An update was issued by Namibia Critical Metals with additional drill results from the Area 2B satellite deposit at the Lofdal Heavy Rare Earth Project in northern Namibia.
Lofdal is a JV working under a Term 1 budget of CD$4,100,000 between the company and Japan Oil, Gas and Metals National Corporation (JOGMEC).
- Additional drill results from Area 2B satellite deposit confirm multiple dysprosium zones to 190 vertical meters
- Results of 13 additional holes include 3 m @ 0.84% TREO with 450 ppm Dy2O3, 7 m @ 0.58% TREO with 280 ppm Dy2O3, and 7 m @ 0.26% TREO with 226 ppm Dy2O3
- Area 2B deposit remains open along strike and at depth. Nine drill holes pending analyses
- Area 4 resource drilling program completed with an established strike length of 1,125 meters. Thirty-three drill holes pending analyses
- Notice of Preparedness to Grant Application for Mining Licence received from Ministry of Mines and Energy
Don Burton, President of Namibia Critical Metals states:
“Prices for dysprosium and terbium oxides continue to strengthen with dysprosium approaching US$300/kg and terbium surpassing US$1,100/kg.
“Continuing positive drill results from Area 2B are confirming the importance of this satellite deposit to add additional heavy rare earth mineral resources to the project.
“All Term 1 drilling has been completed and we look forward to receiving results from the remaining forty-two holes in Area 2B and Area 4.
“The Company has received Notice of Preparedness to Grant the Application for a Mining Licence for Lofdal from the Ministry of Mines and Energy which is a very significant milestone. The Company has lodged its acceptance of the mining licence and we await finalization of the process from the Ministry.”