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Namibia Critical Metals Heavy Rare Earth Project

The date of: 2021-01-06
viewed: 10
Namibia Critical Metals Heavy Rare Earth Project - New Results Confirm Multiple Dysprosium Zones at Area 2B, Area 4 Drilling Completed and Mining Licence Application Advances


source:Yahoo Finance

HALIFAX, NS / ACCESSWIRE / January 5, 2021 / Namibia Critical Metals Inc. ('Namibia Critical Metals' or the 'Company' or 'NMI') (TSXV:NMI) is pleased to provide an update with further drill results from the Area 2B satellite deposit on the Lofdal Heavy Rare Earth Project in northern Namibia ('Lofdal' or 'the project'). Lofdal is a joint venture between the Company and Japan Oil, Gas and Metals National Corporation ('JOGMEC') which is operating under a Term 1 budget of CD$4,100,000 (Company press release September 21, 2020). Since the Company's previous update (November 26, 2020) progress highlights are summarized as follows:

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 (which includes the highest grade 1 m intercept of 1,123 ppm Dy2O3)

Area 2B deposit remains open along strike and at depth. Nine drill holes pending analyses

Area 4 resource drilling program successfully completed with 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 stated '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.'

Area 2B Drill Results

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 CD$1,100,000 to the Term 1 budget (Company press release September 12, 2020) the decision was taken to add Area 2B to the planned 43-101 update. Area 2B is located three kilometers northwest of Area 4. Mineralization at Area 2B is similar to Area 4 with stacked dysprosium zones ranging from 2-15 meters in thickness. The 2020 drill program at Area 2B totalled 4,400 meters in 29 diamond drill holes. Results from the first 7 holes in the current drill program were reported on November 26, 2020 and this update provides results from an additional 13 holes. Nine holes remain to be reported for inclusion in the resource estimation (Figure 1).

Highlights of dysprosium enriched zones reported today include:

8 m @ 0.29% TREO with 185 ppm Dy2O3 and 60.3% heavy rare earth enrichment in L2BD0035 (including 1 meter @ 0.57% TREO with 452 ppm Dy2O3 and 80.1% heavy rare earth enrichment)

7 m @ 0.26% TREO with 226 ppm Dy2O3 and 77.2% heavy rare earth enrichment in L2BD0044 (including 1 meter @ 1.24% TREO with 1,123 ppm Dy2O3 and 91.1% heavy rare earth enrichment)

7 m @ 0.58% TREO with 280 ppm Dy2O3 and 49.9% heavy rare earth enrichment in L2BD0046 (including 2 meters @ 1.04% TREO with 712 ppm Dy2O3 and 73.5% heavy rare earth enrichment)

3 m @ 0.84% TREO with 450 ppm Dy2O3 and 57.6% heavy rare earth enrichment in L2BD0037 (including 1 meter @ 0.90% TREO with 808 ppm Dy2O3 and 98.1% heavy rare earth enrichment)

Details of all 13 reporting drill holes from Area 2B are provided in Table 1 and a complete listing of all analytical results is provided in Table 2. Intercept widths are reported as down the hole widths and are not necessarily true widths.

Drilling has now established a strike length of 300 meters for mineralization at Area 2B with multiple dysprosium zones defined on sections to a maximum vertical depth of 190 meters (Figure 2). The deposit remains open along strike to the northeast and to the southwest, and at depth.

Completion of Area 4 Drill Program

As previously reported (Company press release November 26, 2020) the main objective of the Area 4 drilling program was to double the size of the current mineral resource.

The 2020 drill program has extended the strike length of the mineralized zone from 700 meters to 1,100 meters, and the drilled depth from 180-225 vertical meters to 250-350 vertical meters. The total drilling program at Area 4 comprised 10,162 meters in 56 holes. Results from 33 holes remain pending.

The MSA Group ('MSA') of South Africa has been engaged to update the Area 4 resource which will incorporate all the new drilling and is scheduled for delivery before March 31, 2021.

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