Namibia Critical Metals (TSX-V:NMI, OTCQB:NMREF) told investors that it expects to deliver a highly competitive pre-feasibility study for its large-scale Lofdal 2B-4 heavy rare earth project in Namibia by the middle of 2024.
Announcing the completion of the reverse-circulation (RC) drilling for the PFS study, the company noted that the infill drilling campaign entailed 49 RC boreholes for a total of 8,226 metres (m) in the Area 4 main deposit and the Area 2B satellite deposit. Assays were received from Actlabs, Canada.
Highlights included the confirmation of the width and grade of the mineralized zones. The company said combined mineralized intervals can reach more than 100m length in total in some boreholes based on a combined cut-off of 0.1% TREO1 (total rare earth oxide) over wider intercepts as previously used in the preliminary economic assessment (PEA) for Lofdal 2B-4.
Additionally, a larger, previously unknown mineralized zone was intercepted in the western periphery of the pit shell demonstrating upside for additional mineralization towards the west and depth.
The company said test work at the SGS Lakefield laboratory continues with the pilot-scale flotation test on a 5-ton bulk sample and an extended variability testing program followed by hydrometallurgical tests.
"The highly cost-efficient RC infill drill program delivered the expected positive results and the newly established thick zone of heavy rare earth mineralization in the western part of Area 4 highlights again the enormous potential for upside for the district-level Lofdal deposit,” commented Namibia Critical Metals (TSX-V:NMI, OTCQB:NMREF) president Darrin Campbell.
"With several test programs at SGS at advanced stages and with positive interim outcome, we are optimistic to deliver a highly competitive PFS for "Lofdal 2B-4" by mid-next year."
New CFO
The company also announced it appointed Teri Anderson as its chief financial officer, replacing Susanne Willett, effective September 8, 2023.
Anderson previously served as CFO from 2012 to 2017 and is a seasoned finance professional with 30 years of experience with both public and private companies in various industries.
She established her finance and accounting consulting practice in 1999, and most recently was CFO with NowVertical Group Inc.
Other roles included senior financial manager at Nova Scotia Power and in public accounting practice with Ernst & Young.
She holds a CPA (CA) designation, an MBA from Dalhousie University, and a BSc. from Acadia University. She is a member of the Institute of Chartered Accountants of Nova Scotia and the Canadian Institute of Chartered Accountants.
Contact the author at stephen.gunnion@proactiveinvestors.com