Vital Metals Announces High-Grade Drill Results at Tardiff Deposit
VML (VML) Share Update July 2024 Monday 22nd
Vital Metals Announces High-Grade Drill Results at Tardiff Deposit
Vital Metals Limited (ASX: VML) has released promising high-grade results from the final 24 drill holes of its 2023 resource definition drilling program at the Tardiff deposit, part of the Nechalacho Rare Earth Project in NWT, Canada.
Instant Summary:
- High-grade results from final 24 drill holes at Tardiff deposit.
- Significant intersections include 1.8m at 8% TREO from 6.7m.
- Potential for shallow, higher-grade resource expansion.
- Current Mineral Resource Estimate (MRE) for Tardiff stands at 213Mt at 1.17% TREO.
- Tardiff deposit estimated to contain 623,000 tonnes of NdPr.
Drill Results Overview
Vital Metals Limited (ASX: VML) has announced high-grade results from the final 24 drill holes of its 2023 resource definition drilling program at the Tardiff deposit, part of the Nechalacho Rare Earth Project in NWT, Canada. The company completed 74 holes totaling 6,664 meters in 2023, focusing on resource conversion and definition.
Among the standout results are:
- L23-639: 53.5m at 1.5% TREO from 6.7m, including 1.8m at 8% TREO within 15.8m at 2.6% TREO
- L23-652: 27.45m at 1.5% TREO from 4.55m, including 2m at 6.3% TREO
- L23-638: 12.52m at 2.3% TREO from 22.48m, including 1.65m at 5.3% TREO
- L23-643: 24.7m at 1.5% TREO from 20.25m, including 1.35m at 4.9% TREO
- L23-664: 55.0m at 1.6% TREO from 20.5m, including 1.38m at 4.6% TREO
Resource Potential and Expansion
The mineralization at Tardiff remains open to the west, northwest, and on the southern margins, indicating potential for shallow, higher-grade resource expansion. The 2023 drilling program aimed to increase the confidence of the Tardiff Zones 1 and 3 resource definition and grade by narrowing drilling spacing for resource conversion.
Vital Metals plans to use the full results from the 2023 program to update the Mineral Resource Estimate (MRE) for Tardiff, which currently stands at 213Mt at 1.17% TREO. The Tardiff deposit is one of the largest single rare earths deposits in the western world, estimated to contain 623,000 tonnes of neodymium and praseodymium (NdPr).
Future Plans
Vital Metals is focused on developing the large-scale Tardiff deposit, which offers significant potential for the production of high-strength magnets, a critical component in various industries. The company is also preparing to commence new metallurgical test work and complete a scoping study by the end of 2024.
The high-grade drill results are likely to positively impact Vital Metals' stock, as they confirm the potential for expanding the Tardiff deposit's shallow, higher-grade resources. This could lead to increased investor confidence and interest in the company's long-term prospects. The updated Mineral Resource Estimate (MRE) and the upcoming scoping study will be crucial in determining the future production scenarios and economic viability of the Tardiff deposit.
Investor Reaction:
Investors and analysts have reacted positively to the high-grade drill results, highlighting the potential for resource expansion and the significance of the Tardiff deposit in the rare earths market. Dr. Pietrzak-Renaud, Vital's VP of Exploration, expressed excitement about the results, emphasizing the potential for targeting more continuous higher-grade mineralization in future expansion drilling.
Conclusion:
Vital Metals' high-grade drill results from the Tardiff deposit underscore the significant potential of this world-class rare earths resource. Investors should monitor the company's progress as it updates the Mineral Resource Estimate and completes the scoping study. The development of the Tardiff deposit could play a crucial role in the supply of critical minerals for the green economy transformation.