Cold Canyon Resources Inc. (TSXV:GCU) announced that the second phase of exploration has begun on its Chambe Basin rare earth element project in Malawi.
As quoted in the press release:
Phase II work encompasses drilling of 167 shallow core holes on a staggered 200 meter grid across Chambe Basin. MINDECO will undertake extensive metallurgical testing of clay samples from these holes to determine the leachability of REE’s and the quality and composition of resulting REE carbonate concentrates. In addition to drilling, extensive baseline environmental work is underway including study of how indigenous vegetation could be regenerated to Chambe Basin as part of future development of the site. Work completed in 2012 should advance the Chambe Basin REE project toward prefeasibility by mid-2013. The total budget for Phase II work is approximately US$4 million of which Gold Canyon contributes 33%.