Coola Exploration Project

The Coola Exploration Project License is located in central Angola, north of Pensana’s Longonjo Rare Earth Refinery Project.

Since the award of the prospecting license in March 2020, multiple field programs have been undertaken involving stream sediment sampling, soil sampling, geological mapping, rock chip sampling, trench and pit sampling, geophysical surveying, preliminary mineralogical investigations and assaying. The outcome of this work has been the identification of two highly prospective target areas upon which future workstreams are focused, namely:

• Coola carbonatite – which comprises a REE enriched carbonatite ring dyke, a potentially supergene REE enriched sand covered central diatreme and a high-grade fluorite in fenite occurrence.
• Sulima West – where high grade REE mineralisation in laterite and phosphate in an apatite/maghemite have been discovered.

Exploration Manager, Grant Hayward:

“We are extremely excited to find extensive rare earth mineralisation at both Coola carbonatite and Sulima West. We are currently conducting metallurgical ore characterisation studies with the aim of upgrading the REE bearing material physically at each site and transporting the concentrate for processing and recovery of REE’s at the Longonjo facilities. In addition to rare earths, fluorite mineralisation at Coola carbonatite and high-grade phosphate mineralisation at Sulima West, adds additional economic potential”.

The Coola carbonatite is a roughly circular 900 metre wide body and comprises an incomplete carbonatite ring dyke surrounded by fenite, enclosing a soil covered central diatreme of roughly 600 metres diameter.

The northeastern outcropping portion of the ring dyke attains widths of 50 metres and comprises fresh pink dolomitic carbonatite containing up to 5 % TREO.

Initial mineralogical studies of the dolomitic carbonatite identified the associated rare earth mineral to be bastnäsite (>10 mass %) which occurs as discrete veins, veinlets, and segregations within the carbonatite. Beneficiation testwork on samples of this carbonatite are in progress. Definition drilling of this ring dyke will be considered should the current metallurgical testwork programme prove that an acceptable grade TREO concentrate can be physically produced on site. The primary concentrate may then be amenable for further REE processing at the Longonjo facilities.

The ground magnetic survey clearly identifies a large, circular diatreme with a unique magnetic signature occupying the central caldera which potentially hosts supergene enriched REE mineralisation as encountered at Longonjo. The potential for a supergene enriched REE deposit beneath the ferricrete cap encountered during augering, will be investigated by the drilling program anticipated in the latter part of 2024.

Soil sampling, mapping and geophysical surveys identified an area of roughly 15 000 m2 with >17% (Calcium Fluoride) CaF2 in fenite and mapping in this area has identified zones containing up to 50% CaF2. Beneficiation testwork on samples of fluorite rich fenite is in progress. Further work will be considered should the current metallurgical testwork programme prove that an acceptable grade and marketable fluorite concentrate can be physically produced on site.