Namibia Critical Metals (TSX-V:NMI, OTCQB:NMREF) told investors it has commenced the final phase of drilling for the pre-feasibility study (PFS) on its large-scale dysprosium-terbium Lofdal 2B-4 heavy rare earth project in Namibia.
The final drill phase, which entails seven very deep reverse circulation (RC) boreholes for a total of 2,505 meters in the Area 4 main deposit, is expected to be completed by early December 2023.
While the holes were originally planned as a separate diamond core (DC) drilling campaign, the company said it was able to save costs and time after RC infill drilling earlier this year produced qualitatively equal data.
The company explained that five boreholes represent infill boreholes in the deeper part of the central Area 4 deposit, while two of the boreholes aim at the same time at resource expansion at the newly established mineralized zone in the western part of the Area 4 deposit.
Describing the final phase of drilling as “a big step forward towards completion of the PFS,” Namibia Critical Metals (TSX-V:NMI, OTCQB:NMREF) president Darrin Campbell commented: "While infill drilling is rather a technical necessity, I'm thrilled to see what the two additional boreholes in the newly identified mineralized zone at western Area 4 will show.
“These holes have a realistic potential to further extend the Area 4 deposit. Beyond that remains a massive upside in growing the resource with future exploration outside Areas 2B and 4 which only represent a small fraction of the large-scale mineralized system on our Lofdal Mining License area,” he added.
Namibia Critical Metals (TSX-V:NMI, OTCQB:NMREF) is developing the Tier-1 Heavy Rare Earth Project, Lofdal, a globally significant deposit of the heavy rare earth metals dysprosium and terbium.
Demand for these critical metals used in permanent magnets for electric vehicles, wind turbines and other electronics is driven by innovations linked to energy and technology transformations. The geopolitical risks associated with sourcing many of these metals have become a repeated concern for manufacturers and end users. Namibia is a proven and stable mining jurisdiction.
Contact the author at stephen.gunnion@proactiveinvestors.com