Namibia Critical Metals (TSXVI:NMI) on Wednesday revealed results from the final phase of drilling ahead of a prefeasibility study (PFS) at its Lofdal 2B-4 project in Namibia.
In a news release, the Halifax-based company stated drilling totaled 10,823 metres in 56 boreholes. The final phase of drilling, however, included seven deep reverse circulation boreholes for a total of 2,597 meters in the Area 4 main deposit.
“The finalization of all planned drilling is another major step forward for our ‘Lofdal 2B-4’ heavy rare earth project,” Darrin Campbell, president of Namibia Critical Metals, said in a statement. “The main aim of the drilling campaign was to significantly increase the measured and indicated resource categories to comply with the requirements of a PFS.”
Campbell added that the company anticipates receiving assay results in January ahead of an updated resource estimate in February of next year.
During the 2023 drilling campaign, Area 2B and Area 4 was where most of the drilling took place in two phases between Feburary and November.
The last seven boreholes were completed in November and were drilled into the deeper western part of the mineralization at Area 4 with end-of-hole depths between 325 and 401 metres.
Namibia Critical Metals is focused on the Lofdal project, which is fully permitted with a 25-year mining license and is under a joint venture agreement with Japan Organization for Metals and Energy Security.
Shares of Namibia Critical Metals are unchanged at C$0.06.
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