- Lindian Resources (LIN) records “absolutely outstanding” assays from maiden drilling at its Kangankunde project in Malawi
- Assays for the first two of 26 holes completed to date returned up to 11.8 per cent total rare earth oxides (TREO) and displayed continuous rare earth mineralisation from surface
- The TREO content included the critical battery metal elements neodymium-praseodymium at a ratio of 21 per cent
- About a third of the 12,500-metre maiden drilling program has been completed so far, and drilling is due to recommence imminently with three drill rigs on site
- Shares in LIN are up 19.4 per cent, trading at 18.5 cents at 11:20 am AEDT
Lindian Resources (LIN) has reported “absolutely outstanding” assays from maiden drilling at its Kangankunde project in Malawi.
Assays for the first two drill holes of the 26 completed to date returned up to 11.8 per cent total rare earth oxides (TREO) and displayed continuous rare earth mineralisation from surface.
The TREO content included the critical battery metal elements neodymium-praseodymium at a ratio of 21 per cent.
The assays also demonstrated the mineralisation is non-radioactive, with very low levels of uranium and thorium on average.
Lindian’s CEO, Alistair Stephens, said he was not aware of another deposit anywhere in the world demonstrating such high grades of rare earths mineralisation over continuous lengths and to such depth.
“These first assay results are absolutely outstanding in terms of grade, distribution and continuity.
“With a steady stream of assays to follow, we are confident of delivering more of the same and building the case that in 2023, Kangankunde will rapidly emerge as a standout, globally significant rare earths project in terms of grade, scale and non radioactivity.”
Meanwhile, a further six batches of samples are being assayed and will be reported over the coming weeks.
About a third of the 12,500-metre maiden drilling program has been completed so far. Drilling is due to recommence imminently with three drill rigs on site.
The first two drill holes both “terminated” in mineralisation and Lindian said it has planned extensional drilling here later in the program.
Looking ahead, Mr Stephens said the company is working towards delivery of an exploration target and maiden mineral resource estimate sometime in the second quarter of this calendar year.
Shares in LIN were up 19.4 per cent, trading at 18.5 cents at 11:20 am AEDT.