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Globe Metals & Mining: New Discovery Of Thick, High-grade Fluorite At Mount Muambe

Globe Metals & Mining (ASX: GBE) continues to discover new zones of thick, high-grade fluorite at the Muambe Project in Mozambique.

The final assays from the 2011 drilling campaign have now been received, with the fluorite associated with previously reported rare earth element discoveries.

Highlights from reverse circulation drilling include; 49 metres at 17.5% CaF2, including 8 metres at 24.4% CaF2 from the surface, and ending in 13% CaF2; Zone BB), with 49 metres at 2.5% TREO, including 20 metres at 3.5% TREO from the surface; ending in 3.6% TREO.

Importantly for the potential of future discoveries, all zones of fluorite intersected remain open at depth and laterally.

Additional results include; 24 metres at 18.5% CaF2, including 4 metres at 27.4% CaF2 from the surface in Zone DD, and 24 metres at 15.6% CaF2 from the surface in Zone BB.

Globe Metals added that the style of fluorite mineralisation in Zones AA, CC and GG is pervasive and could result in similar grades as found at the Main Zone.

Michael Schultz, regional exploration manager for Africa, commented on the positive news for the company and said that the new discovery of thick, high-grade fluorite only complements the previously reported rare earth element results.

"Not restricted to either the fenite or carbonatite, the mineralisation in most cases is open at depth, leaving Globe well positioned to grow the known resources in the crater.

"In terms of fluorite exploration, we were targeting the carbonatite after identifying the mineralisation in outcrop. Even though the fluorite was visible in both outcrop and reverse circulation chips, we were expecting somewhat lower grades - so these results were a very pleasant surprise."

The outcome for Globe is that having completed the initial reverse circulation drilling program for 2012, the company now has the opportunity to advance both the rare earth elements and fluorite programs to new resources.

Mount Muambe maiden fluorite JORC resource

Just last month Globe Metals delivered to the market the maiden Inferred JORC Resource of 1.6 million tonnes at 19% fluorite, which equates to 310,000 tonnes of fluorite. The resource was defined from 71 holes for 5300 metres by the Quantitative Group.

The main mineralised lodes extend over 680 metres in strike length, up to 160 metres across strike and close to 30 metres vertically in places.

What is so important about this resource is the near surface position, while also being open along strike in both directions - adding the potential for resource growth in the future.

Adding further interest is that there is the possibility for rare earth element mineralisation within the fluorite resource area, which could form a valuable by-product.

Upcoming exploration news flow

New drilling results are forecast for delivery in late May to early June from the 2200 metre initial 2012 rare earth focused reverse circulation drilling program.

Globe Metals presenting at 'Stars in 2012 Series' in Melbourne on May 16. REGISTER HERE.

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