REG - Harvest Minerals Ltd - Occurrences of REE at the Arapuá Project

Harvest MineralsAnnouncement

10/04/2024 09:15

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RNS Number : 0173K  Harvest Minerals Limited  10 April 2024

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

10 April 2024

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

Harvest Minerals Announces Occurrences of Rare Earth Elements at its Arapuá
Project

 

Harvest Minerals Limited, the AIM listed fertiliser producer, announces that
it has identified potential for Rare Earth Elements ("REE") at its 100% owned
Arapuá Fertiliser Project in Brazil ("Arapuá Project").

 

Highlights

·    Laboratory analysis of rock sample demonstrates the occurrence of REE
with contents ranging from 1,176 ppm to 1,860 ppm of total rare earth oxides
("TREO").

·    A broader sample collection database characterized according to the
degree of weathering has demonstrated REE contents from 549 ppm to 1,375 ppm
TREO, not including analysis of all REE elements.

·    Historical laboratory analysis being validated by Harvest has
indicated REE contents ranging from 1,837 ppm to 4,117 ppm TREO.

·    REE-focused programme initiated to undertake re-assaying of
substantial set of selected rock samples and drilling data for detailing of
mineralization and potential association of REE with ionic clays.

 

Brian McMaster, Chairman of Harvest, said: "It is encouraging to observe the
presence of critical rare earth elements (REE) at the Arapuá Project. We
acknowledge the significance of the Total Rare Earth Oxides (TREO) grades
observed in the rock samples in our database, particularly depending on
whether the mineralization is associated with ionic clays, which we are
currently investigating. We have initiated a work programme specifically
focused on REE to validate both existing and historical data, and we will
report the results in due course".

 

Background

The Arapuá Project comprises nine exploration mineral rights covering a
combined area of 14,481 hectares, spanning the Arapuá and Maximus blocks,
which are owned by a subsidiary of Harvest's, Triunfo Mineracao do Brasil (see
Figure 1).

In 2017, Harvest disclosed its initial JORC compliant mineral resource
estimate ("MRE"), indicating a total Indicated and Inferred Resource of 13.07
million tonnes at 3.1% K(2)O and 2.49% P(2)O(5). This estimate was derived
from drilling and exploration efforts, accounting for only 6.7% of the known
mineralization.

Throughout the exploration and drilling phases aimed at defining the MRE, a
considerable number of samples were collected and are currently stored at the
Arapuá Project's facilities. Upon revisiting the laboratory analysis database
for these samples, the presence of REE has been identified in the kamafugite
rocks, the rock type associated with the Arapuá Project's mineral resources.

The table below presents the results for REE, including TREO, obtained from
samples collected across the Maximus block. The Maximus Block represents the
permitted area where Harvest conducts its mining activities.

Table 1: REE results from samples collected over the Maximus Block

 Sample         LREE*    HREE*   MREO*   TREO*    TREO minus Cerium*
 KMF01          1713.71  146.87  529.81  1860.58  1274.93
 MXBS01 Global  1076.42  100.11  231.77  1176.54  664.09
 MXBS02 Global  1487.46  115.34  337.64  1602.80  888.07
 MXBS03 Global  1460.18  103.57  333.86  1563.75  867.41
 MXBS04 Global  1357.06  84.71   316.09  1441.78  783.51

*Notes

LREE: Light Rare Earth Elements oxides are defined by their lower atomic
weights. LREE includes lanthanum (La), cerium(Ce), praseodymium (Pr),
neodymium (Nd), promethium (Pm), samarium (Sm) and europium (Eu).

HREE: Heavy rare earth oxides are defined by their higher atomic weights
relative to light rare earth oxides. HREOs include oxides of gadolinium (Gd),
terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm),
ytterbium (Yb), lutetium (Lu) and include scandium (Sc) and yttrium (Y). The
results do not include Sc.

MREO: Magnet Rare Earth Elements; they are Nd, Pr, Dy and Tb.

