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Globe Metals & Mining extensive rare earth element drilling campaign almost complete in Mozambique

Globe Metals & Mining (ASX: GBE) is set to complete the extensive drilling campaign at the Mount Muambe REE Fluorite Project in early August - where intersections of up to 40 metres of visual fluorite mineralisation have been made.

Extension drilling is continuing at the project, with results from the first eight holes expected by late August.

Historical highlights include:

- 8 metres at 1.23% TREO, 10.9% HREO/TREO ratio with 102ppm Dy2O3 from 74 metres; and
- 15 metres at 43.6% fluorite from surface, including 10 metres at 52.9% fluorite.

The Globe Metals first phase program is targeting the confirmation and extension of multiple areas of high grade fluorite and associated rare earth mineralisation which was identified in the 2010 drilling program.

During 2011 a total of 25 reverse circulation drill holes have been completed for 2200 metres.

Importantly for Globe - earlier in the year the company entered into a strategic partnership with East China Minerals Exploration and Development Bureau (ECE), a Chinese state owned enterprise with extensive mining operations in China and overseas.

ECE is now the largest shareholder in Globe Metals, and a key partner for Globe’s growth ambitions in Africa.