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Lofdal Heavy Rare Earth Project: Update of Mineral Resource Estimate after Completion of 2023 Infill Drilling
HALIFAX, NS / ACCESSWIRE / April 9, 2024 / Namibia Critical Metals Inc. ("Namibia Critical Metal...
About this update from Namibia Critical Metals Inc.
[{"type":"text","content":"Lofdal Heavy Rare Earth Project: Update of Mineral Resource Estimate after Completion of 2023 Infill DrillingHALIFAX, NS / ACCESSWIRE / April 9, 2024 / Namibia Critical Metals Inc. (\"Namibia Critical Metals\" or the \"Company\" or \"NCMI\") (TSXV:NMI)(OTCQB:NMREF) is pleased to announce an updated NI 43-101 Mineral Resource Estimate for the large-scale \"Lofdal 2B-4\" heavy rare earth project.The Company conducted a two-stage infill drilling campaign for the subprojects Area 4 and Area 2B (press releases of 2 February 2024, 6 December 2023 and 31 January 2023) with the purpose of increasing the confidence of the resources for the planned open pits of Area 4 and Area 2B. The MSA Group provided an NI 43-101 Mineral Resource Estimate which includes the new data.Highlights of the mineral resource update include:Contained tonnages of Dysprosium and Terbium - the most valuable heavy rare earth elements - amount to 4,503 tonnes Dysprosium oxide and 693 tonnes Terbium oxide in the combined Measured and Indicated Resource categories which represents an increase of 11% and 12%, respectively, compared to the previous Mineral Resource Statement (filed on SEDAR on 30 June 2021);38% increase in contained Dysprosium oxide and 39% increase in contained Terbium oxide in the Inferred Resources for the combined Area 4 and Area 2B deposits;31% increase in contained Total Rare Earth Oxide (TREO1) tonnage in the combined Measured and Indicated Resource categories from 72,680 tonnes to 93,731 tonnes;The combined Measured and Indicated Mineral Resources increased from 44.8 million tonnes at 0.17% TREO to 58.5 million tonnes at 0.16% TREO for the combined Area 4 and Area 2B deposits based on the same cut-off of 0.1 % TREO as in the previous PEA (filed on SEDAR on 30 June 2021);Darrin Campbell, President of Namibia Critical Metals stated:\"We are very pleased with the continued success of our development approach at Lofdal. With just under 11,000 meters of drilling last year, we have increased the overall contained rare earth tonnage by an impressive 37%. The Measured and Indicated resource shells at Lofdal 2B and 4 contain over 4,500 tonnes Dysprosium oxide and over 690 tonnes Terbium oxide which clearly establishes Lofdal as a globally significant heavy rare earth deposit. The updated resource will be incorporated into our Pre-Feasibility Study for \"...