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Corporate Spotlight

Pensana Metals Ltd is targeting a globally significant NdPr deposit at the Longonjo NdPr Project. Longonjo is located close to major transport links and infrastructure which is the key to project development.
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NEW DRILL RESULTS

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New drill results extend NdPr mineralisation at Longonjo   with broad, high‐grade intersections starting from surface   

ASX Announcement 27 December 2018 


Pensana Metals  Ltd  (ASX:  PM8)  is  delighted  to  report  further  excellent  drill results  from  its  exploration  programme  at  the  Longonjo  NdPr  Project  in infrastructure rich Angola.


Results from the latest 31 holes include a number of high‐grade intersections starting from the surface up to 42 metres in thickness.  


Drill hole 
  • LRC053:

  • LRC055: 
  • LRC057: 
  • LRC042: 
 Intersection*
  • 10 metres at 8.03% REO including 1.98% NdPr from surface and
  • 14 metres at 7.33% REO including 1.86% NdPr from 20 metres
  • 14 metres at 5.45% REO including 1.13% NdPr from surface
  • 42 metres at 3.98% REO including 0.85% NdPr from surface
  • 12 metres at 4.01% REO including 1.01% NdPr from surface

*NdPr = neodymium – praseodymium oxide. A 0.40% NdPr grade cut has been applied. REO = total rare earth oxides


These  results  follow  on  from  the  previously  announced  results  which  also included high‐grade intersections starting from surface and up to 65 metres in thickness. A number of these deeper intersections remain open at depth. 


With  just  over  half  of  the  results  reported  the  mineralisation  has  been extended in all directions and remains open. 


Results from 67 of the 108 holes drilled have extended the area of the Mineral Resource estimate by several hundred metres to the north, east and the west.


The mineralisation appears to have been closed off to the north but remains open in all other directions with broad, high‐grade intersections  reported at either end of the east‐west drill line.


The mineralisation occurs as a weathered blanket, up to 65 metres in thickness, draped across the top of the 3.8 square kilometre carbonatite intrusion.  


The results expected shortly from the 41 holes drilled in the 2,200 by 900 metre southern  area  of  the  carbonatite  are  expected  to  further  extend  the mineralisation.   


Executive Director Dave Hammond commented: 

“These  broad  intersections  of  high‐grade  mineralisation  from  surface  are exceptional  and  they  follow  on  from  similar  intersections  reported  in  earlier holes. 


With just over half of the drill results received to date it’s clear that much of the weathered blanket covering the 3.8 square kilometre carbonatite is mineralised and  that  we  are  already  looking  at  the  potential  for  a  very  substantial expansion of the maiden Mineral Resource estimate.  


We  are  eagerly  anticipating  the  results  from  the  remaining  41  holes  in  the untested  southern  area,  which  has  considerable  potential  to  add  further extensions to the mineralisation.


Once  all  the  results  have  been  received,  we  look  forward  to  reporting  an upgraded Mineral Resource estimate early in 2019.” 


Click here to view the full announcement

SALE UPDATE

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Tanzania Asset Sale Update 

ASX Announcement 19 December 2018 


Pensana Metals Ltd (“Pensana” or “Company”) (ASX: PM8) provides an update regarding the divestment of the company’s Tanzanian gold exploration assets as previously announced. 


Kitongo Gold Project ‐ Sale agreement executed 

The company executed a conditional  sale agreement  to  sell  the Kitongo Gold Project  tenements  for  a  total  consideration  of  US$550,000.  The  purchaser, Busolwa Mining Limited (Managing Director – Baraka Ezekiel) a private company incorporated  in  the  United  Republic  of  Tanzania,  has  deposited  a  non‐ refundable US$50,000 commitment fee as per the agreement. 


A  further  US$150,000  was  paid  following  the  establishment  of  the  Mineral Commission.   


The  remaining  amount  of  US$350,000  shall  be  paid  upon  the  remaining conditions of the sale as follows: 

  • Work  together  on  all  issues  related  to  relinquishing  any  part  of  the licences grounds to the Artisanal Miners or for any other purposes 
  • Sign an agreement with the illegal miners 
  • Provide the buyer with all geological and geophysical data


To date the abovementioned conditions are well advanced and the company is confident that all conditions will be satisfied to enable completion.


