4 April 2024
THIS
ANNOUNCEMENT CONTAINS INSIDER INFORMATION
Pensana
Plc
("Pensana"
or the "Company")
Coola
Project: Encouraging Sulima West Results
Pensana
(PRE.L) is pleased to report the analytical results for the three
trenches and nine pits sampled at Sulima West laterite during late
2023.
The Sulima
West laterite is located 75 kilometres north of the Longonjo Rare
Earths Project and test work programmes are designed to test for
the amenability of this mineralisation to be processed at
Longonjo.
The Coola
Exploration Project of which the company has a 90% interest is
located approximately 160 kilometres east of the Port of Lobito,
originally covering an area of 7,456 square kilometres.
The
Company has completed multiple field programmes in 2020, 2021 and
2022 confirming carbonatite/alkaline rare earth mineralisation on
two highly prospective targets, the Coola carbonatite and Sulima
West laterite.
Highlights
·
Trench
and pit sampling results confirm a six hectare, enriched laterite
at Sulima West grading 2 - 3% TREO.
·
Sampling
of three additional historic trenches totalling 206 metres averaged
1.8% TREO (La2O3
+
CeO2
+
Nd2O5
+
Pr6O11).
·
Higher
grade zones intersected in these trenches
include:
▪
Trench
2:
2.3%
TREO over 32 metres (0-32
m)
▪
Trench
3: 2.3% TREO over 28 metres (24-52
m)
▪
Trench
4: 2.2%
TREO over 54 metres (0-54
m)
·
All
the pits within the six hectare >3% soil anomaly are mineralised
with an average grade of 2.1% TREO and with all pits ending in
mineralization.
-
Notable
pit intersections include:
▪
Pit
14: 3.0 % TREO over 4 metres
▪
Pit
15: 2.8% TREO over 4 metres
Exploration
Manager, Grant Hayward,
commented:
"The
trench sampling confirms the current understanding of the grade and
lateral extent of the Sulima West laterite and the pitting shows
mineralisation to depths greater than 5 metres. All pits ended in
mineralisation.
Should
the current metallurgical testwork campaign on the Sulima West
laterite show promising beneficiation results, then the full grade
and depth extent of the laterite will be tested by
drilling.
The
deployment of a portable XRF is a game changer with no more lengthy
delays waiting for analytical results before being able to progress
activities which will greatly enhance our understanding and shorten
the discovery time for these new deposits."
Three
historic trenches totalling 206 metres and nine historic pits
ranging in depth from 4 to 5 metres were cleaned, logged and
sampled during Q3 2023 (Figure 1). Samples were dried and riffle
split, and a 0.5 kg aliquot removed for crushing/pulverising to
100% passing 500 microns.
This
sample is then placed in a zip lock plastic bag and analysed with
the recently acquired SciAps X-555 REE Analyzer. This pXRF device
has a 55kV x-ray tube for superior limit of detection and has been
optimized for rare earth element analysis.
The
average TREO grade for the 3 recent trenches is 1.8 % over the 206
metres sampled. Higher grade zones occur within the trenches
returning 4REO values (La2O3
+
CeO2
+
Nd2O5
+
Pr6O11)
averaging 2.3% over widths between 28 to 54 metres.
All pits
within the six hectare >3% in soil anomaly are between 4 - 5
metres deep and averaged 2.1% TREO with Pit 14 and Pit 15 reporting
3.0% and 2.8% TREO over 4 metres respectively.
Figures
1: Sulima West trench and pit pXRF sampling
results.
For
further details please go to
https://pensana.co.uk/coola-exploration-project/ on the Pensana
website.
About
the Coola Exploration Project
The Coola
Exploration project is located approximately 160 km east of Port of
Lobito, originally covering an area of 7,456 square
kilometres.
Exploration
is now focussed on two highly prospective targets: the Coola
carbonatite and Sulima West, which are located between 40 and 100
kilometres north of the Longonjo project.
Pensana,
through Coola Mining LDA in which Pensana holds a ninety percent
interest, was granted the Coola exploration license in May 2020. It has since completed multiple field
programmes in 2020,
2021 and
2022 involving geological mapping, rock chip sampling, trench and
pit sampling, stream sediment sampling, initial radiometric
surveys, close space soil sampling and assaying, confirming rare
earth mineralisation across all carbonatites/alkaline
complexes.
The
Coola
carbonatite is a
roughly circular body, measuring about 900 metres across, as
inferred from the limited outcrops of carbonatite and fenite. The
circular shape suggests that the Coola carbonatite may be a ring
dyke or breccia pipe, similar to the carbonatite at Longonjo. Rock
chip sampling of the 0.9 km diameter Coola carbonatite ring dyke
returned values of between 0.6% and 4.9% TREO (average
2.6%).
Soil
geochemistry over the covered carbonatite returned values of
between 0.37% and 13.18% TREO (average 3.21%). Mineralogical
studies of the Coola carbonatite identified the rare earth mineral
to be bastnäsite, which occurs as discrete veins, veinlets, and
segregations within the carbonatite.
Soil
geochemistry over the fluorite-rich zone at Coola identified an
area of 13 000 m2 with average fluorite values of 17% (Calcium
Fluoride) CaF2.
Sulima
West is a
4.2-kilometre diameter alkaline carbonatite ring complex with a
corresponding high radiometric response. Ten historic trenches,
each of about 90 metres in length and located in the western
segment of the structure, were identified and corresponded with the
highest radiometric response.
Twenty-two
reconnaissance samples were extracted from the trenches in 2021.
During this sampling, it was observed that the trenches were
excavated into an iron/manganese-rich laterite very similar in
appearance to the rare earth element laterite developed over the
Longonjo carbonatite. Results of this initial sampling returned
significant values for rare earth oxides with up to 10.6% TREO
encountered in the laterite and averaging 4.2% TREO.
In Q2
2022, further trench and pit exploration activities were conducted
at the Sulima West target, reporting initial rare earth grades of
up to 9.7% TREO averaging 3.4% TREO over 68 metres at surface in
the trench and up to 5.2% TREO, averaging 4.3% TREO over 6 metres
at surface for the pit. Manganese oxide values of up 15.9% MnO and
averaging 7.2% MnO were also reported.
The
presence of highly anomalous TREO of >10%, the anomalous
radioactivity, outcropping fenite, as well as significant manganese
and supergene apatite, are all supportive of a carbonatite at
depth.
The
information contained within this announcement is considered by the
Company to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No.596/2014. Upon the publication of
this announcement via a Regulatory Information Service, this inside
information will be considered to be in the public domain. The
person responsible for arranging for the release of this
announcement on behalf of the Company is
Paul Atherley,
Chairman.
-
ENDS
-
For
further information, please contact:
Shareholder/analyst
enquiries:
Pensana
Plc
Paul Atherley, Chairman IR@pensana.co.uk
Tim George, Chief Executive Officer
Rob Kaplan, Chief Financial Officer
