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Namibia Critical Metals Outlines Planned Work Program for Lofdal Heavy Rare Earths Joint Venture with JOGMEC
HALIFAX, NS / ACCESSWIRE / February 11, 2020 / Namibia Critical Metals Inc. ("Namibia Crit...
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[{"type":"text","content":"Namibia Critical Metals Outlines Planned Work Program for Lofdal Heavy Rare Earths Joint Venture with JOGMECHALIFAX, NS / ACCESSWIRE / February 11, 2020 / Namibia Critical Metals Inc. (\"Namibia Critical Metals\" or the \"Company\" or \"NMI\") (TSXV:NMI) today announced details of the Term 1 planned work program for the Lofdal Heavy Rare Earths Project (\"Lofdal\") in northern Namibia. As was recently announced (Company press release dated January 27, 2020) the Company has entered into an agreement with Japan Oil, Gas and Metals National Corporation (\"JOGMEC\") to jointly explore and develop Lofdal. Following the first meeting of the Management Committee formed by NMI and JOGMEC, the objectives of the initial Term 1 work program have been agreed to as follows:Complete a 7,700 m drill program at Area 4 with the objective to double the current mineral resource and deliver an updated NI43-101 reportComplete 1,500 meters of exploration drilling on two priority satellite deposit targetsUndertake further metallurgical test work on sorting, magnetic separation, flotation and gangue acid leaching to refine the process flow sheetThe $3,000,000 Term 1 work program will be undertaken from February 2020 to March 2021 and will be sole funded pursuant to a firm non-refundable commitment by JOGMEC. Following completion of the Term 1 program, JOGMEC has the right to earn a 40% interest in the Project by funding an additional $7,000,000 in exploration expenditures and may earn an additional 10% interest by funding an additional $10,000,000 in exploration expenditures. Further details of the agreement are provided in the Company release dated January 27, 2020.Area 4 ResourceThe Lofdal Heavy Rare Earths Project is located 450 kilometers northwest of the capital city of Windhoek in the Kunene Region of north-western Namibia (Figure 1). The project area covers 314 square kilometers centered on the Lofdal carbonatite complex which hosts a number of rare earth occurrences, including the Area 4 deposit. Mineralization at Area 4 is dominated by xenotime, which is highly enriched in heavy rare earths. Value drivers at Lofdal are dysprosium and terbium as opposed to praseodymium and neodymium which are the value drivers in light rare earth deposits.Current mineral resources for the Area 4 deposit are estimated to be 2.88 Mt of indicated mineral resources...