Northern Minerals (ASX: NTU) Reports Significant Mineral Resource Increase
Northern Minerals (ASX: NTU) has reported a significant 15% increase in the Mineral Resource Estimate (MRE) for its Wolverine heavy rare earths deposit located at the Browns Range Project. The upgrade comes after a successful infill drilling campaign conducted between late 2022 and 2024, which totaled over 23,000 meters from 58 diamond drill holes.
Mineral Resource Highlights
The updated MRE now stands at 7.3 million tonnes at an average grade of 0.96% Total Rare Earth Oxides (TREO), totaling 70,500 tonnes of contained metal. The Measured and Indicated Resources comprise 5.0 million tonnes at a higher average grade of 1.13% TREO, equating to 55,400 tonnes of TREO. Comparatively, this reflects a 47% increase in tonnage and a 20% increase in grade from the 2022 estimate.
CEO Comments
Shane Hartwig, Managing Director and CEO of Northern Minerals, expressed satisfaction with the upgraded resource estimate. “We are extremely pleased with this upgraded Wolverine Mineral Resource Estimate, which has increased both the overall volume of rare earths tonnes as well as confidence levels in the deposit as we progress down the path of developing a mining operation at Browns Range,” Hartwig stated. He further noted that the updated estimate supports ongoing discussions regarding funding options and will aid in mine planning and production scheduling.
Strategic Importance
The Wolverine deposit is highlighted as a globally significant source of high-grade dysprosium and terbium, critical for manufacturing high-performance magnets used in electric vehicles and other advanced technologies. The resource upgrade represents a crucial step towards the development of a commercial-scale mining operation, with ongoing feasibility studies anticipated to incorporate this latest resource estimate.
Northern Minerals remains optimistic as it advances its operational plans based on this updated MRE, bolstered by its long-term partnership with Iluka Resources for supply to the Eneabba rare earths refinery currently under construction.
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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