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Rainbow Rare Earths Gakara Maiden Estimate Shows "World Class" Deposit

Mon, 17th Dec 2018 11:35

LONDON (Alliance News) - Rainbow Rare Earths Ltd said Monday a maiden mineral resource estimate at its Gakara project in Burundi, east Africa, showed a resource of over 1.2 million tonnes of ore covering a "small fraction" of the project.

Rainbow Rare Earths said maiden resource estimate "confirms for the first time the scale of the deposit".

The mineral resource is based on four of the 28 mineralised prospects across the licence, which Rainbow said indicates the "significant further upside for future exploration".

Three areas, Gasagwe, Murambi South and Gomvyi Centre, are "very high grade" vein stockwork deposits according to Rainbow. They total 12,491 tonnes with an average total rare earth oxide grade of 55%.

The miner said it plans to "rapidly" bring Gomvyi Centre and Kiyenzi into production in 2019.

Kiyenzi is a "very large, lower grade mineralised deposit" with about 1.2 million tonnes mineral resource with an average total rare earth oxide grade of 2.2%.

Chief Executive Officer Martin Eales said the estimate "provides further evidence that the Gakara deposit is a world-class source of rare earth oxides".

He added: "These results will provide us with confidence in our ability to obtain near and medium-term sources of ore, but more importantly point to the existence of a truly unique deposit, which we will continue to explore in the future."

Shares in Rainbow Rare Earths were up 4.6% on Monday at 5.10 pence each.

By Paul McGowan;

Copyright 2018 Alliance News Limited. All Rights Reserved.

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