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Rare earths company acquires critical metals portfolio in Namibia

RARE MINERALS
Namibia Rare Earths has started exploring several mineral deposits across the country

RARE MINERALS Namibia Rare Earths has started exploring several mineral deposits across the country

16th March 2018

     

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Heavy rare earth elements project developer Namibia Rare Earths (NRE) has completed the acquisition of a portfolio of critical metal properties from private firm Gecko Namibia, which will see NRE obtain a controlling interest in a portfolio of seven metals properties, thereby expanding its focus from heavy rare earths to include cobalt, copper, zinc, lithium, graphite, tantalum, niobium, nickel and gold.

In addition to NRE issuing 64-million common shares to Gecko Namibia for the acquisition, the company had also closed a $550 000 private placement. NRE has acquired 95% of Gecko Namibia’s interest in a portfolio of exploration properties which consists of 14 exploration prospecting licences. Four of the licences are pending, one of which is a mineral deposit retention licence.

These transactions were announced in a company press release in November. The shares of the company restarted trading on the Toronto Stock Exchange last month.

This transaction provides NRE with a diversified portfolio of critical metals. At the same time, NRE has secured an experienced strategic partner in Gecko Namibia. Gecko Namibia and its subsidiaries are significant participants in the Namibian resources sector, with a proven track record in the mining industry, the company highlights.

“The portfolio of properties acquired from Gecko Namibia will expand the company’s commodity base from solely heavy rare earths to a variety of highly critical commodities. Ground holdings in Namibia will increase from 221 km2, which includes the Lofdal heavy rare earths project, to more than 6 850 km2 in total,” NRE stated.

Meanwhile, proceeds from the private placement will fund the initial exploration programme on the Kunene cobalt-copper project, in northern Namibia, which is contiguous with a significant new discovery of strata-bound cobalt mineralisation that is being drilled off by junior resources company Celsius Resources.

“The NRE exploration programme on its properties will focus on confirming cobalt mineralisation in areas of demonstrated potential from historic, regional soil geochemical surveys to develop drill targets for subsequent follow-up,” the company highlights.

The company has immediate access to more than 12 000 soil samples collected from previous work over 2 142 km2, which will be systematically analysed for cobalt. Provision has also been made for a rock sampling programme on the Warmbad lithium project, in southern Namibia.

Further, the company explains that the Kunene project area is contiguous with ground being actively explored for cobalt by Celsius Resources. The recognition of strata-bound cobalt mineralisation associated with low-grade copper and zinc mineralisation in black shales in the Kunene region by Gecko Namibia has formed the cornerstone of Celsius Resources’ current drilling programme at Opuwo.

“Celsius is undertaking a 15 000 m drilling programme to develop a Joint Ore Reserves Committee-compliant mineral resource to support their stated initial exploration target of between 33-million and 41-million tonnes, grading around 0.13% to 0.17% cobalt and 0.45% to 0.65% copper,” states Celsius Resources.

NRE noted that fieldwork at Kunene will comprise focused geological mapping, rock sampling and detailed soil sampling over areas that historic work had already identified as having cobalt potential. The historic database was collected during a previous exploration period with mining company First Quantum Minerals and was focused on the discovery of large-scale, orogenic copper deposits and failed to undertake systematic analyses for cobalt in associated black shales.

Meanwhile, the Warmbad lithium project comprises 605 km2 and hosts numerous pegmatite occurrences with documented lithium, titanium, niobium, beryllium and rare-earth element mineralisation. Pegmatites in the Tantalite Valley District have been mined since about 1946 for beryl, columbite-tantalite, lithium and bismuth minerals.

Lepidolite, spodumene, amblygonite, rubellite and tantalite mineralisation from historic records of pegmatite occurrences in the area has been reported. The area has recently been mapped in detail by the Geological Survey of Namibia and the South African Council of Geosciences, which has provided significantly updated geological information.

NRE states that its field teams will be assisted by geologists from the Geological Survey of Namibia to locate outcrops and undertake reconnaissance sampling.

Edited by Mia Breytenbach
Creamer Media Deputy Editor: Features

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