Perth-based mineral explorer Lindian Resources has released the highest assay grades to date at its Kangankunde rare earths project in Malawi, with headline figures of 49 metres going 5.47 per cent total rare earths oxide (TREO) from surface to end of hole and a 293.4m hit at 3.66 per cent TREO from 4m to the end of another hole.
Mineralisation peaked at 15.8 per cent TREO and management declared the “spectacular” results meant that Kangankunde is emerging “as one of the world’s greatest rare earths assets”. Lindian’s share price rose 14.9 per cent on the news to hit an intraday high of 42.5 cents.
Kangankunde is a carbonatite-hosted system with mineralisation exposed from surface and still open at depth. The company’s latest assays derive from 13 reverse-circulation (RC) holes and four core-tail extensions at Kangankunde’s phase-one drilling program.
Management says all holes reported extensive intersections of non-radioactive mineralisation with significant percentages of the critical and valuable rare earths, neodymium and praseodymium – the co-called “super magnet” rare earths needed for high-tech products such as electric motors and MRI machines. The average grade of neodymium-praseodymium for all holes comprised about 20 per cent of the TREO.
Lindian Resources chief executive officer Alistair Stephens said: “The assays we are reporting today are nothing short of spectacular. They provide further evidence that Kangankunde has substantial rare earths grade and massive geometric size, substantial depth potential, with non-radioactive mineralisation. All this points to the fact that Kangankunde could very soon emerge as one of the world’s greatest rare earths assets. We look forward to reporting assays from the remaining 14 holes, ongoing progress from the Phase 2 drill program and progress with respect to the first stage processing plant. Lindian is very well-placed and interest continues to grow in the project from investors throughout the world and potential quality off-takers.”
Today’s assay results will do nothing but strengthen that interest in Kangankunde and there could be more good news to come with assays pending from the remaining 14 holes of a first-phase program that comprised 14,312m of RC drilling in 92 holes. Once all assays are in, Lindian is expected to define a maiden mineral resource estimate.
Meanwhile, management says phase-two depth extension drilling is ongoing with a second deep-core drill down to about 200m. The holes which delivered the latest assays are in the northern, western and central-eastern areas of the central carbonatite complex.
Mr Stephens added that the fact drill hole KGKRCDD018 intersected about 123 metres at 3.94 per cent TREO from almost 175 metres down, demonstrated that higher-grade mineralisation is continuing at depth.
It is not the first time Lindian’s drill program has delivered eye-opening results. Indeed, it’s been little more than a fortnight since it released assay results from 16 holes that featured a 1m hit of 14.9 per cent TREO from 79m that was recorded within a bigger 85m hit at 3.35 per cent TREO from surface.
In March, results returned a 3m hit at 15.6 per cent TREO from 69m.
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