Vital Metals Limited (ASX: VML) Expands Nechalacho Rare Earths Project
Project Expansion
Vital Metals Limited (ASX: VML) has successfully staked over 25km² of additional ground north of its Nechalacho Rare Earth Project located in the Northwest Territories, Canada. The newly acquired mineral claims, M11875 to M11877, include areas measuring a total of 25.06km² and are fully owned by Vital’s Canadian subsidiary, Cheetah Resources Corp. This expansion brings the total area under claim at Nechalacho to more than 75km².
Strategic Development Plans
Managing Director and Chief Executive Officer Lisa Riley expressed satisfaction with the new claims, commenting, “We are pleased to have secured this ground to the north of our existing project, with the three mineral claims now 100% held by us. We are very pleased to confirm this staking at the Mining Recorder’s office ahead of the winter months.” This strategic move aims to test the continuity of the northwest-trending mineralization in an area known for its significant rare earth resources.
The Tardiff deposit at Nechalacho is recognised as one of the world’s largest hard rock rare earth projects, possessing an estimated Mineral Resource of 212.7 million tonnes at 1.2% total rare earth oxides (TREO) and more than 623,000 tonnes of neodymium and praseodymium (NdPr). An updated Mineral Resource Estimate is anticipated by the end of 2024 to incorporate recent drilling results from 2023.
Additionally, Vital is on track to release a Scoping Study by year-end 2024, focusing on both grade and scalability to explore development opportunities for the project to become a key supplier in the rare earths market.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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