Globe Metals & Mining moves step closer to rare earths elements drill results in Mozambique

Globe Metals & Mining (ASX: GBE) is making solid progress at its Mount Muambe project in Mozambique with the main fluorite and rare earth elements (REE) zone drilling nearing completion.

A total of 40 reverse circulation (RC) extensional and infill drill holes have been completed for 3,464 metres. Previously the company intersected up to 40 metres of visual fluorite mineralisation.

The company considers Mount Muambe its most exciting earlier-stage project, and with a heavy program of exploration scheduled for 2011, a steady flow of news is likely to keep the market interested.

The main fluorite (+REE) zone results for the first 8 holes are expected in mid-late August and the remaining results due at the end of September.

A rig is scheduled to move to regional targets with substantial REE soil anomalies shortly.

These anomalies include grades of: 560 metres width, with 29 samples averaging 1.01%, peak 2.05% TREO; 320 metres width with 17 samples averaging 1.12%, peak 2.32% TREO with a high HREO ratio of 10.9%

A program of 460 soil samples has been initiated on the western margin of the crater and will cover the area between the Main Fluorite Zone and Zone DD.

Historical highlights at Muambe include:

- 8 metres at 1.23% TREO, 10.9% HREO/TREO ratio with 102ppm Dy2O3 from 74 metres; and
- 15 metres at 43.6% fluorite from surface, including 10 metres at 52.9% fluorite.

Intercepts show generally thicker packages of fenite and associated fluorite mineralisation on the western margin of the Main Fluorite (+REE) Zone.

Globe plans to produce both a fluorite and rare earth JORC resource in 2011.

Globe can earn up to a 90% interest in the project, and currently has earned 20%, based upon its initial 2010 maiden drill campaign.

Earlier in the year the company entered into a strategic partnership with East China Minerals Exploration and Development Bureau (ECE), a Chinese state owned enterprise with extensive mining operations in China and overseas.

ECE is now the largest shareholder in Globe Metals, and a key partner for Globe’s growth ambitions in Africa.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/18370/globe-metals-mining-moves-step-closer-to-rare-earths-elements-drill-results-in-mozambique-18370.html