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Aris Gold Announces Q3 2021 Financial and Operating Results

Aris Gold Announces Q3 2021 Financial and Operating Results
Canada NewsWire
VANCOUVER, BC, Nov. 10, 2021

VANCOUVER, BC, Nov. 10, 2021 /CNW/ – Aris Gold Corporation (Aris Gold or the Company) (TSX: ARIS) (OTCQX: ALLXF) reports financial and operatin…



Aris Gold Announces Q3 2021 Financial and Operating Results

Canada NewsWire

VANCOUVER, BC, Nov. 10, 2021 /CNW/ – Aris Gold Corporation (Aris Gold or the Company) (TSX: ARIS) (OTCQX: ALLXF) reports financial and operating results for the three and nine months ended September 30, 2021. All amounts are in US dollars, unless otherwise indicated.

Q3 2021 Highlights

Highlights for Q3 2021 were focused on the continued advancement of the Lower Mine project, with the following notable developments:

  • The project team completed several Lower Mine optimizations with Wood PLC, the EPCM contractor, and are finalizing the detailed design.
  • Aris Gold continued with the 35,000-metre infill and exploration drill program at Marmato. The final six drillholes of that program are underway.
  • Expenditures of $5.4 million were incurred on the Lower Mine in Q3 2021, including $4.1 million related to early works, land acquisitions, and technical studies, $0.7 million related to the 35,000-metre drilling campaign, and $0.6 million related to owner costs and other related costs.
  • Aris Gold published its inaugural Sustainability Report highlighting the Company’s approach and performance on a range of material environmental, social and governance (ESG) topics and the adoption of a new ESG governance strategy, as well as the Company’s plans and priorities for 2021 and beyond.
  • Performance optimization activities at the Marmato Upper Mine included a comprehensive review of operations management, administrative and organizational structures. The regional office in Medellin has been closed and teams have been relocated to the Marmato mine. Preventive maintenance, productivity improvements, and cost management programs have been initiated.
  • Aris Gold’s COVID-19 vaccination program has resulted in over 96% of its employees, along with many others in the local communities around the Marmato mine, being vaccinated at this time.

In addition, Aris Gold completed the 10,000-metre drill program at the Juby project in Q3 2021. Juby is an advanced exploration stage gold project in the Abitibi greenstone belt of Ontario, Canada. The objective of the drill program was to expand the known open pit mineral resources and test areas that may host higher-grade zones. Core sample assays have been submitted to an analytical laboratory for review, and results are expected in the fourth quarter of 2021.

Financial and Operating Highlights

In the three and nine months ended September 30, 2021, Aris Gold recorded net earnings of $6.0 million and $4.3 million, respectively (three and nine months ended September 30, 2020: net loss of $24.9 million and $49.4 million, respectively). The adjusted net loss for the three and nine months ended 2021 was $0.6 million and $2.2 million, respectively, which when compared to the same periods in 2020 (net earnings of $2.1 million and $3.6 million respectively) reflected an increase in cost of sales and general and administrative expenses.

Financial and operating highlights

Three months ended Sept 30,

Nine months ended Sept 30,

Operating data





Gold produced (ounces)





Gold sold (ounces)





Average realized gold price ($/ounce sold)





Cash costs ($/ounce sold) 1,2





AISC ($/ounce sold) 1





Financial data ($000s, except per share amounts)






Earnings from mining operations





Net earnings (loss)





Net earnings (loss) per share – basic and diluted





Adjusted (loss)/earnings 1





Balance sheet, as at ($000s)

Sept 30, 2021

Dec 31, 2020

 Cash and cash equivalents



 Cash in escrow



 Total long-term debt




See Non-IFRS Measures in the Q3 2021 MD&A for full details on cash costs, AISC and adjusted (loss)/earnings calculations. The Company has changed its methodology of calculating cash costs and AISC, and therefore amounts for the three and nine months ended September 30, 2020 have been updated for the purposes of comparison.


