Altona Rare Earths plc has published a “transformative” JORC-compliant mineral resource estimates for fluorspar and gallium at its Monte Muambe project in Tete Province, northwest Mozamabique.
TONNAGE
Results showed 3.48 million tons at 20.6% calcium fluoride (CaF2) for 716,000 tons of calcium fluoride contained.
The initial base case life of mine is 9.5 years at 50,000 tons per annum acid-spar.
The additional exploration target of Kudu has up to 3,200,000 tons of calcium flouride contained.
Further exploration potential exists at the Jambire and Jambire Mn targets, which Altona has yet to drill.
The company said that the results justified beginning other fluorspar scoping study workflows.
Metallurgy test results for fluorspar are expected by the end of the second quarter of this year.
The MRE for gallium showed 11.73 million tons at 54.7 g/t gallium(III) oxide (Ga2O3) for 641 tons of gallium(III) oxide contained.
The MRE tonnage “significantly” exceeded expectations and underpinned the potential for a “large-scale” gallium deposit.
Altona added that the MRE was “one of the very few” published gallium MRE worldwide and “the first on a carbonatite deposit”.
The company has to date drilled less than 20% of gallium soil anomaly, which suggested a “strong tonnage upside potential” of “over 40 million tons”.
Altona said that “no direct global peer” comparison existed, which sets the company “at the forefront of carbonatite-hosted gallium exploration”.
The commercial viability of the deposit remains subject to gallium extraction testing in Canada and Poland.
POTENTIAL
Chief executive officer Cedric Simonet added that both MREs “fundamentally revalue the project”, with potential for a stand-alone gallium development.
“The fluorspar MRE supports the business case for the development of the fluorspar mine, with clear upside potential demonstrated by the Kudu exploration target.
“The gallium MRE highlights a larger-than-expected mineralised system, and positions Altona at the forefront of gallium explorers globally.
“More broadly, these results continue to validate Monte Muambe as a multi-catalyst project, with several parallel value creation workstreams, each capable of delivering tangible milestones and sustained news flow.
“Together, these initiatives provide multiple avenues for value creation as the company continues to refine the project’s technical and economic parameters.”
Cape Town-based Geological consultants Rock and Stock Investments (Pty) Ltd, based in Cape Town, South Africa, prepared both MREs.