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(Alliance News) - Rainbow Rare Earths Ltd said on Monday it is "optimistic" following recent drilling results from drilling at Kiyenzi in Burundi.
Guernsey-based Rainbow in October shipped off cores from the site for testing, and the first two cores have now been examined. They included sections of 13.9 metres at 4.85% total rare earths oxides and 11.6 metres at 3.86%.
Another 1,000 metres worth of drill cores have been send off for analysis, Rainbow added.
"With the historical data we have and these encouraging results, I am optimistic the remaining drill core will yield equally good results, ensuring we have multiple future mining areas giving us mining flexibility while maintaining our record of one of the highest grading rare earth element mines on the continent," said Chief Executive George Bennett.
Rainbow's flagship project is the Gakara rare earths project, also in Burundi, the only producing mine of its type in Africa. It began production in late 2017.
On Friday last week, it secured ten mining claims in northern Zimbabwe, in an area it said has not historically been explored for rare earths.
Rainbow shares closed 4.1% higher on Monday in London at 2.92 pence each.
By George Collard; georgecollard@alliancenews.com
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