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Significant Exploration Upside at Gakara Confirmed
Significant Exploration Upside at Gakara Confirmed.
About this update from Rainbow Rare Earths Ltd.
[{"type":"text","content":"\n \nRNS Number : 2756X Rainbow Rare Earths Limited 23 November 2017 \n\nFOR IMMEDIATE RELEASE\n23 November 2017\n \nRainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE: RBW)\nSignificant Exploration Upside at Gakara Confirmed by Airborne Magnetic Survey \n \nRainbow, the rare earth element mining company, is pleased to announce an update on its Gakara Rare Earth Project ('Gakara') in Burundi, where first production and sales of rare earth concentrate are on schedule for Q4 2017. Gakara is one of the highest grade rare earth element mining projects globally, with an estimated in situ grade of 47-67% Total Rare Earth Oxide ('TREO'), and the Company is targeting a production rate of 5,000tpa by the end of 2018. To view the announcement with the illustrative maps please click on the following link: \nhttp://www.rns-pdf.londonstockexchange.com/rns/2756X_-2017-11-22.pdf \n \nHighlights \n \n· Completion of airborne magnetic survey suggests at least four large and highly prospective anomalies for a carbonatite source for Gakara's rare earth veins providing significant exploration upside potential \n· The anomalies range in diameter from 300m to 2,700m and have modelled starting depths of 20m to 67m\n· Consistent with Rainbow's long-term strategy these anomalies present the targets for the Company's first ever drill programme when cashflows from operations allow\n· Rainbow is on schedule to make first shipment of rare earth concentrate before the end of 2017 through distribution and offtake agreement with multinational thyssenkrupp Raw Materials\n \nMartin Eales, CEO of Rainbow, commented: \"With the first shipment of Gakara concentrate imminent, we are encouraged by the identification of at least four highly prospective anomalies which could directly enhance the longer-term production profile of this project. We have believed for some time that the high-grade Gakara veins must have emanated from a substantial carbonatite source and through our recent work we have established some extremely positive indicators for the locations of what may be multiple carbonatites within our licence area that will be a key focus for our near-term exploration campaign.\"\n \nExploration Update\nThe Gak...