Australian mining company Rift Valley Resources has reported the maiden joint ore reserves committee (JORC) mineral resource estimate (MRE) for its 70%-owned Longonjo magnet metals project in Angola.

The project is said to have resources of 44.7Mt at grading of 2.5% total rare earth oxides (TREO), including 11.6Mt at grading of 4.30% TREO in the oxide material, and 33.2Mt with grading of 1.87% TREO in the fresh material category.

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The MRE forms the basis of an independent scoping study currently being undertaken by Amec Foster Wheeler.

Rift Valley Resources executive chairman Stephen Dobson said: "The announcement of the MRE is an important milestone in the development of the Longonjo project as a potential low-cost producer of the ‘in demand’ magnet metal products neodymium and praseodymium oxide.

"These results will drive the company’s strategy to a development path with all potential options considered that will increase shareholder value."

"These excellent results will drive the company’s strategy to a development path with all potential options considered that will increase shareholder value."

According to the company, the inferred MRE represents less than 10% of the prospective Longonjo Carbonatite, according to the current geological understanding and available exploration information. 

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Currently, metallurgical test work on composite samples of the diamond core is in progress to evaluate the potential of the oxide and fresh mineralisation types for physical upgrading to produce a high-grade flotation concentrate.

Results related to the scoping study are expected in November this year. 

Image: Diamond drill rig on site at Longonjo in June this year. Photo: courtesy of Rift Valley Resources.