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Be the first with the news that moves the market- Namibia Critical Metals (TSXV:NMI) has commenced drilling at the Lofdal Heavy Rare Earths Project in Namibia
- Metallurgical test work contracts have also been executed with process engineering firms in South Africa
- The drilling will be carried out under the Lofdal Joint Venture agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC)
- 7,700m of drilling has been planned at the Area 4 deposit in an effort to double the current resource size
- Namibia Critical Metals (NMI) is currently up 19.23 per cent to $0.16 per share
Namibia Critical Metals (TSXV:NMI) has commenced drilling at the Lofdal Heavy Rare Earths Project in Namibia.
The company holds a diverse collection of exploration and advanced stage projects in the region. Its current focus is on the development of metals for the battery and electric vehicle industries.
The Lofdal Heavy Rare Earths Project is located 450 kilometres north-west of the Namibian capital of Windhoek. Situated on a carbonate complex, it hosts a number of rare earth occurrences, including the Area 4 deposit.
Mineralization at Area 4 is primarily characterised by xenotime, which has a significant presence of heavy rare earths.
Don Burton, President of Namibia Critical Metals, is pleased to be drilling at the site again.
“The significance of the Area 4 deposit as a potential source of heavy rare earths, which includes dysprosium and terbium, has been historically overlooked with so much attention on the larger light rare earth projects,” he said.
Namibia Critical Metals has executed a number of contracts with process engineering firms in South Africa. The contracts relate to the metallurgical test work necessary to evaluate mineral sorting technologies.
One of the key objectives in the drilling program is to double the size of the current resource.
Both the drilling and the test work will be performed under the Lofdal Joint Venture with Japan Oil, Gas and Metals National Corporation (JOGMEC).
Details of the joint venture’s C$3 million Term 1 work program were first outlined in an announcement dated January 27, 2020.
“JOGMEC has recognized this potential which is why the first order of business for the JV is to expand the size of the mineral resource,” added Burton.
“We expect to be updating the market with drill results on a monthly basis for the duration of the drill program.”
Namibia Critical Metals (NMI) is currently up 19.23 per cent to $0.16 per share at 2:54pm EST.
