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Namibia Critical Metals Files NI 43-101 Mineral Resource Estimate Report for the Lofdal Heavy Rare Earth (Dysprosium - Terbium) Project on SEDAR

30.06.2021  |  Accesswire

HALIFAX, June 30, 2021 - Namibia Critical Metals Inc. ("Namibia Critical Metals" or the "Company" or "NMI") (TSXV:NMI) is pleased to announce that the updated NI 43-101 Mineral Resource Estimate on the Lofdal Heavy Rare Earth Project in northern Namibia ("Lofdal" or "the project") has been filed on SEDAR. Lofdal is a joint venture between the Company and Japan Oil, Gas and Metals National Corporation ("JOGMEC"). The Company also announces that it has received a renewal of the Environmental Clearance Certificate (ECC) for Mining Activities in Mining License (ML) 200 for the Lofdal Heavy Rare Earth Project. The ECC was issued by the Ministry of Environment, Forestry and Tourism Department of Namibia as an effective date of May 11, 2021, and is valid until May 11, 2024.

The terms of the JOGMEC JV Agreement stipulate that JOGMEC provides $3,000,000 in Term 1 and $7,000,000 in Term 2 to earn a 40% interest in the Lofdal project. Term 3 calls for a further $10,000,000 of expenditures to earn an additional 10% interest. The JV Agreement is structured such that no NMI equity will be issued and it is totally non-dilutive to NMI shareholders.

Lofdal is unique as one of only two primary xenotime projects under development in the world. The deposit has the potential for significant production of dysprosium and terbium, the two most valuable heavy rare earths used in high powered magnets. The joint venture with JOGMEC is driven by Lofdal's potential to be a long term, sustainable supply of heavy rare earths for Japan.

Darrin Campbell, President of Namibia Critical Metals stated "We are incredibly pleased to have achieved this significant value inflection point of Lofdal with this impressive mineral resource upgrade. Increasing our Measured and Indicated mineral resource tonnage by over 1400% and over a 6 fold increase in contained dysprosium and terbium oxide from our 2012 maiden resource is an amazing accomplishment by our technical team. In addition, the receipt of the renewal of the Environmental Clearance Certificate for Lofdal is great news and is expected to be the last requirement for official issuance of the Mining License 200 for Lofdal. This is a very special situation with the potential to develop a sustainable source of heavy rare earths outside of China in a favourable and stable mining jurisdiction in Namibia."

Mineral Resource Estimate

As previously reported (May 20, 2021) the in-situ Mineral Resource estimate was independently prepared by The MSA Group of South Africa ("MSA") and was based on geochemical analyses and density measurements of core samples obtained by diamond drilling undertaken by Namibia Critical Metals from 2010 to 2012, 2015 and more recently in 2020. From the assumed parameters a 0.1% TREO cut-off grade was calculated, which together with the Whittle optimised pit shell demonstrates reasonable prospects for eventual economic extraction (RPEEE) for the Mineral Resource. The Mineral Resource is classified into the Measured, Indicated and Inferred categories and is reported at a cut-off grade of 0.1% TREO (TREO refers to Total Rare Earth Oxides including Y2O3). The independent resource for Area 4 and for Area 2B was estimated by MSA as follows:

Table 1: Area 4 Mineral Resources Estimate for 0.1% TREO cut-off

Notes (also apply to Table 2):

  1. All tabulated data have been rounded and as a result minor computational errors may occur.
  2. Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability.
  3. Quantities reported are the total quantities for the project regardless of ownership.
  4. *TREO = Total Rare Earth Oxides and includes Y2O3
  5. **HREO = Heavy Rare Earth Oxides and includes Y2O3
  6. ***LREO = Light Rare Earth Oxides
  7. Mt = Million tonnes, kt = Thousand tonnes.