In Q3 2021, management determined that the nature of the services provided by the site administrative department at the Marmato Mine were shared between the Upper and Lower Mine and accordingly, certain immaterial costs previously allocated to cost of sales, should be capitalized to the Lower Mine expansion project. Refer to Summary of quarterly results in the Q3 2021 MD&A for further details.

Aris Gold’s Q3 2021 financial statements and related MD&A are available on SEDAR and in the Investors section of Aris Gold’s website here.


Management is implementing several activities focused on performance optimization in the Marmato Upper Mine, while also completing several early-works projects in preparation for Lower Mine construction. Highlights include:

  • After a comprehensive workforce review and rationalization program, a new mine shift schedule has been implemented, providing workers with preferred access to accommodation at the site camp and other incentives to relocate to the Marmato community.
  • Completion of an improved mine design using grade control modelling techniques to improve mine planning. To accelerate training, this project is being implemented with the assistance of specialist technical consultants.
  • Continued roll-out of cost management programs including tightly controlled purchasing and procurement processes.
  • Implementation of enterprise resource planning software (ERP), to improve cost management with timely reporting, and other supply chain and financial management tools.
  • Ongoing investment in Upper Mine plant upgrades, new equipment, and enhanced maintenance programs to increase mine production and processing rates.

About Aris Gold

Aris Gold is a Canadian mining company listed on the TSX under the symbol ARIS and on the OTCQX under the symbol ALLXF. The Company is led by an executive team with a demonstrated track record of creating value through building globally relevant gold mining companies. Aris Gold operates the Marmato mine in Colombia, where a modernization and expansion program is under way, and the Juby project, an advanced exploration stage gold project in the Abitibi greenstone belt of Ontario, Canada. Aris Gold plans to pursue acquisition and other growth opportunities to unlock value creation from scale and diversification.

Additional information on Aris Gold can be found at and

Forward-looking Information

This news release contains “forward-looking information” or forward-looking statements” within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, including without limitation statements relating to Aris Gold’s growth strategy, improvements to the operations of the Marmato Upper Mine, receipt of the remaining funds under the stream financing, extension of the mine life at Marmato through advancing the Lower Mine project and advancing the Marmato Upper Mine and statements made under the heading “Outlook” are forward-looking. Generally, the forward-looking information and forward looking statements can be identified by the use of forward looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “will continue” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward looking information to the extent that they involve estimates of the mineralization that will be encountered. The material factors or assumptions used to develop forward looking information or statements are disclosed throughout this presentation.

Forward looking information and forward looking statements, while based on management’s best estimates and assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Aris Gold to be materially different from those expressed or implied by such forward-looking information or forward looking statements, including but not limited to: the ability of the Aris Gold management team to successfully integrate with the current operations, risks related to international operations, risks related to general economic conditions, uncertainties relating to operations during the COVID-19 pandemic, actual results of current exploration activities, availability of quality assets that will add scale, diversification and complement Aris Gold’s growth trajectory; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; the ability to convert mineral resources to mineral reserves; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, risks associated with holding derivative instruments (such as credit risks, market liquidity risk and mark-to-market risk), possible variations in mineral reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; changes in national and local government legislation, taxation, controls, regulations, regulations and political or economic developments in Canada or Colombia, accidents and operations, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in obtaining governmental approvals including obtaining required environmental and other licenses, or in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which the Company operates, as well as those factors discussed in the section entitled “Risk Factors” in Aris Gold’s most recent AIF available on SEDAR at

Although Aris Gold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. The Company has and continues to disclose in its Management’s Discussion and Analysis and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking information and forward-looking statements and to the validity of the information, in the period the changes occur. The forward-looking statements and forward-looking information are made as of the date hereof and Aris Gold disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information.

This announcement does not constitute an offer of securities for sale in the United States, nor may any securities referred to herein be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933 as amended (the “Securities Act”) and the rules and regulations thereunder. The securities referred to herein have not been registered pursuant to the Securities Act and there is no intention to register any of the securities in the United States or to conduct a public offering of securities in the United States.

