Namibia Critical Metals Inc. says the final infill drilling campaign results at the Lofdal 2B-4 heavy rare earth project confirm the continuation of rare earth mineralisation at depth.
The company says the last borehole showed an increase in grade and width of the heavy rare earth mineralisation and confirmed that the rare earth mineralisation is open in a southwesterly direction and at a depth of Area 4 main deposit.
Namibia Critical Metals wants to use the results for its PFS study on the large-scale Lofdal 2B-4 heavy rare earth project.
The Lofdal project, a globally significant deposit of the heavy rare earth metals dysprosium and terbium, is a joint venture between Namibia Critical Metals and the Japan Organization for Metals and Energy Security.
The Lofdal Project, which has a 25-year mining license 200, is in the Kunene region.
The company filed a robust updated PEA for Lofdal 2B-4 on November 14, 2022.
It has a post-tax net present value of US$391 million, an annual internal rate of return of 28%, and a capital expenditure of US$207 million.
The project is projected to generate a nominal cash flow of US$ 698 million post-tax over the mine’s 16-year life.
President of Namibia Critical Metals, Darrin Campbell, stated: “Another important milestone was reached. I am very pleased to see the boxes systematically getting ticked for the PFS of our expanded project, Lofdal 2B-4. With the drill data already at the MSA Group, I’m looking forward to an updated Mineral Resource Statement towards the end of February this year and the kick-off of the detailed mine planning for both the planned Area 4 and Area 2B pits by the internationally highly recognised Namibian consultancy Qubeka.”