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JV kick start work at Lofdal Heavy Rare Earths

Namibia Critical Metals Inc has announced details of the planned work program for the Lofdal Heavy Rare Earths Project.

The development comes after the company entered into an agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC) to jointly explore and develop Lofdal.

Authorities at the company plan to complete a 7,700 m drill program at Area 4 with the objective to double the current mineral resource and deliver an updated NI43-101 report.

In addition, complete 1,500 meters of exploration drilling on two priority satellite deposit targets and undertake further metallurgical test work on sorting, magnetic separation, flotation and gangue acid leaching to refine the process flow sheet

The company highlighted the $3,000,000 program will be undertaken from February 2020 to March 2021 and will be sole funded pursuant to a firm non-refundable commitment by JOGMEC.

On concluding the programme, JOGMEC has the right to earn a 40 percent interest in the project by funding an additional $7,000,000 in exploration expenditures and may earn an additional 10 percent interest by funding an additional $10,000,000 in exploration expenditures.

The Lofdal Heavy Rare Earths Project is located 450 kilometers northwest of the capital city of Windhoek in the Kunene Region of north-western Namibia.  And the project area covers 314 square kilometers centered on the Lofdal carbonatite complex which hosts a number of rare earth occurrences, including the Area 4 deposit.

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