Kendrick reports high-grade rare earth element results at Bonya

(Alliance News) - Kendrick Resources PLC on Monday reported "excellent" rare earth element assay results from drilling at its Bonya rare earth project in Namibia, with grades that it said rank among the best globally.

Shares in Kendrick Resources jumped 37% at 2.94 pence in London on Monday afternoon.

The London-based, Scandinavia-focused mineral exploration and development company said assays from drill hole TWDD001, completed by Bonya Exploration Pty Namibia at the Teufelskuppe carbonatite target TK1A, significantly exceeded expectations. The core had not previously been assayed at the time of Kendrick's acquisition.

Kendrick said the average TREO and LREO grades across all mineralised intervals in TWDD001 were 4.18 weight percentage and 4.10 wt%, respectively. The combined average grade of neodymium and praseodymium oxides – key elements used in high-intensity magnet manufacture – was around 1%, placing Teufelskuppe among the highest-grade deposits globally for these elements.

Chair Colin Bird described the results as "extremely impressive", highlighting the strong correlation between surface sampling and drill data.

"Grade is important, but tonnage is also a key factor and whilst it is too early to responsibly forecast tonnage the indications are that between Teufelskuppe and our neighbouring Keishohe carbonatite complex we have the potential to develop tonnages equal if not greater than the more outstanding projects currently in production or development," Bird said.

By Eva Castanedo, Alliance News reporter

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