Proactive Investors - Run By Investors For Investors

Rift Valley Resources' upcoming drilling program aimed at growing magnet metals resource

The 9,000-metre program has been outlined to the company’s administration team in Angola.
Meeting of Rift Valley Resources administration team members in Angola
Country manager Paulo Nunes briefs team members on the upcoming drilling

Rift Valley Resources Ltd (ASX:RVY) is about to undertake 9,000 metres of drilling at the Longonjo Magnet Metals Project in Angola and has outlined the work to its local administration.

Country manager Paulo Nunes briefed the Longonjo team on the program, which is set to begin in August.

The program will encompass an area around 10 times the extent of the Longonjo resource estimate and will enable an updated estimate to be prepared.

READ: Rift Valley Resources outlines 9,000-metre drill program to grow magnet metals deposit

Nunes said the administration was highly supportive of the program which would create jobs for locals and inject money into the community.

“There is a genuine excitement amongst the team about the start of the program and this is shared by the local administration,” he said.

READ: Rift Valley Resources raises $5.5 million in oversubscribed placement

The drilling program follows a recently oversubscribed $5.5 million capital raise and first results are expected about six weeks after it starts.

Longonjo contains a large new discovery of neodymium praseodymium (NdPr) mineralisation.

This is part of the 11.6 million tonnes at 4.30% rare earth oxide (REO) JORC-compliant maiden resource.

Drilling to test large area

Drilling will test the whole of the highly mineralised carbonatite within a 2.4 square kilometre area.

Commenting on the drilling, Rift Valley’s chairman Paul Atherley said: “China controls well over of 90% of the world’s production of NdPr which is the core metal used in electric motors for EVs, wind turbines and more generally in the electrification of modern society.

“Currently there is only one listed NdPr producer in the world today (Lynas Corporation Ltd ASX:LYC), which sells most of its production to China.

“Dave Hammond and his team have designed this program with the clear objective of delineating a globally significant NdPr resource at Longonjo.”

View full RVY profile View Profile

Rift Valley Resources Ltd Timeline

Related Articles

Carmel Sapphire
June 07 2019
The Israel-focused exploration firm says its main strategy is to focus on exploration targets that it deems to have the highest upside that can be brought to production at relatively low cost
Drilling work at Cinovec
April 29 2019
Here we take a deep dive into the mechanics of European Metals Holdings PLC (LON:EMH) (ASX:EMH), which in the Cinovec project has a tiger by the tail
coal
April 02 2019
Peel Hunt has a ‘buy’ recommendation and target price of 205p each on Anglo Pacific shares

© 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