Namibia Critical Metals Inc. Completes Bulk Sampling of Lofdal HREE Dysprosium-Terbium Project Starter Pit


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HALIFAX, NS / ACCESSWIRE / November 29, 2021 / Namibia Critical Metals Inc. (“Namibia Critical Metals” or the “Company” or “NMI”) (TSXV: NMI) (OTCQ: NMREF) is pleased to provide an update on the development of the Lofdal Heavy Rare Earth Dysprosium-Terbium project .

The Company completed work on a start-up pit for bulk sampling at Lofdal initially reported on September 20, 2021. Blasting was carried out at the Zone 4 deposit on October 6.e and mining of designated mineralized blocks completed on October 30e. A total of 34,500 tonnes were extracted from the mineralized zone to a depth of 15 meters, of which 500 tonnes from a depth of between 12 and 15 meters were systematically mixed and stored to provide a homogenized sample representative of the deposit of Zone 4. From this material, 300 tonnes were selected for crushing and screening by Gecko Namibia.

The first two bulk samples of 2.7 tonnes and 1.5 tonnes were shipped to Rados Johannesburg and Tomra Hamburg for XRF and XRT sorting tests, respectively. The final results of the sorting test work are expected in early January 2022.

Figure 1: blasting of the bulk sample pit in the central deposit of Zone 4 in Lofdal by Bulk Mining Explosives (BME); stocks in the bottom left.

Figure 2: Crushing and screening of bulk samples by Gecko Mining

The Lofdal heavy rare earth deposit is one of the two main xenotime projects under development around the world. The deposit has the potential for significant production of dysprosium and terbium, the two most valuable rare earth elements used in high power magnets and other high tech applications.

The Lofdal project is being developed as a joint venture with the Japan Oil, Gas and Metals National Corporation (“JOGMEC”) aiming at a long-term sustainable supply of heavy rare earths in Japan.

Rainer Ellmies, Vice President of Namibia Critical Metals, said: “For the first time, we have the opportunity to produce very large bulk samples from mineralized boulders below the heavy weathering zone for heavy weathering. pilot scale test. Not being limited to small quantities of drill core or surface trench material, these bulk samples allow us to perform several pilot-scale sorting tests as well as geotechnical test work that aims to further optimize the final treatment scheme.

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

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

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

Namibia Critical Metals currently holds a 95% stake in the Lofdal project, with the remaining 5% held for the benefit of historically disadvantaged Namibians. The terms of the JOGMEC joint venture agreement with the Company provide that JOGMEC will provide $ 3,000,000 in Term 1 and $ 7,000,000 in Term 2 to acquire a 40% interest in the Lofdal project. Term 3 provides for an additional expense of $ 10,000,000 to earn an additional 10% interest. JOGMEC can also purchase another 1% for $ 5,000,000 and has the right of first refusal to fully fund the project up to commercial production and to purchase all production at market prices. The collective interests of NMI and the historically disadvantaged Namibians cannot be diluted below 26% direct interest after payment of $ 5,000,000 to JOGMEC for dilution protection. The joint venture agreement is structured such that no NMI shares will be issued and it is fully non-dilutive to NMI shareholders. To date, JOGMEC has approved funding for Term 1 and 2 expenses totaling $ 6,600,000.

About Namibia Critical Metals Inc.

Namibia Critical Metals Inc. has a diverse portfolio of exploration and advanced projects in the country of Namibia, focused on the development of sustainable and ethical sources of metals for battery, electric vehicles and related industries. The two late stage projects in the portfolio are Lofdal and Epembe. The Company also holds significant land positions in areas favorable to gold mineralization.

Figure 3: Location of Namibia Critical Metals projects highlighting the position of gold projects (Erongo, Otjiwarongo and Grootfontein) in relation to major gold projects in the Navachab-Otjikoto gold belt

Heavy rare earths: The Lofdal Dysprosium-Terbium Project is the Company’s most advanced project being fully licensed with a mining license (ML 200) issued in 2021. The project is being developed as a joint venture with Japan Oil, Gas and Metals National Corporation (“JOGMEC”) to provide a sustainable supply of rare earths in Japan, in particular dysprosium and terbium.

Gold: The Company’s Gold Exclusive Exploration Licenses (“EPL”) are located in Namibia’s central gold belt which is home to 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 Erongo gold project, stratigraphic equivalents of the meta-sediments hosting the recent Osino gold discovery at Twin Hills have been identified and geophysical surveys are progressing in this very promising area. The Grootfontein Base Metals and Gold Project has potential for magmatic copper-nickel mineralization, Mississippi Valley-type zinc-lead-vanadium mineralization and Otjikoto-style gold mineralization. The detailed interpretation of the geophysical data and the regional geochemical sampling of the soil made it possible to identify the first gold targets, the first targets being currently tested by drilling.

Tantalum-Niobium: The Tantalum-Niobium-Uranium Epembe 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 and 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 move the project to a preliminary economic assessment stage.

The common shares of Namibia Critical Metals Inc. are listed on the TSX Venture Exchange under the symbol “NMI” and on the OTCQ under the symbol “NMREF”.

Rainer Ellmies, PhD, MSc Geology, EurGeol, AusIMM, is the qualified person of the company and has reviewed and approved the scientific and technical information contained in 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
Phone. : +01 (902) 835-8760
Fax: +01 (902) 835-8761
Email: [email protected]
Website: www.NamibiaCriticalMetals.com

The foregoing information may contain forward-looking information regarding the future performance of Namibia Critical Metals Inc. Forward-looking information, in particular regarding 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 documents filed by the Company with the appropriate securities commissions.

THE SOURCE: Namibia Critical Metals Inc.

See the source version on accesswire.com:
https://www.accesswire.com/675029/Namibia-Critical-Metals-Inc-Completes-Bulk-Sampling-from-Starter-Pit-at-Lofdal-HREE-Dysprosium-Terbium-Project


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