
copper mineralisation.
· The data assessment
confirms the presence of geophysical features typically associated
with IOCG deposits in Zambia.
·
In Zambia, the viability of IOCG copper deposits
has been clearly demonstrated by the discovery of the Kitumba
copper deposit (31.5mt at 2.05% Cu), the mine construction for
which started recently.
As announced on 25 September 2024,
the Company engaged the services of Earthmaps, a Namibian based
geophysical services company headed by industry veteran Klaus-Peter
Knupp, to assess the Kabompo South project's geophysical and
geochemical datasets, which include a high-resolution ground
magnetometer survey covering over 50% of the licence.
The data assessment revealed that
the licence is largely underlain by iron-rich Hook Granites
intruding low metamorphic Kundelungu Group sediments at different
depths; some of the intrusions being shallow and potentially
sub-outcropping. One of the magnetic anomalies originating from the
Hook Granites coincides with a soil geochemical anomaly marked by
elevated copper values. These conclusions are consistent with
geological features observed on the ground in and around the
Kabompo South licence area, including the characteristics of the
Kamweji copper deposit and the widespread presence of hematite
veins.
Therefore, Earthmaps has, the
Company is pleased to confirm, concluded that Kabompo South is
prospective for IOCG copper mineralisation.
Following this key and positive data
assessment, the Company will proceed with further exploration work
at Kabompo South. The initial phases will include magnetic
forward and inversion modelling, as well as an extensive soil
geochemical survey that will allow the Company to fully understand
the geometry of the granite intrusions and associated structures,
and to rapidly define initial drilling targets.
IOCG Deposits in Zambia
IOCG deposits are an important
family of copper (and other minerals) deposits sharing common
features, including their association with specific types of
igneous intrusions, strong structural controls (including extensive
breccia) and the abundance of magnetite and/or hematite.
In Zambia, the potential of the Hook
Granites for IOCG deposits is well recognised. Exploration efforts
at Kitumba, in the Mumbwa district of central Zambia, have led to
the discovery of a significant IOCG copper deposit. This deposit,
located in a similar geological context to Kabompo South, has
proved and probable ore reserves totalling 31.5 mt at 2.05% Cu. It
is now owned by Sinomine and the ground-breaking ceremony for the
construction of the mine took place in August 2024.
Cedric Simonet, CEO of Altona, commented:
"The data
assessment carried out by Klaus and his team has clearly outlined a
geological context favorable to IOCG mineralisation, which are
known to carry viable copper deposits in Zambia. The definition of
a geological model to guide exploration is a necessary first step
for any mining project and this represents a significant and
exciting advancement for the Kabompo South project. I look forward
to implementing the next exploration activities on the ground and
updating our shareholders accordingly when the next set of results
have been prepared."
Simon Charles, Chair of Altona, commented:
"These datasets
from the Earthmaps team for Kabompo South are very pleasing. We are
seeing our ambition to hold interests in a diversified portfolio of
mineral assets beginning to take shape."
This announcement contains
information which, prior to its disclosure, was inside information
as stipulated under Regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310 (as amended).
-ends-
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Altona Rare Earths Plc
Cédric Simonet, CEO
+44
(0) 7778 866 108
Louise Adrian,
CFO
+44 (0) 7721 492 922
Novum Securities Ltd (Corporate
Advisory)
+44 (0) 20 7399 9400
David
Coffman
Daniel Harris
About Altona Rare Earths Plc
Altona is a resource exploration and
development company focused on critical raw materials in Africa.
The Company is listed on the Main Market of the London Stock
Exchange with the ticker "REE". Rare Earths are a group of 17
chemical elements, many of which are critical to the World's
ongoing transition from carbon-based to renewable energies, and to
the defence and communication sectors.
The Company is currently developing
Monte Muambe, its flagship Magnet Rare Earths Project, located in
Northwest Mozambique. The Project was acquired in June 2021, and
the Company has so far drilled over 7,800m, and defined a maiden
JORC Mineral Resource Estimate of 13.6 million tons at 2.42% TREO.
A Competent Person Report including the Scoping Study for Monte
Muambe was published on 18 October 2023. The Project is now at
Prefeasibility Study stage, with a focus on metallurgical testing
and process.
Altona is presently diversifying its
portfolio by acquiring a limited number of critical raw material
projects to complement Monte Muambe. The acquisition of the Kabompo
South copper project in Zambia and of the Sesana copper-silver
project in Botswana represent the first steps towards the
implementation of this expanded strategy.
Competent Person Statement
The information in this RNS that
relates to geology and exploration results is based on information
compiled and/or reviewed by Cédric Simonet, who is a Member of
European Geologist Federation (Eur. Geol. #739). Cédric Simonet is
the Chief Executive Officer and a Director of the Company. He has
sufficient experience which is relevant to the styles 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. Cédric Simonet consents to the inclusion in the RNS of
the matters based on his information in the form and contest in
which it appears.
