Saturday , July 13 2024

More funds for Lofdal project

Namibia Critical Metals Inc. has announced that Japan Oil, Gas and Metals National Corporation (JOGMEC) will provide an additional $1,100,000 to expand and accelerate the current drilling program for the Lofdal Heavy Rare Earths Project (Lofdal).

According to the Lofdal, the additional commitment will increase the term 1 joint venture expenditure from $3,000,000 to $4,100,000 by March 31, 2021.

The company further said the increase in funding allows for an additional 6,000 m of diamond drilling to develop resources at Lofdal as described below.

“Lofdal is a very exciting project and is unique as one of only two primary xenotime deposits under development in the world, the other deposit being Browns Range in Australia. As demonstrated in our preliminary economic assessment Lofdal has the potential for significant production of dysprosium and terbium, the two most valuable heavy rare earths used in high powered magnets,” said Don Burton, President of Namibia Critical Metals.

Burton said the company is pleased to see additional injection of funds by  joint venture partner which will enable us to further demonstrate the value in Lofdal as a long term, sustainable supply of heavy rare earths for Japan.”

Meanwhile a second rig has been deployed to site in order to maintain Term 1 program scheduling.

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