Business
Critical Metals Corp Advances Development of the Tanbreez Rare Earth Mine
Granted extension for exclusive Exploitation License from Greenland government Completes diamond drilling program; rare earth material samples sent for
About this update from Critical Metals Corp.
[{"type":"text","content":"Granted extension for exclusive Exploitation License from Greenland government Completes diamond drilling program; rare earth material samples sent for testing NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Critical Metals Corp (Nasdaq: CRML) (“Critical Metals Corp”), a leading mining development company focused on critical metals and minerals and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners, today provided a project update for the Tanbreez Greenland Rare Earth Mine (the “Tanbreez Project”), one of the world’s largest rare earth assets located in Southern Greenland. The Tanbreez Project has been granted an extension for its Exploitation License from the Greenland Cabinet of Ministers and the Company completed its recently announced diamond drilling program. “The Critical Metals Corp team continues to work closely with Greenland officials and the local community as we advance our plans for this foundational rare earth asset,” said Tony Sage, CEO and Chairman of Critical Metals Corp. “The extension of our exclusive Exploitation License from the Greenland government is a significant milestone, demonstrating strong local support for our project, which is expected to create numerous local jobs. We also successfully completed our diamond drilling program on schedule, ahead of the winter months, and eagerly anticipate the insights from the upcoming sample analysis.” Exploitation License Extension The Greenland Government has granted an extension to certain deadlines under the Exploitation license of the Tanbreez Project (License No. 2020-54) 2028. Under the new amendment, Tanbreez Mining Greenland A/S is required to submit its exploitation and closure plans by the end of 2025, provide financial security and a company guarantee by June 30th, 2026, and commence the exploitation of minerals by the end of 2028. Diamond Drilling Program With the drilling program concluded, all rare earth material extracted has been safely secured in storage. A portion of the rare earth material extracted has been sent to be analyzed by ALS laboratory in Ireland. Critical Metals Corp expects to receive the test results over the next several months. ***The Tanbreez Project under the Northern Lights*** ***Drill core from the Tanbreez Project*** ***Eudialyte rock from the Tanbr...