Lofdal heavy rare earths project sees 650% boost in resources
(Kitco News) - Namibia Critical Metals (TSXV:NMI) today announced an updated NI 43-101 mineral resource estimate for the Lofdal heavy rare earths project in northwestern Namibia.
The company said that the total Measured and Indicated Mineral Resource tonnage increased by 1,454%, from 2.88 Mt at 0.32% TREO to 44.76 million tonnes at 0.17% TREO, for combined Area 4 (including the first Measured Resource for Lofdal) and Area 2B based on the same cut-off of 0.1 % TREO as in the previous PEA filed on October 1, 2014. Total Inferred Mineral Resource increased 164% in tonnage to 8.67 million tonnes at a grade of 0.17% TREO for combined Area 4 and Area 2B based on 0.1 % TREO cut-off.
The company pointed out a sixfold increase in contained TREO in Measured & Indicated categories to 76,950 tonnes. Compared to previous mineral resource estimate, contained dysprosium oxide (4,060 tonnes) and terbium oxide (620 tonnes) in the Measured and Indicated categories increased 6.1 times and 6.7 times, respectively.
President Darrin Campbell stated, "We are extremely pleased to see this significant increase to the size and potential of our Lofdal project. Our first year in partnership with JOGMEC has been a great success in advancing Lofdal forward to being one of the premier heavy rare earth projects in the world.”
“The main value drivers of the Lofdal deposit are dysprosium and terbium which are critical components to produce high-strength permanent magnets used in electric vehicle motors and wind turbines. The permanent magnet sector is expected to be the fastest-growing end-use category of rare earths for the next decade," continued Campbell.
Namibia Critical Metals holds a diversified portfolio of exploration and advanced stage projects in Namibia focused on the development of sources of metals for the battery, electric vehicle and associated industries. The two advanced stage projects in the portfolio are Lofdal and Epembe. The Lofdal deposit is being developed by a joint venture of Namibia Critical Metals and the Japanese Oil, Gas and Metals Corporation (JOGMEC).