Namibia Critical Metals Inc. (OTC:NMREF) Stock On Watchlist After Update of Mineral Resource Estimate

The mining sector is legitimately in sharp focus among investors at this point in time, and there are many companies that investors could choose to track this morning. One such company is Namibia Critical Metals Inc. (OTC:NMREF), which was in the news cycle yesterday after it announced an updated NI 43 101 mineral resource estimate for its large-scale heavy rare earth project Lofdal 2B-4.

In the news release yesterday, the company noted that it had completed a two-stage infill drilling initiative for the Area 4 and Area 2B subprojects. The purpose of the initiative had been to boost the confidence of the resource for the open pits in Area 4 and Area 2B that had been planned.

The mineral resource estimate provided by the MSA Group included the new data. In the mineral resource estimate, it was revealed that there were tonnages of terbium and dysprosium, both of which are regarded as highly valuable rare earth elements. There were 4503 tons of dysprosium oxide and 693 tons of terbium oxide in the measured and indicated resources combined. The figures represented boosts of 11% and 12%, respectively, when compared to the previous mineral resource estimate that had been filed on June 30, 2021, on SEDAR.

In the inferred resource estimate, it was revealed that there had been a 38% rise in dysprosium oxide and a 39% rise in terbium oxide for the combined deposits at Area 4 and Area 2B. The President of Namibia Critical Metals, Darrin Campbell, spoke about the latest development as well. He noted that everyone at the company was highly pleased at the consistent success achieved through the development approach deployed at Lofdal. He went on to state that Namibia Critical Metals had managed to increase the rare earth tonnage by as much as 37% through the drilling of only 11000 meters in 2023.