Proactive Investors - Run By Investors For Investors

Rift Valley Resources readies for major drilling program at magnet metals project

Drilling will assess the potential for a globally significant NdPr deposit.
map showing angola
Longonjo is located within the 70%-owned Ozango licence in Angola

Rift Valley Resources Ltd (ASX:RVY) is preparing a major drill program aimed at extending mineralisation at the Longonjo NdPr Project in Angola.

Longonjo contains a large new discovery of neodymium praseodymium (NdPr) mineralisation that’s part of the 11.6 million tonnes at 4.30% rare earth oxide (REO) JORC maiden resource.

READ: Rift Valley Resources to spin drill to expand magnet metal project

Rift Valley's executive director Dave Hammond said: “With only 14% of this highly mineralised carbonatite tested to date we are designing a programme aimed at significantly extending the shallow high grade NdPr mineralisation and assessing the potential for a globally significant NdPr deposit."

A potentially globally significant magnet metals project

Neodymium and praseodymium, collectively known as NdPr, are used in the drive trains of electric and hybrid vehicles, as well as for wind energy generation, robotics and other clean energy applications.

Prices of neodymium and praseodymium have been rising on the back of strong demand and tightening supply.

Countries including China, India, France, UK and Norway are moving to set timelines for their respective national transition to electric vehicles.

The company believes Longonjo has the potential to become a globally significant magnet metal deposit in both size and grade.

READ: Rift Valley Resources appoints new chair to head-up magnet metals strategy

Earlier this month, Rift Valley appointed resources executive Paul Atherley as non-executive chairman as it increases its focus on the Longonjo NdPr Project in Angola.

Atherley, who is based in London, has operational, development, capital markets and media experience across the mining and energy sectors in Africa, Australia, Europe, China and the UK.

View full RVY profile View Profile

Rift Valley Resources Ltd Timeline

Related Articles

May 09 2019
Premier African Minerals Limited owns 49% of RHA tungsten mine in Zimbabwe
October 30 2018
Rainbow is continuing to drive towards a production rate of 400 tonnes per month
March 05 2019
The deal transforms Royal Road into a major player in one of the world's most prospective gold districts

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use