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Namibia Critical Metals provide updates on its Lofdal project

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).

Highlights:

  • 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.”

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