Business
Exploration Results from Coola Exploration Licence
Exploration Results from Coola Exploration Licence.
About this update from Pensana Plc
[{"type":"text","content":"\n \n \n \n 14 November 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n \n \n \n \n \n Pensana Plc\n \n \n \n \n (\"Pensana\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Exploration Results from Coola Exploration Licence\n \n \n \n \n \n \n Pensana is very pleased to report on the results from the recently completed exploration programme on the Coola Exploration Licence located 40 kilometres north of Longonjo.\n \n \n Exploration activities have been focused on three highly prospective targets namely the Sulima West carbonatite, the Benge Novo alkaline complex and the Coola carbonatite.\n \n \n The results from Sulima West are considered to be a significant discovery and will be the main focus of exploration activities in 2023.\n \n \n \n Highlights include:\n \n \n \n ·\n Trench sampling at Sulima West carbonatite reported rare earth grades of up to 9.7% Total Rare Earth Oxides (\"TREO\"), averaging 3.4% TREO over 68 metres at surface. Individual samples from other trenches reported grades between 3.4 and 5.2% TREO.\n \n \n ·\n Pit sampling at Sulima West carbonatite reported rare earth grades of up to 5.2% TREO, averaging 4.3% TREO over 6 metres at surface.\n \n \n ·\n Manganese grades in the laterite at Sulima West were reported from 1.5% to 18% Manganese Oxide (\"MO\"), averaging 12% MnO all at surface and are regarded as economically significant.\n \n \n ·\n Geological mapping at Sulima West identified a prominent outcrop of supergene apatite occurring together with maghemite and monazite and the area has the potential to host significant phosphate resources. The style of mineralisation has similarities to the Mt Weld deposit currently being mined in Western Australia by Lynas Corporation.\n \n \n ·\n Reconnaissance mapping of the Benga Novo intrusion, immediately to the north of Sulima West carbonatite, indicates a large almost 10 km alkaline intrusion largely covered by residual soils. Reconnaissance mapping indicates potential for bauxite deposits, ionic clay type Rare Earth Element (\"REE\") deposits and direct application fertilizers.\n \n \n \n Exploration Manager, Grant Hayward, commented:\n \n \n \n \n \"We are extremely excited with the trench and pit analytical results from Sulima West laterised carbonatite which have r...