Chilwa Confirms Rare Earth Element Mineralization Beneath Malawi Heavy Mineral Sands Deposit, Shares Jump 14%

MT Newswires Live

06/26

Chilwa Minerals (ASX:CHW) said that assays from mineral sands drilling samples confirmed hosted in clay-hosted rare earth elements directly below its Mposa heavy mineral sands deposit in Malawi, according to a Friday Australian bourse filing.

Assays from over 200 samples returned total rare earth oxide (TREO) grades averaging 525 parts-per-million (ppm). 114 of 200 samples returned greater than 500 ppm of TREO grades, and 17 samples were over 750 ppm of TREO grades, with a peak grade of 987 ppm TREO.

The in-situ basket carries magnet rare earths, with magnet rare earth oxides, neodymium, praseodymium, dysprosium, and terbium averaging around 21% of TREO and heavy rare earth oxides around 19.6% of TREO.

Its shares jumped 14% in recent trading on Friday.

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