Thursday , June 13 2024

Namibia Critical Metals raise more capital

Australian miner Namibia Critical Metals recently announced intentions to complete a non-brokered private placement in the amount of up to $350,000.

According to the company, the private placement will be used primarily to fund working capital and general corporate purposes.

Namibia Critical Metals holds a diversified portfolio of exploration and advanced stage projects in the country focused on the development of sustainable and ethical sources of metals for the battery, electric vehicle and associated industries.

In addition, the Company also has significant land positions in areas favourable for gold mineralization.

Some of the project includes Lofdal Heavy Rare Earth Project, the most advanced project having completed a preliminary economic assessment in 2014 and full environmental impact assessment in 2017.

The company has also made an application for a mining licence at Lofdal, now in joint venture with JOGMEC who are funding the current $3,000,000 drilling and metallurgical program with the objective of doubling the resource size and optimization of the process flow sheet.

Another project, Erongo Gold Project has stratigraphic equivalents to the sediments hosting the recent Osino gold discovery at Twin Hills have been identified but not yet sampled.

Namibia Critical Metals also has Epembe Tantalum-Niobium Project at an advanced stage with a well-defined, 10 km long carbonatite dyke that has been delineated by detailed mapping with over 11,000 meters of drilling.

The company flagship project is Kunene Cobalt-Copper Project, which comprises of a very large area of favorable stratigraphy (the DOF) along strike to the west of the Opuwo Co-Cu-Zn deposit.

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