Kendrick Resources PLC (LSE:KEN) shares gained 11%, to change hands at 6.95p, after announcing that new drilling results from Teufelskuppe in Namibia have strengthened the case for a larger rare earth system, with high-grade mineralisation now showing both at surface and at depth.
The company reported portable X-ray fluorescence results from diamond holes TKDD001 to TKDD003, including previously unanalysed core from TKDD001 that returned individual readings of 6.42%, 3.95%, 3.87% and 2.50% total rare earth oxides, or TREO, in the upper section of the hole.
Previously announced TKDD001 intercepts were unchanged, including 8.14% TREO over 21.16 metres. TKDD002 delivered peak individual readings as high as 15.10% TREO and included 2.75 metres at 4.91% TREO from 109.25 metres, while TKDD003 returned 10.91% TREO over 1.25 metres from 90.75 metres and 4.67% TREO over 3.75 metres from 42.75 metres.
Kendrick said light rare earth oxides consistently accounted for more than 95% of TREO, reinforcing Teufelskuppe’s light rare earth-dominant profile. The company is advancing JORC 2012 certification of a provisional visible 14 million tonne surface mineral resource estimate, alongside ongoing drilling to test the depth and spread of carbonatite mineralisation below surface.
Chairman Colin Bird said the continuity of mineralisation was “very encouraging”, particularly the ability to match surface exposures with depth extensions. Samples have been dispatched for certified laboratory analysis, with drilling continuing as Kendrick builds the database for a mineral resource estimate at Teufelskuppe.