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Canada Silver Cobalt now has a 6-Kilometer Strike Length with Various Levels of Massive Sulphides at Graal Property in Northern Quebec

The consolidation of properties at Graal allows the Company to hold 6 kilometers of land (strike length) containing near-surface Nickel, Copper, and Cobalt…

The consolidation of properties at Graal allows the Company to hold 6 kilometers of land (strike length) containing near-surface Nickel, Copper, and Cobalt mineralization based on historical drilling and the current drill program


Coquitlam, BC – TheNewswire – November 29, 2021 – Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce that the conclusion of the latest acquisition completes the consolidation of 6 kilometers of mineralized strike length. The land included in the new acquisition from SOQUEM Inc. and Mines Coulon Inc (Press Release November 22, 2021) bolsters the potential at the Graal property with further geophysical anomalies with conductor continuity and historical drill holes containing Nickel, Copper, and Cobalt near surface.




  • ••6-kilometer strike length mineralized with near-surface copper, nickel, cobalt 


  • ••Aiming for potential target of 30 to 60 million tonnes EV metals based on only the MHY sector 


  • ••Recently drilled mineralization (XRF values up to 2.79% Ni and 25.68% Cu) (News Release November 24, 2021) not included in potential target calculation  

Based on historical drill hole information, the mineralized strike length drilled in the past highlights a potential target of near-surface tonnage of 30 to 60 million tonnes at a grade range of 0.60% to 0.80% Nickel and 0.30% to 0.50% Copper with 0.10% to 0.15% Cobalt for the MHY sector (see map below). This calculation excludes the newly discovered mineralization (NRC-21-03) (see Company Press Release November 24, 2021), the northern Lac Suzanne portion, and the south portion of Nourricier sector. This estimation does not take into account any potential at depth which is currently being explored.


Please note that the quantity and grade of this potential target calculation is conceptual in nature, and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource. The potential target primary evaluation is a calculation of the length multiplied by the thickness of intersection by the density of 3.3 to 4.0 t/m3 multiplied by the depth extension of 150 to 250m based on historical drill holes.


The company has started receiving technical information from SOQUEM. The following pictures focus on core from DDH # 1279-03-40 from 2003 where SOQUEM intersected 10.25 meters with 1.03% Nickel with 0.8% Copper (source SOQUEM & Virginia Inc. drill report of April 2003 – Project Chute des Passes (1279) By Isabelle Roy Geo. – ALS Chemex Chimitec including a QA/QC)) This information has been used to prepare the potential target values. Historical core pictures are shown in Figures 2 & 3. The company will soon have access to all historical data as well as any core preserved at SOQUEM storage facility in Chibougamau.


Matt Halliday, P.Geo., President, COO and VP Exploration commented: “We have accumulated a strategic land package across Ontario and Quebec. This is just the beginning. From what we see already at Graal we have put together the right pieces. It seems all the elements are there to develop a new world-class camp with a vision of EV & Critical metals development. The evidence points to a large deposit; and we are working to develop it and continue to be a leader in the critical metals space.”


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Figure 1: Property boundary with intersections and the mineralized conductor extent


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Figure 2: Zoomed out core photo of historical drill hole DDH 1279-03-40 showing massive sulfide intersection in the MHY sector


Click Image To View Full Size


Figure 3: Zoomed in core photo of historical drill hole DDH 1279-03-40 showing the massive sulphides


Qualified person

The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., a member of the Québec Order of Engineers, and is a qualified person in accordance with the National Instrument 43-101 standards.


About Canada Silver Cobalt Works Inc.


Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.


In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.


Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space. More information at


“Frank J. Basa”

Frank J. Basa, P. Eng.

Chief Executive Officer


For further information, contact:

Frank J. Basa, P.Eng.

Chief Executive Officer



Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Caution Regarding Forward-Looking Statements


This news release may contain forward-looking statements which include, but are not limited to, comments regarding the Offering and comments that involve other future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address the Offering, resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, future financings, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. No assurance can be given that the Offering will close on the terms and conditions set out in this news release or at all. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. A detailed discussion of the risk factors encountered by Canada Silver Cobalt is available in the Company’s Annual Information Form dated July 19, 2021 for the fiscal year ended December 31, 2020 available under the Company’s profile on SEDAR at

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Nuinsco Announces 602.24m Intersection of Continuous Critical Elements & Phosphate Mineralization at Prairie Lake Project


Toronto – TheNewswire – November 29, 2021 – Nuinsco Resources Limited (“Nuinsco” or the “Company”) (CSE:NWI) (CNSX:NWI.CN) (OTC:NWIFF)…

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Toronto – TheNewswire – November 29, 2021 Nuinsco Resources Limited (“Nuinsco” or the “Company”) (CSE:NWI) (CNSX:NWI.CN) (OTC:NWIFF) today announced receipt of analyses from diamond drill hole NP1003, resulting in a continuous intersection of Critical Elements and Phosphate measuring 602.24m (from 2.76-605m) in length in the SW Area of its 100%-owned Prairie Lake project (the “Project”) near Terrace Bay, Ontario.  The intersection from DDH NP1003 continues the succession of intersections of exceptional length from the SW Area of the project.


“The remarkable result of 602.24m of mineralized rock obtained from DDH NP1003, the longest intersection to date, further highlights the exceptional opportunity presented by the Prairie Lake Project,” said Paul Jones, Nuinsco’s CEO.  “A mineralized intersection of this extent, well over a third of a mile long, with no indication that the mineral endowment is diminishing with depth speaks to the extraordinary potential scope of the project. As we have previously noted the combined intersections from the SW Area now define an extensive domain of rare earth element, niobium, tantalum, and phosphate mineralized rock that is approximately one kilometre long and up to 750m wide – only part of the much larger mineralized domain on the project that remains to be fully evaluated.  The project is a substantial asset to the Company”    


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Analytical results from the 602.24m of continuous mineralization from DDH NP1003, of niobium (Nb), tantalum (Ta), phosphate (P2O5), and rare earth elements (REE) including lanthanum (La), cerium (Ce), samarium (Sm), neodymium (Nd), praseodymium (Pr), scandium (Sc), and yttrium (Y) are tabulated in the “Analytical Results” table below.  The sampling program has focussed on drill-holes collared to intercept the SW area which currently measures 1km in total length and is between 150m and 750m wide at surface. The SW area alone hosts 435-530 million tonnes of the total 515-630 million tonne Prairie Lake Project ET, with grades as tabulated in the “Prairie Lake ET” table below.


Analytical Results DDH NP1003:


Hole ID
















New intersections:




























































































Combined extended intersections:
















*Principal rock type: CRBT=carbonatite, SILCARB = silicocarbonatite, IJ= ijolite, PYX = pyroxenite



The mineralization of economic interest contained within the Prairie Lake intrusion occurs at surface and extends to unknown depths below the deepest drilling yet conducted (circa 525m vertically). There is no indication that mineralization diminishes with depth and the intersections from the Program reported to date occur in a domain that presently extends 1000m, oriented southeast-northwest, in the Southwest (“SW”) Area (see map above). The Prairie Lake complex hosts a suite of elements of economic interest identified as Critical Elements defined under the Canadian Minerals and Metals Plan (“CMMP”) contained within the very large domain of mineralized rock that is extremely favourably located from a logistical perspective with rail, road, shipping, and power infrastructure already established.  Prairie Lake hosts a number of elements and compounds of economic interest including those for which demand is projected to substantially increase and for which secure supply chains are sought.


The Prairie Lake project consists of 46 mineral claims covering an area of ~630 ha. Prairie Lake is superbly located, easily accessed by an all-weather road from the TransCanada Highway located 28 kilometres to the south. The ET is defined by 59 diamond drill holes.


All samples were analysed by Activation Laboratories (ActLabs) in Ancaster, Ontario. Samples were analysed for a whole rock and trace element ICP analytical package as well as for niobium, tantalum, and zirconium oxides using a fusion XRF method. An internal Quality Control Quality Assurance (QAQC) program was implemented with four QAQC samples (blanks and reference standards) added into the sampling stream.


Prairie Lake Drilling & Trenching by Target Area1:



Jim’s Showing



Other Areas


Historic Drill Holes (1969-1983)

Drill Holes














Drill Holes (2007-2010)

Drill Holes



0 0






0 0



Trenches (2010)















1 Trench lengths are calculated as cumulative length of samples along trench.


Prairie Lake ET2:



Jim’s Showing






La (ppm) Lanthanum

275 – 340

295 – 360

305 – 370

200 – 250

280 – 340

Ce (ppm) Cerium

650 – 790

670 – 820

670 – 820

450 – 550

650 – 790

Sm (ppm) Samarium

55 – 70

55 – 70

55 – 70

50 – 60

55 – 70

Nd (ppm) Neodymium

295 – 360

290 – 360

320 – 390

235 – 290

300 – 360

Y (ppm) Yttrium

85 – 100

90 – 110

80 – 100

135 – 170

85 – 100

La+Ce+Sm+Nd+Y (ppm)

1360 – 1660

1400 – 1720

1430 – 1750

1070 – 1320

1370 – 1660

Additional Elements (as oxides)


P2O5 (%) Phosphate

3.0 – 4.0

3.5 – 4.5

2.5 – 3.0

2.5 – 3.5

3.0 – 4.0

Nb2O5 (%) Niobium

0.095 – 0.115

0.100 – 0.120

0.040 – 0.050

0.085 – 0.105

0.090 – 0.110

Ta2O5 (ppm) Tantalum

18 – 25

25 – 30

5 – 7

10 – 12

18 – 21

Volume – m3 (million)

140 – 175

12 – 14

13 – 16

2 – 3

170 – 210

Tonnes (million)

435 – 530

35 – 45

40 – 50

7 – 8

515 – 630

2 A full description of methodology used to estimate the Prairie Lake Project Exploration Target is contained in the Technical Report dated 30 November 2018 prepared by P&E Mining Consultants Inc. that is filed on SEDAR.  The potential quantity and grade of the ET is conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the discovery of a mineral resource. There is no National Instrument 43-101 – Standards of Disclosure for Mineral Projects preliminary economic assessment in respect of the Prairie Lake ET.


Laura Giroux, P.Geo, Chief Geologist, acts as Nuinsco’s Qualified Person under National Instrument 43-101. Ms. Giroux has reviewed and approved the technical contents of this news release.


About Nuinsco Resources Limited

Nuinsco Resources has over 50 years of exploration suc­cess and is a growth-oriented, multi-commodity mineral explora­tion and development company focused on prospective oppor­tunities in Canada and internationally. Currently the Company has four properties in Ontario – the high-grade Sunbeam gold property near Atikokan, the Dash Lake gold property near Terrace Bay, the large multi-commodity (rare-earths, niobi­um, tantalum, phosphate) Prairie Lake project near Terrace Bay, and the Zig Zag Lake property (lithium, tantalum) near Armstrong. In addition, Nuinsco has an agreement for gold exploitation at the El Sid project in the Eastern Desert of Egypt.


 Forward-Looking Statements

This news release contains certain “forward-looking statements.” All statements, other than statements of historic fact, that address activities, events or developments that Nuinsco believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek,” “anticipate,” “believe,” “plan,” “estimate, “expect,” and “intend” and statements that an event or result “may,” “will,” “can,” “should,” “could,” or “might” occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Nuinsco based on information currently available to Nuinsco. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Nuinsco to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Nuinsco. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain tenure to properties and/or necessary permits and approvals, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Nuinsco disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Nuinsco believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

To learn more, please visit or contact:


Paul Jones, CEO

Sean Stokes, Executive VP

Cathy Hume, Consultant

Instagram: @nuinscoresources


[email protected]

[email protected]  

[email protected]


Twitter: @NWIResources



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

HALIFAX, NS / ACCESSWIRE / November 29, 2021 / Namibia Critical Metals Inc. ("Namibia Critical Metals" or the "Company" or "NMI") (TSXV:NMI) (OTCQ:NMREF)…

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 has completed the work on a starter pit for bulk sampling at Lofdal initially reported on September 20, 2021. A blast was conducted at the Area 4 deposit on October 6th and mining of the earmarked mineralized blocks completed on October 30th. A total of 34,500 tonnes was mined from the mineralized zone to 15 metres depth of which 500 tonnes from a depth between 12 and 15 metres was systematically blended and stockpiled to provide a representative homogenized sample of the Area 4 deposit. 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 test work, respectively. Final results from the sorting test work are expected by early January 2022.

Figure 1: Blast for the bulk sampling pit in central Area 4 deposit at Lofdal by Bulk Mining Explosives (BME); stockpiles in the left background.

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

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

The Lofdal Project is being developed in joint venture with Japan Oil, Gas and Metals National Corporation (“JOGMEC”) targeting a long term, sustainable supply of heavy rare earths to Japan.

Rainer Ellmies, Vice-President of Namibia Critical Metals stated “For the first time, we have the opportunity to produce very large bulk samples from mineralized blocks below the zone of intense weathering for pilot-scale test work. Being not limited to small amounts of drill core or material from surface trenches, these bulk samples allow us to conduct several pilot-scale sorting tests as well as geotechnical test work which aim at further optimization of the final processing flow sheet.”

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

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

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

Namibia Critical Metals currently owns a 95% interest 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 stipulate that JOGMEC provides $3,000,000 in Term 1 and $7,000,000 in Term 2 to earn a 40% interest in the Lofdal project. Term 3 calls for a further $10,000,000 of expenditures to earn an additional 10% interest. JOGMEC can also purchase another 1% for $5,000,000 and has first right of refusal to fully fund the project through to commercial production and to purchase all production at market prices. The collective interests of NMI and historically disadvantaged Namibians cannot be diluted below a 26% carried working interest upon payment of $5,000,000 to JOGMEC for the dilution protection. The JV Agreement is structured such that no NMI equity will be issued and it is totally non-dilutive to NMI shareholders. To date, JOGMEC, has approved funding Term 1 and 2 expenditures totaling $6,600,000.

About Namibia Critical Metals Inc.

Namibia Critical Metals Inc. holds a diversified portfolio of exploration and advanced stage projects in the country of Namibia focused on the development of sustainable and ethical sources of metals for the battery, electric vehicle and associated industries. The two advanced stage projects in the portfolio are Lofdal and Epembe. The Company also holds significant land positions in areas favourable for gold mineralization.

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

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

Gold: The Company’s Exclusive Prospecting Licenses (“EPLs”) prospective for gold are located in the Central Namibian Gold Belt which hosts 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 the Erongo Gold Project, stratigraphic equivalents to the meta-sediments hosting the recent Osino gold discovery at Twin Hills have been identified and geophysical surveys are progressing over this highly prospective area. The Grootfontein Base Metal and Gold Project has potential for magmatic copper-nickel mineralization, Mississippi Valley-type zinc-lead-vanadium mineralization and Otjikoto-style gold mineralization. Detailed interpretation of geophysical data and regional geochemical soil sampling have identified first gold targets, with the first targets currently being drill-tested.

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

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

Rainer Ellmies, PhD, MSc Geology, EurGeol, AusIMM, is the Company’s Qualified Person and has reviewed and approved the scientific and technical information 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
Tel: +01 (902) 835-8760
Fax: +01 (902) 835-8761
Email: [email protected]
Web site:

The foregoing information may contain forward-looking information relating to the future performance of Namibia Critical Metals Inc. forward-looking information, specifically, that concerning 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 the Company’s filings with the appropriate securities commissions.

SOURCE: Namibia Critical Metals Inc.

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