Vital Metals Ltd Upgrades Rare Earths Resource In Canada

Vital Metals Ltd (ASX: VML) has reported an updated Mineral Resource Estimate for its Tardiff Upper Zone Deposit near Yellowknife in Canada’s Northwest Territories.

The upgrade saw with a substantial increase in contained neodymium-praseodymium oxide, or NdPr, to more than 623,000 tonnes.

Tardiff Upper Zone Deposit forms part of Vital’s Nechalacho Rare Earths Project covering more than 5000 hectares.

The estimate features a total resource tonnage (across all categories) of 212.7 million tonnes (Mt) grading 1.17% total rare earth oxides (TREO) containing 2.48 Mt TREO including more than 623,000 tonnes of NdPr.

Notably, Vital has delivered a 79% increase in mineral resource tonnage and a 49% increase in total contained TREO tonnage over the February 2023 estimate.

Summary of the Mineral Resource Estimate for the Tardiff Upper Zone.

Vital Metals Managing Director and CEO Geordie Mark said: “We believe that Tardiff is an outstanding asset, given that it represents a shallow deposit hosted within a single pit-constrained resource with a high NdPr: TREO ratio (~25%).

Net metal revenue of C$115 per tonne

The new base resource estimate was constructed with various assumptions and peer and operational data to generate a net metal revenue (NMR) of C$115 per tonne and is reported within an optimized pit shell.

This new method in resource estimation approach aligns more closely with potential project costs, cost structures, and recovery factors to be considered within the auspices of the ongoing scoping study.

Next steps

Additional Tardiff drill results are expected over the next few months, with high-grade mineralization remaining open in multiple directions.

These data and updated geological interpretations will form the basis of targeted metallurgical work to inform a scoping study to be completed in late 2024.

Vital had $4.2 million of cash on 31 December 2023.

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