Globe Metals & Mining has begun a drilling campaign to target and extend significant heavy rare earth oxides and niobium mineralization at the Machinga Rare Earth Elements Project in Malawi.
The 4,000 meter drilling program will focus on confirming and extending the multiple zones of near surface high grade heavy rare earth oxide mineralization in Zone 10 through Zone 70 of the Machinga Main Zone, as well as target Lingoni anomalies.
Intercepts from a 2010 drilling program identified the presence of very high heavy rare earth oxides or total rare earth oxides ratios averaging 33%. These results included high grades of the much sought after element dysprosium, averaging 375 parts per million with a peak result of 971 parts per million.
Dysprosium is one of only five REEs deemed critical to the clean energy industry by the US Department of Energy in 2011. Global supply shortages of newly produced dysprosium oxide are expected until 2015 at the earliest. Planned drilling will also test Zone 40 where previous intersections showed slightly higher niobium and tantalum grades and ratios to TREO and somewhat lower TREO grades.
High grade niobium mineralization intersected included 15 metres at 0.45% with 0.75% niobium oxide including 5 metres at 0.54% TREO and 1.34% niobium oxide.
Detailed analysis of follow up soil and auger results for the Lingoni target revealed several anomalous zones of REE mineralization. A 1000 meter drill plan has subsequently been designed to test two REE targets and one niobium heavy rare earth elements target at Lingoni.
With AUD 42 million in cash and a market capitalization of just USD 36 million, Globe is trading under cash backing, providing opportunities for investors to acquire an interest in the company's projects in Africa at next to no cost.
Globe currently has the Mount Muambe REE-Fluorite Project in Mozambique, and four projects in Malawi: the Kanyika Niobium Project, the Machinga REE Project, the Salambidwe REE Project and the Livingstonia Uranium Project. Globe's main focus is the multi commodity Kanyika Niobium Project in Malawi which will commence production of ferroniobium in 2014, a key additive in sophisticated steels.
(Sourced from www.proactiveinvestors.com.au)
