Lofdal is a joint venture between the company and Japan Oil, Gas and Metals National Corp. (JOGMEC) which is operating under a term 1 budget of $4.1-million. Since the company’s previous update on November 26, 2020, progress highlights are summarized as follows:
Additional drill results from Area 2B satellite deposit confirm multiple dysprosium zones to 190 vertical metres. Results of 13 additional holes include 3 metres of 0.84% total rare earth oxides (TREO) with 450 parts per million (ppm) dysprosium oxide (Dy2O3), 7 metres of 0.58% TREO with 280 ppm Dy2O3 and 7 metres of 0.26% TREO with 226 ppm Dy2O3 (which includes the highest-grade one-metre intercept of 1,123 ppm Dy2O3). Refer to company press release for more details.
Area 2B deposit remains open along strike and at depth. Nine drill holes are pending analyses.
Area 4 resource drilling program was successfully completed with established strike length of 1,125 metres. Thirty-three drill holes are pending analyses.
Don Burton, President of Namibia Critical Metals, stated: “Prices for dysprosium and terbium oxides continue to strengthen with dysprosium approaching US$300 per kg and terbium surpassing US$1,100 per 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 42 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.”
Drilling in the term 1 program has focused on doubling the size of the existing Area 4 resource and, following the injection of an additional $1.1-million to the term 1 budget, the decision was taken to add Area 2B to the planned NI 43-101 update. Area 2B is 3 km northwest of Area 4.