TREO: Total Rare Earth Oxides is the sum of the oxides of heavy rare earths
elements (HREO) and light rare earths elements (LREO). (La(2)O(3), CeO(2),
Pr(6)O(11), Nd(2)O(3), Sm(2)O(3), Eu(2)O(3), Gd(2)O(3), Tb(4)O(7), Dy(2)O(3),
Ho(2)O(3), Er(2)O(3), Tm(2)O(3), Yb(2)O(3), Lu(2)O(3)) + Yttrium (Y(2)O(3)).

Harvest has also identified in its sample collection database a total of 152
samples which have shown REE occurrences, although they have not been analysed
for a number of REE elements such as Pr, Nd, Sm, Eu, Gd, Dy, Ho, Er and Tm.
The analyzed samples were characterized according to their degree of
weathering using the Chemical Index of Alteration ("CIA"). The CIA was applied
considering the potential association of REE with clays. However, this
association still requires detailed investigation. These samples will undergo
geochemical analysis to obtain the total concentration of REE.

The table below shows REE partial results from samples characterized according
to their degree of weathering over the Maximus Block.

 

Table 2: REE partial results from samples collected over the Maximus Block.

                   LREE     HREE    MREO  TREO     TREO minius Cerium
 Mottled zone      502.77   85.41   1.89  549.50   191.74
 Upper saprolite   512.96   172.16  1.84  685.12   316.97
 Middle saprolite  324.19   173.52  0.95  497.70   256.15
 Lower saprolite   374.15   141.79  1.83  748.30   309.64
 Sap rock          1298.44  76.95   3.69  1375.40  513.45
 Bed rock          453.22   45.54   1.40  498.75   202.88

 

 

Historical Work (See Disclaimer at the end of this News Release)

Historical studies conducted within the Arapuá block, documented in a report
titled "Capacete Project Audit Report", which was obtained by Harvest during
the acquisition of the Arapuá project, also highlighted significant REE
findings from samples collected in the Arapuá block, as illustrated in Table
3 below. Harvest is presently engaged in sample collection from the same
locations within an area known as the Capacete area, as part of its own data
verification process.

 

Table 3: Results from samples collected over the Capacete area with CIA and
REE datas.

 Sample  CIA    LREE     HREE    MREO     TREO     TREO minus Cerium
 DCP-54  97.91  2574.37  150.26  634.72   2724.62  1500.62
 DCP-13  94.62  3674.14  121.97  651.05   3796.11  1945.45
 DCP-24  78.93  3583.41  533.85  1367.37  4117.26  2979.93
 DCP-31  24.60  1695.70  141.92  406.07   1837.62  1051.68

 

Work Programme

The advancement of investigations into the presence of REE in Harvest's
mineral rights is supported by the existing infrastructure of the Arapuá
Project, which includes the team, laboratories, and equipment.

The exploration programme, the later stages of which are subject to further
funding, aims to:

·    Execute laboratory analysis on existing samples in the Company's rock
composite library;

·    Conduct mapping programmes and sampling campaigns focusing on REE;

·    Carry out a drilling campaign using auger and reverse circulation
methods for subsurface collection;

·    Conduct mineralogical characterization of the ore; and

·    Contingent to the ore characterization work results, investigate the
optimal beneficiation process route and evaluate the volume of resources and
concentration within the deposit.

Figure 1: Arapuá Project Mineral Rights

 

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 and is a Member
of AusIMM - The Minerals Institute, as well as a Member of Australian
Institute of Geoscientists. 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.

Note: The historical work (the "Historical Work") information has been sourced
from the report with original name of "Relatório da Auditoria no Projeto
Capacete Prospecto de Elementos Terras Raras Carmo do Paranaiba, MG, Brasil",
which was prepared to South American Rare Earth Corp. and authored by Mr.
Elpidio Reis, dated February 27, 2012. The reader is cautioned that the data
used in the preparation of the work does not meet the current standards of
exploration quality assurance and quality control protocols required to
produce such information and the historical work should not be treated as
current. The Competent Person has not undertaken sufficient work for the
assurance of the information provided and Harvest Minerals is not treating the
historical work as compliant with any international mineral reporting
standards. There can be no assurance that any of the historical work, in whole
or in part, will be able to be replicated to current standards.

 

 

**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 Securities                   Jonathan Evans              Tel: +44 (0) 20 3192 1733

 Broker

 

 

 

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