Table 2: Area 2B Mineral Resources Estimate for 0.1% TREO cut-off

The Term 1 objective of the joint venture to double the mineral resource was far exceeded as reported in the Company news release dated May 20, 2021 and highlighted in Table 3. Measured and indicated resources increased from 2.88 Mt @ 0.32% TREO to 44.76 Mt @ 0.17% TREO and inferred resources increased from 3.28 Mt @ 0.27% TREO to 8.67 Mt @ 0.17% TREO. Most significantly, the contained tonnages of the high value heavy rare earths dysprosium and terbium increased 6.1 times and 6.7 times, respectively (Table 4).

Table 3: Comparison of Lofdal Mineral Resource Estimates of 2012 and 2021

Year of Mineral Resource Estimate 2012 2012 2021 2021
Cut-off grade 0.1% TREO 0.1% TREO 0.1% TREO 0.1% TREO

Million tonnes

(Mt)

Grade

%TREO

Million tonnes

(Mt)

Grade

%TREO

Measured Resource Area 4 0 - 5.93 0.21
Indicated Resource Area 4 2.88 0.32 36.63 0.16
Indicated Resource Area 2B 0 - 2.20 0.19
Total Measured & Indicated Resources 2.88 0.32 44.76 0.17
Inferred Resource Area 4 3.28 0.27 6.09 0.17
Inferred Resource Area 2B 0 - 2.58 0.19
Total Inferred Resources 3.28 0.27 8.67 0.17

Table 4: Comparison of contained dysprosium oxide and terbium oxide in Mineral Resources of 2012 and 2021

Filing of Report

The report, entitled Namibia Critical Metals Inc. Lofdal Heavy Rare Earths Project, Namibia NI 43-101 Technical Report -20 May 2021 Mineral Resource Estimate is authored by Jeremy Witley, MSc, P. Sci. Nat - The MSA Group, South Africa, Scott Swinden, Ph.D, P.Geol - Swinden Geoscience Consultants Ltd. and Massoud Aghamirian, P,Eng - SGS (Canada).

The Qualified Person for the Mineral Resource estimate is Mr. Jeremy C. Witley (BSc Hons, MSc (Eng.)) who is a geologist with more than 30 years' experience in base and precious metals exploration and mining as well as in Mineral Resource evaluation and reporting. He is a Principal Resource Consultant for The MSA Group (an independent consulting company), is registered with the South African Council for Natural Scientific Professions (SACNASP) and is a Fellow of the Geological Society of South Africa (GSSA). Mr. Witley has the appropriate relevant qualifications and experience to be considered a "Qualified Person" for the style and type of mineralization and activity being undertaken as defined in National Instrument 43-101 Standards of Disclosure of Mineral Projects.

Geological services were provided by Gecko Exploration (Pty) Ltd. under the supervision of Dr Rainer Ellmies, VP Exploration for Namibia Critical Metals. Drilling services were provided by Günzel Drilling, a Namibian contract drilling company, and downhole geophysical measurements were carried out by Gregory Symons Geophysics of Windhoek. Sample preparation and analytical services were provided by Activation Laboratories Ltd. (Windhoek, Namibia and Ancaster, Ontario) as the primary laboratory employing ICP-MS techniques suitable for rare earth element analyses and following strict internal QAQC procedures inserting blanks, standards and duplicates. Check analyses were carried out by ALS Minerals (North Vancouver) as the umpire laboratory on approximately 5% of the resource database.

Neither Mr. Witley nor any associates employed in the preparation of the Mineral Resource report ("Consultants") have any beneficial interest in Namibia Critical Metals. These Consultants are not insiders, associates, or affiliates of Namibia Critical Metals. The results of the report are not dependent upon any prior agreements concerning the conclusions to be reached, nor are there any undisclosed understandings concerning any future business dealings between Namibia Critical Metals and the Consultants. The Consultants are to be paid a fee for their work in accordance with normal professional consulting practices.

About Japan Oil, Gas and Metals National Corporation (JOGMEC)

JOGMEC is a Japanese government independent administrative agency which among other things seeks to secure stable resource supply for Japan. JOGMEC has a strong reputation as a long term, strategic partner in mineral projects globally. The mandated areas of responsibilities within JOGMEC relate to oil and natural gas, metals, coal and geothermal energy. JOGMEC facilitates opportunities with Japanese private companies to secure supply of natural resources for the benefit of the country's economic development.

