Namibia Critical Metals has announced a 650% increase in measured and indicated TREO (Total Rare Earth Oxides) mineral resources at its Lofdal heavy rare earths project in in north-western Namibia.
The Lofdal deposit is being developed by a joint venture of Namibia Critical Metals and the Japanese Oil, Gas and Metals Corporation (JOGMEC). The joint venture aimed at doubling the mineral resource of 2.88 Mt at a grade of 0.32% TREO in the indicated category and 3.28 Mt at a grade of 0.27% TREO in the inferred category with its 9 months drilling campaign in 2020.
Highlights of the mineral resource update include:
- 1 454% increase in total measured and indicated mineral resource tonnage 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 in October 2014;
- Term 1 objectives with JV partner JOGMEC of doubling the mineral resource far exceeded;
- 164% increase in total inferred mineral resource 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;
- 6 times increase in contained TREO in measured and 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.
Darrin Campbell, president of Namibia Critical Metals 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.
“It is a great pleasure to see that our geological team has cracked the code of the deposit to establish a first significant mineral resource outside Area 4 at Area 2B with several tens of kilometres of additional strike length of potentially mineralised structural zones to be drilled in Area 2 and Area 5 that could result in additional mineral resources. 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.”