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Northcliff Resources Announces Funding To Accelerate Development Of The Sisson Critical Minerals Project
Northcliff Resources Announces Funding To Accelerate Development Of The Sisson Critical Minerals
About this update from Northcliff Resources Ltd.
[{"type":"text","content":"VANCOUVER - Northcliff Resources Ltd. ('Northcliff' or the 'Company') (TSX: NCF) is pleased to announce the United States Department of Defense ('US DoD') has awarded the Company a US$15 million (C$20.7 million) award under the Defense Production Act ('DPA') Title III program to expand tungsten's domestic capacity, sustainment of its critical production and address vulnerability in the Critical Minerals supply chain in the United States and Canada.\nThis important non-share dilutive funding will allow Northcliff to advance the Sisson Tungsten-Molybdenum Project in Canada (the 'Sisson Project') toward a project construction decision. The Company has also obtained conditional funding from the Government of Canada, pending due diligence, under Natural Resources Canada's Global Partnerships Initiative for up to C$8.2 million (US$5.9 million) to support the project.\nLocated near tidewater on the southeastern coast of Canada in New Brunswick, the Sisson Project hosts a deposit with the Critical Mineral tungsten and the strategic mineral molybdenum. Northcliff advanced resource, engineering, environmental and economic studies that culminated in a positive feasibility study in 2013, then progressed the project through provincial and federal environmental assessment and other processes to gain key approvals, expending some C$70 million. The Company developed a detailed work program and is currently focused on advancing the project through the pre-construction phase.\nIn that regard, the US DoD funding from the DPA Title III program and the Government of Canada's funding under the Global Partnerships Initiative, in total up to C$29 million (US$20.9 million) will be used to update Northcliff's feasibility study as well as support related pre-construction work programs. This work would involve completion of engineering activities and studies needed to satisfy the technical conditions associated with its in-hand environmental approvals and project development workstreams (project finance and offtake sounding), to provide the necessary economic and technical information to support a construction decision.\nAs a project at the pre-construction phase, the Sisson Project is well positioned to help address the demand for tungsten and molybdenum. Tungsten is an essential ingredient in modern and emerging technologies, has few substitutes and coul...