REG - Harvest Minerals Ltd - Commencement of REE Exploration Programme

Harvest MineralsAnnouncement

16/07/2024 08:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240716:nRSP5604Wa&default-theme=true

RNS Number : 5604W  Harvest Minerals Limited  16 July 2024

 Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector: Mining

16 July 2024

Harvest Minerals Limited ('Harvest' or the 'Company')

Commencement of REE Exploration Programme at Arapuá

 

Harvest Minerals Limited, the AIM listed fertiliser producer, provides an
update on its Rare Earth Elements ("REE") exploration programme at its 100%
owned Arapuá Fertiliser Project in Brazil ("Arapuá Project").

 

Highlights

·    Two-phased, fully funded, REE work programme has commenced following
the closing of recently announced financing.

·    First phase aims to evaluate the nature of the REE and its main
elements based on historical data;

o  7 new auger drillholes to be performed;

·    The second phase will execute new drilling to access potential
deposit dimensions along with preliminary bench scale processing route.

 

Brian McMaster, Chairman of Harvest, said: "Funds from our recently announced
capital raise will enable the additional work necessary to investigate the REE
potential of our Arapuá Project. Our exploration programme will be divided
into two stages. The first stage will involve further assessment of historical
data and samples from previous drill holes, as well as the execution of
several new auger drill holes for resource clarification and confirmation. The
second stage will focus on extensive new drilling for resource expansion and a
more comprehensive analysis of potential processing methods for REE to
substantiate preliminary assessment of the REE opportunity. The first phase
work programme is expected to be concluded within the next four months, after
which our team will be able to finalise the intended broader drilling
programme and subsequent steps.

 

Brazil has emerged as a significant player in the REE arena, with 3
high-quality projects already identified and several potential areas being
explored by the likes of Meteoric Resources, Brazilian Rare Earths and Viridis
Mining and Minerals. We hope the results from our work programme will enable
Arapuá to ultimately join this list".

 

Background

As previously reported on our news release dated April 14, 2024
(https://polaris.brighterir.com/public/harvest_minerals/news/rns/story/x580l0x)
, Harvest had initiated its assessment of the REE occurrences over the area of
its Arapuá Project, encouraged by collected rock samples with total rare
earth oxides ("TREO") contents ranging from 1,176 ppm to 1,860 ppm, supporting
historical lab analyses, which has outlined REE levels between 1,837 ppm and
4,117 ppm TREO.

Harvest has been proceeding with the REE assessment and will now embark on a
two-phased approach following the recently announced capital raise.

Phase 1: Analysis of historical samples and new samples from a total of 7
boreholes, using auger drilling, including Kamafugito and Capacete Formation.

In these samples, all necessary tests will be conducted to: Analyze for total
rare earth elements (TREE); Evaluate the variation of REE content in the
weathering profile.

Subsequently, it will be identified which minerals contain the REE.

In the final stage of this phase, options for beneficiation processes will be
evaluated.

Phase 2: A comprehensive and detailed drill programme will be conducted using
reverse circulation (RC) drilling techniques. Following the initial phase, the
exploration team will strategically position a greater number of RC drill
holes to facilitate a thorough evaluation of potential mineral resources.
Additionally, an in-depth analysis of processing methods will be undertaken to
support an internal preliminary economic assessment. This assessment will
provide critical guidance for the subsequent stages of the exploration
programme.

The first phase is expected to be completed within four months and updates
will be providing during this period. Following completion of phase one the
details for the second phase of the programme will be finalised. Both phases
are fully funded from existing cash resources.

Competent Person Statement

The technical information in this announcement is based on complied and
reviewed data by Mr Paulo Brito BSc(geol), MAusIMM, MAIG. Mr Brito is a
consulting geologist for Harvest Minerals Limited (javascript:void(0);)
 and is a Member of AusIMM (javascript:void(0);)  - The Minerals Institute,
as well as a Member of Australian Institute of Geoscientists
(javascript:void(0);) . Mr Brito has sufficient experience which is relevant
to the style of mineralisation and type of deposit under consideration and to
the activity which is being undertaken to qualify as a Competent Person as
defined in the 2012 Edition of the "Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves". Mr Brito also meets
the requirements of a qualified person under the AIM Note for Mining, Oil and
Gas Companies and consents to the inclusion in this announcement of the
matters based on his information in the form and context in which it appears.
Mr Brito accepts responsibility for the accuracy of the statements disclosed
in this announcement.

 

 

**ENDS**

 

For further information, please visit www.harvestminerals.net
(http://www.harvestminerals.net/)  or contact:

 

 Harvest Minerals Limited            Brian McMaster (Chairman)   Tel: +44 (0) 203 940 6625

 Strand Hanson Limited               Ritchie Balmer              Tel: +44 (0) 20 7409 3494

 Nominated & Financial Adviser       James Spinney

 Tavira Financial                    Jonathan Evans              Tel: +44 (0) 20 3192 1733

 Broker

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCUNSNRSNUBARR