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26th Oct 2023 9:07 am RNS Project Update
Citius Resources Plc (LSE: CRES), the London listed natural resources investment company is pleased to announce that it has entered into a binding Heads of Terms for the acquisition of 100% of the issued shares in Harena Resources Pty Ltd ("Harena") the 75% owner of the Ampasindava Rare Earths Project in Madagascar (the, "Acquisition").
Harena is an Australian domiciled company preparing to develop the 75% owned Ampasindava Rare Earths Project, which will include the mining and processing of Ionic Clay material to extract Rare Earth elements to produce Mixed Rare Earth Carbonate or Mixed Rare Earth Concentrate.
Citius has agreed to terminate its previous agreement with AUC Mining (U) Limited for the acquisition of the Kamalenge Gold Project in the Mubende Gold District, Uganda with immediate effect. The Company will remain suspended pending the publication of a prospectus providing further details on Harena and the Company as enlarged by the Acquisition, or an announcement that the Acquisition or Reverse Take Over (''RTO") is not proceeding.
Should the Acquisition complete, it would constitute an RTO under the Listing Rules and accordingly, the Company would apply for the re-admission of its shares to the Official List and the Main Market of the London Stock Exchange.
Cameron Pearce, Citius Director commented:
"The Citius board looks forward to keeping shareholders informed of further developments in what we believe is a compelling Acquisition in an exciting commodity space, as the global move towards decarbonisation gathers pace.
Citius will be working closely with Harena, which is already in an advanced RTO ready stage, to complete the due diligence and prospectus for the relisting of the company as soon as practicable." ...
https://www.lse.co.uk/rns/CRES/project-update-lxz32owbgm2rxq2.html
"AMPASINDAVA RARE EARTHS PROJECT
628 mt
DEFINED MINERAL RESOURCES
895 ppm
TOTAL RARE EARTH OXIDES (TREO)
562 kt
TREO - TOTAL CONTAINED METAL
AMPASINDAVA RARE EARTHS PROJECT
PROJECT OVERVIEW
Harena Resources is developing the 75% owned Ampasindava Ionic Clay rare earths deposit in Madagascar. The Ampasindava project is advanced and contains a defined mineral resource of 628 million tonnes at 895 ppm Total Rare Earth Oxides (TREO).
The majority of the project area is low lying with elevations ranging from sea-level to 713 m with the highest elevations found in the northwest of the project area. The most characteristic physiographical feature in the project area is a 6 km wide, circular caldera which corresponds to the southeast part of the Ambohimirahavavy igneous complex.
PROJECT LOCATION
THE MADAGASCAR OPPORTUNITY
The project concession is located in the eastern part of the Ampasindava Peninsula, Antsiranana Province on the northwest coast of Madagascar, approximately 500 km north of Madagascar’s capital city Antananarivo.
The project is located close to significant enabling infrastructure such as semi-industrial ports, an international airport at Nosy-B Island and the large regional town of Ambanja.
PROJECT HIGHLIGHTS
Characterisation of the Ampasindava Deposit
The Ambohimirahavavy igneous complex (Ampasibitika intrusion) in Madagascar hosts an exceptional rare-earth element (REE) bearing ion-adsorption clay (IAC) resource.
The ion-adsorption clays consist of aluminosilicate clay minerals (e.g. kaolinite, illite, smectite) formed through in-situ lateritic weathering of REE-rich host rocks. The Ambohimirahavavy ores are enriched with the Magnet Rare Earths, Neodymium (Nd) and Praseodymium
(Pr) or together NdPr and Dysprosium (Dy) and Terbium (Tb) or together DyTb. These natural magnet rare earth minerals, NdPr and DyTb are highly sought after for use in high specification magnets used in wind turbines, electric vehicles and other more specialised applications for military components. ..."
http://harenaresources.com.au/ampasindava-rare-earths-project/
"AMPASINDAVA RARE EARTHS PROJECT
... Mineral Resource
Harena Resources, through a subsidiary Malagasy Company, Reenova Rare Earths Malagasy, holds the exploration licences grant PR 6698 in the province of Antsiranana, Madagascar. SGS Canada Inc. – Geostat Office (hereafter “SGS Geostat”) completed a resource estimate technical report for the PR 6698 licenses (“The Project”).
The AMPASINDAVA property was first recognized for hosting mineralized dykes hosting high grade Rare Earth Elements (REE) in fresh rock. REE hosted within the regolith (or soil profile) was recognized in 2012; and it has become clear that this “ionic clay” style of mineralization has the most significant economic potential. The ionic clays are the most important mineralization type due to the relatively simple process required to put the REE into solution and the fact that neither Thorium nor Uranium is concentrated through this process; this is in stark contrast to most REE deposits being developed or promoted in the western world.
More than 10 years of data has been collected by excavating shafts by hand and sampled along the depth. A total of 4474 test pits have been completed with an average depth of 5.8m with a maximum depth of 10m. The sampling methodology was validated in the field by SGS Geostat and this has produced reliable data that has been integrated into the following resource estimation. A total of 4412 pits were retained for the resource estimation along with 359 drill holes.
The updated resources estimation was constructed solely from the laterite and saprolite layers within the TRE property. REE grades were interpolated separately by ordinary kriging and blocks were cutoff based on their conceptual amenability to in-situ leaching or tank leaching.
The base case resource with tonnage and grade is presented in the Table below. ...
Approaching Proof of Concept
The Ampasindava Project has a NI 43-101 Report published for the Resource.
Some 5 stages of metallurgical testwork have been completed and a relatively simple, environmentally responsible heap leach process has resulted in highly acceptable mineral product yields into the leachate material.
The Project will now move to a Proof of Concept phase at the site while further design related study work will continue in order to finalise potential project economic and technical viability.
Harena is a private company and will seek an Initial Placement Offer at the Australian Securities Exchange during the second half of 2023. Subscribe to our email news alerts for details about the upcoming IPO and how to invest."
http://harenaresources.com.au/ampasindava-rare-earths-project/
Looks like Harena has changed its plan, from floating in Oz, to floating in London.
But a lot of preparatory work for a float should have done done already, so hopefully the RTO into CRES will now progress swiftly.