Globe Metals & Mining: Verification successful of very high grade titanium rock chips at Memba

Nov. 13, 2011 7:05 PM ET

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Globe Metals & Mining (ASX: GBE) has recently entered into a highly prospective titanium-vanadium-iron project joint venture at the Memba project in Mozambique, and has today delivered the good news that the company has confirmed the very high grade titanium grades from rock chips.

Globe's recent due diligence program revealed very high grades of titanium with additional vanadium from rock-chip samples averaging 47% titanium dioxide and 0.38% vanadium oxide - which potentially is a valuable by-product.

Adding some further potential to the joint venture, the mineralised horizon is almost pure ilmenite with the mineralised zone ranging in thickness from 6 to 20 metres, and has a strike length of more than 10 kilometres.

Also, a separate high-grade magnetite zone has been identified with two samples averaging 66.8% iron.

Memba will be a new addition to Globe's early stage Africa project portfolio, which also includes the Machinga rare earth element project in southern Malawi, and the Mt Muambe Flourite/HREE Project in Mozambique.

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