Lindian Resources Ltd (ASX:LIN, OTC:LINIF) has published an exploration target for the Kangankunde Rare Earths Project following a recently produced mineral resource estimate (MRE) that the company believes establishes Kangankunde as one of the world’s largest rare earth element (REE) projects.
Underpinned by “excellent grade, non-radioactive material and a high percentage of rare earth elements key to a clean energy transition”, the exploration target includes a range of 400 million to 800 million tonnes grading between 2% and 2.7% total rare earth oxide (TREO).
“Material impact” on rare earth sector
“This exploration target is a defining event for Lindian and for Malawi,” Lindian Resources executive chair Asimwe Kabunga said.
“While our MRE is itself outstanding, the exploration target demonstrates the potential for the Kangankunde project to grow significantly with further exploration activity and, is without a doubt, one of the world’s largest rare earths deposits and an asset that is expected to have a material impact on the rare earths sector globally.
“It firmly positions Lindian as a major player in the industry with an asset that is fully permitted, licensed for production and enjoying very strong government and community support.
“We believe Kangankunde is highly attractive to potential off-takers for its ability to provide long term consistent product supply.
“Further, we are making excellent progress for bringing our stage one mining and processing operation online in late 2024 backed with a strong cash balance.”
The company says the combination of the exploration target’s potential and the recently released MRE of 261 million tonnes at 2.19% TREO establishes Kangankunde, based on a globally recognised mineral reporting code, as one of the world’s largest REE deposits.
Infill updates to come
“Kangankunde is now firmly established in a class of rare earths projects that are regarded as the very best in the world, as defined by scale, grade and the quality of the resource,” CEO Alistair Stephens added.
“The scale of this asset is simply astounding with additional exploration upside at depth and across the broader lease area which remains unexplored.
“Separately, we are advancing well on the infill mine development drill program which will allow us to define part of the MRE to the indicated category.”
The company provided the caveat that the exploration target is conceptual in nature and therefore an approximation, and that more exploration will be required to establish a JORC-compliant MRE.