Globe Metals & Mining on Wednesday announced the discovery of a new area with significant rare earth element (REE) mineralisation at its Mount Muambe REE-Fluorite Project in Mozambique.

The drilling at the (REE) mineralisation yielded high grades of dysprosium which is a sought after heavy rare earth element (HREE).

The company also found significant expression of fluorite mineralisation at surface which could mean additional mineralised trend similar to Main Fluorite-REE Zone. Given the massive REE mineralisation discovered, the zone has been placed as priority target for Globe Metals & Mining's 2012 drilling program.

"Mount Muambe continues to deliver exciting new REE discoveries. Regional exploration targets identified during our 2010 reconnaissance work are now delivering significant REE drill intercepts from surface," said David Tullberg, Globe Metals & Mining's chief geologist.

The company expects more positive findings in the coming months, he added.

Its reverse circulation drilling program for 2011 is almost complete, with 5,377 metres reported to date out from a total of 9,427 metres.

Globe Metals & Mining now needs to deliver a JORC Resource in the next 12 months to gain a 70 per cent interest in the project. On November, the miner achieved a 51 per cent interest stake in the Mount Muambe Project after it met its second year obligations under the joint venture agreement with Bala Usokoti Lda.