Shares in Harvest Minerals Ltd (AIM:HMI, OTC:HMIFF) rose 18% on Thursday after it reported more positive assay results from its rare earth exploration programme in Brazil and confirmed plans to accelerate drilling activity.
The AIM-listed mine developer said new tests on 36 historical samples from its Arapuá project showed total rare earth oxide (TREO) concentrations ranging from 2,110 to 2,657 parts per million.
The samples also returned high titanium dioxide grades of up to 15.42%, confirming mineralisation in a rock type known as “Bone”.
The results follow an earlier collaboration with PVW Resources, with whom Harvest signed a cooperation agreement. While PVW remains involved, Harvest has now opted to take the lead in the next stage of exploration, aiming to speed up progress.
Drilling of around 700 metres is scheduled to begin in the third quarter, generating one sample per metre. The programme is expected to cost about US$100,000 and will be funded from the company’s existing cash resources.
Harvest said it had designed a high-impact, low-cost exploration plan that would build on the project’s early promise and coincide with improved performance in its core fertiliser business.
The shares rose 0.12p to 0.55p.