Namibia key Metals (TSXV:NMI) today announced an update of NI 43-101mineral resource estimates for the Lofdal heavy rare earths project in northwestern Namibia.
The company said the total measured and showed that the tonnage of mineral resources increased by 1454%, from 2.88 tons 0.32% TREO 44.76 million tons TREO 0.17%, combined with region 4 (including Lofdal first measured resources) and area 2b based on the same 0.1% TREO before the pea application ended on October 1, 2014. Based on the 0.1 per cent TREO cut-off, the combined areas 4 and 2B are classified as 0.17 per cent TREO, and it is inferred that the total mineral resources increased by 164 per cent to 8.67 million tons.
The company noted that the amount of TREO contained in the measurement and indication categories increased sixfold to 76950 tons. Compared with previous mineral resource estimates, the contents of dysprosium oxide (4060 tons) and terbium oxide (620 tons) in the measured and indicated categories increased by 6.1times and 6.7times, respectively.
Darrin Campbell, president of the company, said: "We are very pleased to see a significant increase in the size and potential of the Lofdal project. Our first year of cooperation with JOGMEC has been a great success, making Lofdal one of the most important heavy rare earth projects in the world. "
The main value drivers of the Lofdal deposit are dysprosium and terbium, which are key components in the production of high-strength permanent magnets for electric vehicle engines and wind turbines. The permanent magnet industry is expected to be the fastest growing rare earth end-use category over the next decade, "Campbell continued.
Namibian key metals have a diversified portfolio of exploration and advanced-phase projects in Namibia, focusing on the development of metal sources for batteries, electric vehicles and related industries. The two advanced phase projects in the portfolio are Lofdal and Epembe. The Lofdal deposit is being developed by a joint venture between the key metals company of Namibia and the Japanese oil, gas and metals company (JOGMEC).
