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Rift Valley Resources' shares rise following positive results from magnet metals project in Angola

Upcoming 9000 metre program will drill an area ten times the size of the current resource of 44.7 million tonnes at 2.50% TREO (total rare earth oxide).
Geological mapping of outcrops within the Longonjo Carbonatite
Geological mapping of outcrops within the Longonjo Carbonatite

Rift Valley Resources Ltd’s (ASX:RVY) shares are trading about 12% higher intra-day after receiving positive results from geophysical and geological surveys at the Longonjo magnet metals project in Angola.

The project is adjacent to the $1.8 billion rail link to the Atlantic Port of Benguela in the emerging West African country.

Early fieldwork results have confirmed extensive new areas of deep weathering with the potential to host high-grade NdPr (neodymium and praseodymium) mineralisation as well as a large extension of the six square kilometre carbonatite to the southeast.

Proposed drill holes, simplified geology and NdPr (oxide) grade block model

The red arrow illustrates the continuation of the carbonatite 900 metres to the southeast

A ground penetrating radar geophysical survey has confirmed that the deep weathering profile that is host to the high-grade NdPr mineralisation in the current resource area continues over large areas to the east, west and north and that the weathering increases in thickness to the north.

The results correlate well with logged geology from diamond drilling, successfully defining the undulating weathered fresh rock interface in detail.

Ground penetrating survey in progress over the largely soil covered Carbonatite

Rift chief operating officer Dave Hammond said: “The early results from the field program have confirmed extensive new areas of deep weathering that have the potential to host high-grade NdPr mineralisation.

“Geological mapping also confirms the target areas as well as a new extension of the carbonatite to the southeast.

“We look forward to testing these areas in the current program and reporting the first assay results from the drilling within a few weeks.”

 

Rift’s 9,000 metre drill program is setting out to confirm that the six square kilometre Longonjo Carbonatite hosts one of the world’s largest deposits of NdPr.

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