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Namibia Critical Metals - JOGMEC Injects an Additional CAD $1.1M to Expand and Accelerate Drill Program at the Lofdal Heavy Rare Earth Project
HALIFAX, NS / ACCESSWIRE / September 21, 2020 / Namibia Critical Metals Inc. ("Namibia Critic...
About this update from Namibia Critical Metals Inc.
[{"type":"text","content":"Namibia Critical Metals – JOGMEC Injects an Additional CAD $1.1M to Expand and Accelerate Drill Program at the Lofdal Heavy Rare Earth ProjectHALIFAX, NS / ACCESSWIRE / September 21, 2020 /Namibia Critical Metals Inc. (\"Namibia Critical Metals\" or the \"Company\" or \"NMI\") (TSXV:NMI) is pleased to announce that Japan Oil, Gas and Metals National Corporation (\"JOGMEC\") will provide an additional $1,100,000 to expand and accelerate the current drilling program for the Lofdal Heavy Rare Earths Project (\"Lofdal\") in northern Namibia. This additional commitment will increase the Term 1 joint venture expenditure from $3,000,000 to $4,100,000 by March 31, 2021. All references to dollar amounts are in Canadian dollars. This increase in funding allows for an additional 6,000 m of diamond drilling to develop resources at Lofdal as described below.A second rig has been deployed to site in order to maintain Term 1 program scheduling.Don Burton, President of Namibia Critical Metals stated \"Lofdal is a very exciting project and is unique as one of only two primary xenotime deposits under development in the world, the other deposit being Browns Range in Australia. As demonstrated in our Preliminary Economic Assessment[1] Lofdal has the potential for significant production of dysprosium and terbium, the two most valuable heavy rare earths used in high powered magnets. JOGMEC is supporting the security of light rare earth supplies for Japan by applying its financial scheme to Lynas Corporation. We are very pleased to see this additional injection of funds by our joint venture partner which will enable us to further demonstrate the value in Lofdal as a long term, sustainable supply of heavy rare earths for Japan.\" Term 1 Drilling Program ExpandedThe initial Term 1 budget provided for a total of 7,200 m of resource drilling in Area 4 and 1,500 m of exploration drilling at the Northern Splay and Dolomite Hill to be completed by year end with the primary objective of doubling the resource size in Area 4. Following recommendations to the Joint Venture Management Committee, the drilling budget has been increased to enable resource evaluations in two additional areas - Area 2B and Area 5, and to supplement drilling in Area 4 with an additional 1,000 m of drilling (Figure 1). This additional 6,000 m of drilling will provide for a total ...