Canuck Prospecting Licence – Mineral prospecting rights agreement executed   

A Mineral Prospecting rights agreement has been executed by Pensana and the Purchaser  for  the  sale  of  the  company’s  100%  owned  Tanzania  prospecting licence  PL  11016/2017  ‐  “Canuck”.    The  purchaser,  Pamoja  Mining  Company Limited,  (Director – Nathan Conradie), a private company incorporated in  the United  Republic  of  Tanzania,  has  agreed  to  purchase  the  licence  for  a  total consideration of US$250,000 subject to the transfer of the prospecting licence to the purchaser.  


The  purchaser  has  transferred into  Pensana’s  bank account US$100,000  cash deposit. The remaining US$150,000 will be transferred upon the transfer of the licence.


The cash deposit is refundable should the transfer of the prospecting license not proceed. The transfer documentation and lodgement process well advanced.


Miyabi Gold Project ‐ Update   

Pensana  had  entered  into  a  “non‐binding”  and  “non‐exclusive”  option agreement  for  the acquisition of the company’s 100% interests in  the Miyabi Gold Project. That option agreement had lapsed, however the board is currently considering entering into an “exclusive, non‐binding agreement with the same group.  


Click here to view the full announcement

SECOND RESULTS

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Second drill results at Longonjo extend mineralisation to the north and identify thick new zones of NdPr 

ASX Announcement 29 November 2018 


Pensana Metals Ltd (“Pensana” or “Company”) (ASX: PM8) is pleased to report additional positive assay results from its exploration drilling programme at the Longonjo NdPr Project in infrastructure rich Angola.


The reverse circulation drill programme is  testing an area approximately  ten times that of the maiden Mineral Resource estimate. 


Results from a further 23 holes of the total 108 hole programme have extended the mineralisation to the north and identified new and deeper zones of NdPr mineralisation extending from surface up to 65 metres in thickness.  


Substantial widths of high grade niobium mineralisation were also intersected.


The  thickness  of  the  mineralisation  intersected  in  this  previously  untested northern  area  of  the  project  compares  favourably  with  the  average  twenty metres  of  thickness  in  the  area  of  the  current  Mineral  Resource  estimate located 800 metres to the south. 


The new mineralisation intersected in the north is particularly enriched in NdPr, which can comprise around 27% of the total rare earths compared with around 20%  in  the Mineral  Resource estimate area. The mineralisation  is also more enriched in the heavy rare earths and contains some high grade niobium.


Highlights include:

Drill holeIntersection*
LRC033:

LRC027:

LRC037:

LRC025:
65 metres at 2.61% REO including 0.71% NdPr from surface to end of hole

44 metres at 2.56% REO including 0.51% NdPr from 14 metres

38 metres at 1.97% REO including 0.50% NdPr from surface

40 metres at 2.15% REO including 0.43% NdPr from surface to end of hole

*NdPr = neodymium – praseodymium oxide. A 0.20% NdPr grade cut applied. REO = total rare earth oxides


Niobium 

High grade niobium mineralisation was intersected in drill hole LRC033 up to:  22 metres at 1.08% Nb2O5 from 10 metres. The mineralisation is hosted by a deeply weathered, barite‐rich carbonatite, which is untested for 500 metres to the south.


The  2018  drilling  programme  is  now  complete and  further assay  results are expected over coming weeks from an additional 71 drill holes.


Executive Director Dave Hammond commented: 

“These  thick  intersections  from  surface  have  confirmed  widespread  and particularly  NdPr‐rich  mineralisation  in  the  untested  northern  area  of  the project.


We are very much looking forward to receiving the results from the remaining 71 holes as the scale of this very promising NdPr deposit begins to unfold.” 


Click here to view the full announcement

INTERVIEW

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BOARD

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Mr. Paul Atherley Chairman
MrAtherley is a Mining Engineer from Imperial College London and has held numerous senior executive and board positions during his career. MrAtherley has developed strong connections within Chinese business, industry bodies and senior government officials, including the most senior levels of the state owned energy companies.

Mr. David Hammond Chief Operating Officer
Geologist with over 25 years international experience including 7 years as Technical Director with Peak Resources Ngualla
Rare Earth Project, Tanzania.

Mr. Mark Hohnen Non Executive Director
Founding Executive Chairman of Kalahari Resources Plc listed on AIM in 2006 for £15million and subject to a £651million takeover in 2012.

Mr Neil MacLachlan Non Executive Director
Internationally experienced Investment Banker, Funds Manager and PublicCompany Director. Director of Kalahari Minerals Plc and also Extract Resources which was also subject to a takeover, for US$2.2billion in 2012.

Mr. Scott Mison Company Secretary / Chief Financial Officer
Chartered Accountant with over 20 years experience in corporate and operations across Australia, UK, Central Asia, Africa
and the US.


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