(Alliance News) - Rainbow Rare Earths Ltd said Wednesday that further drilling at Kiyenzi in Burundi confirmed its belief that the mineralisation extends "far beyond" the localized high-grade intersections.
Rainbow Rare shares were up 9.1% in London at 3.00 pence each on Wednesday.
The rare earth element miner said a total of 30 diamond core drill holes were completed. Based on initial observation, these drill holes are believed to contain greater widths of mineralisation than initial expectations.
The company said eight out of original 30 drill holes have now been fully analyzed, with all holes showing mineralisation throughout.
George Bennett, chief executive officer of the company, said: "These results continue to confirm our belief that the mineralisation at Kiyenzi extends far beyond the localised narrow high grade intersections first viewed, and support our hypothesis that the Kiyenzi deposit should support a large portion of the first phase of our expansion target, being the production of 10,000 tonnes per annum of concentrate for at least 10 years."
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Rainbow Rare Earths (RBW)