January 24, 2012 (Source: Globe Metals & Mining) —
Globe Metals & Mining Limited (“Globe” or “the Company”; ASX: GBE) is pleased to present its December Quarter 2011 Activities Report:
1. Mount Muambe REE – Fluorite Project
Progressive drilling activity during the quarter saw the 2011 exploration program reach completion at the Mount Muambe Project. Some of the most exciting REE results to date were received and have begun to paint a clearer geological picture between fluorite and REE mineralisation in and around the Main Fluorite/REE Zone. At the end of the quarter 5,377m of the total 9,427m program had been reported.
1.1.Achievement of 51% Project milestone
Globe met its 2ndyear obligations under the joint venture agreement with Bala Usokoti Lda, becoming the beneficial owner of a 51% interest in the Project.
To achieve a 70% interest in the Mount Muambe Project, Globe needs to deliver a resource to JORC standard within the next 12 months. As previously announced on 17 November 2011, Globe expects that its current extensive drilling program will enable a resource to be delivered and announced to the market during Q1 2012.
1.2.Extension of fluorite zone
During the quarter, Globe announced strike extensions and additional infill results from fluorite focused drilling at the Project. Fresh analytical results demonstrate that fluorite is dominantly hosted in sheets of fenite above a larger carbonatite body containing both light rare earth oxide (LREO) andheavy rare earth oxide (HREO) enriched mineralisation.
These new results extended the zone of fluorite mineralisation to the north, confirming a strike length in excess of 300m. The mineralisation occurs in a relatively flat-dipping, irregular shaped zone about 80m wide, with thickness generally ranging between 5m – 30m.
A higher grade core averaging around 30% fluorite occurs in the southern 100m of the drilled area and remains open to the south. The southernmost line of infill drilling shows the largest east – west width of the high-grade core to date, with results including: MURC032 – 6m @ 37.5% fluorite; and MURC033 – 5m @ 39.1% fluorite.
In addition, the expression of fluorite mineralisation at surface in holes MURC077 and MURC078 located at regional target Zone DD (figure 5) is also of significance. This could represent an additional mineralised trend similar to that of the Main Fluorite – REE Zone (Appendix 1, Table 1)
These latest fluorite results outline a consistent zone of mineralisation that will form the basis of the initial resource estimate.