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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
HALIFAX, NS / ACCESSWIRE / January 5, 2021 / Namibia Critical Metals Inc. ("Namibia Critical...
About this update from Namibia Critical Metals Inc.
[{"type":"text","content":"Namibia Critical Metals Heavy Rare Earth Project - New Results Confirm Multiple Dysprosium Zones at Area 2B, Area 4 Drilling Completed and Mining Licence Application AdvancesHALIFAX, 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 metersResults 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 analysesArea 4 resource drilling program successfully completed with established strike length of 1,125 meters. Thirty-three drill holes pending analysesNotice 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 ResultsDrilling in the Term 1 program has focused on doub...