Rare earths are of critical importance to Japanese industrial interests and JOGMEC has extensive experience with all aspects of the sector. JOGMEC provided Lynas with US$250,000,000 in loans and equity in 2011 to ensure supplies of the Light Rare Earths metals suite to the Japanese industry.

About Namibia Critical Metals Inc.

Namibia Critical Metals Inc. holds a diversified portfolio of exploration and advanced stage projects in Namibia focused on the development of sustainable and ethical sources of metals for the battery, electric vehicle and associated industries. The two advanced stage projects in the portfolio are Lofdal and Epembe. The Company also holds significant land positions in areas favourable for gold and base metal mineralization.

Heavy Rare Earths: The Lofdal Heavy Rare Earth Project is the Company's most advanced project having completed a Preliminary Economic Assessment in 2014 and full Environmental Clearance for a first mining area in 2016. The Company has received Notice of Preparedness to Grant the Application for a Mining Licence for Lofdal from the Ministry of Mines and Energy. The Company has lodged its acceptance of the mining licence and awaits finalization of the process from the Ministry. The project is developed in joint venture with Japan Oil, Gas and Metals National Corporation ("JOGMEC") who are funding the current CD$10,000,000 drilling and metallurgical program with the objective of doubling the resource size and optimization of the process flow sheet.

Gold: The Company's Exclusive Prospecting Licenses ("EPLs") prospective for gold are located in the Central Namibian Gold Belt which hosts a number of significant orogenic gold deposits including the Navachab Gold Mine, the Otjikoto Gold Mine and more recently the discovery of the Twin Hills deposit. At the Erongo Gold Project, stratigraphic equivalents to the meta-sediments hosting the recent Osino gold discovery at Twin Hills have been identified and soil surveys are progressing over this highly prospective area. The Grootfontein Base Metal and Gold Project has potential for magmatic copper-nickel mineralization, Mississippi Valley-type zinc-lead-vanadium mineralization and Otjikoto-style gold mineralization. Detailed interpretation of geophysical data and regional geochemical soil sampling have identified first gold targets.

Tantalum-Niobium: The Epembe Tantalum-Niobium-Uranium Project is at an advanced stage with a well-defined, 10 km long carbonatite dyke that has been delineated by detailed mapping and radiometric surveys with over 11,000 meters of drilling. Preliminary mineralogical and metallurgical studies including sorting tests (XRT), indicate the potential for significant physical upgrading. Further work will be undertaken to advance the project to a preliminary economic assessment stage.

Copper-Cobalt: The Kunene Copper-Cobalt Project comprises a very large area of favorable stratigraphy along strike of the Opuwo cobalt-copper-zinc deposit. Secondary copper mineralization over a wide area points to preliminary evidence of a regional-scale hydrothermal system. Exploration targets on EPLs held in the Kunene project comprise direct extensions of the cobalt-copper mineralization to the west, sediment-hosted copper, orogenic copper, and stratabound manganese and zinc-lead mineralization.

The common shares of Namibia Critical Metals Inc. trade on the TSX Venture Exchange under the symbol "NMI".

Donald M. Burton, P.Geo. is the Company's Qualified Person and has reviewed and approved this press release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information please contact -

Namibia Critical Metals Inc.
Darrin Campbell, President
Tel: +01 (902) 835-8760
Fax: +01 (902) 835-8761
Email: Info@NamibiaCMI.com
Web site: www.NamibiaCriticalMetals.com

The foregoing information may contain forward-looking information relating to the future performance of Namibia Critical Metals Inc. forward-looking information, specifically, that concerning future performance, is subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate securities commissions.

SOURCE: Namibia Critical Metals Inc.



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https://www.accesswire.com/653697/Namibia-Critical-Metals-Files-NI-43-101-Mineral-Resource-Estimate-Report-for-the-Lofdal-Heavy-Rare-Earth-Dysprosium--Terbium-Project-on-SEDAR


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