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Eureka Project
The Eureka Project in Namibia demonstrates favourable time-to-market expectations by:
PROJECT SUMMARY
Simple Mineralogy
High grade REEs hosted in the REE ore mineral monazite
Hosted in numerous broad carbonatite dyke swarms containing coarse monazite REE-ore
In-situ dyke grade range 1-16% TREO
Maiden Inferred resource of 310 kt at 4.8% TREO (NI43-101)
Additional exploration potential of 0.5 –1.5 Mt for latest drill campaign (source: SRK –TSS)
Easy Physical Processability
Mechanized mining of mineralized dykes from open pits
Off-the-shelf beneficiation equipment only
Pure REE concentrate beneficiated by low-cost physical methods alone (from SGS study)
65%+ recovery of monazite to concentrate in first pass using gravity process alone. Concentrate running at 60% TREO, of which 16% is NdPr oxide
No hazardous chemicals or complicated beneficiation plant required
Processing routes for low-Th monazite concentrates are well established
Simple Operations & Logistics Management
Experienced Board and Management, in-country and with offtake partners
Namibia is a top tier country for mining and is one of Africa’s most stable countries
Located in the Erongo Mining Corridor of Namibia with flat topography
Adjacent to B2 highway, with a 1.5-hour drive to Walvis Bay container port, Namibia's largest commercial port.
Meets international shipping requirements due to low radioactive content
Walvis Bay container port recently completed a $350M expansion in 2019
Access to power and water
Exploration Potential
Inset map of immediate exploration potential. Zones 1, 2, 3 and 4 in the south.
Purple areas represent surface expression of drill results backed REE mineralized carbonatite dykes.
The current mineral resource estimate from 2017 programme of 310kt at 4.8 % TREO is constrained by the shallow reverse circulation (RC) drill holes marked by red collars to a max depth of 60m.
Between Q4 2020 and Q2 2022 8000m diamond core (DD) drilling and 6000m of RC drilling diamond core drilling has been completed across 2 campaigns.
Blue DD and RC collars are from Campaign 1 2021 where assays have been received and announced.
Yellow collars are from Campaign 2 2022 where DD and RC assays are pending (as of June 2022).
The results will contribute to a revised Mineral Resource Estimate (MRE) collated after further assay results, modelling, and associated exploration activities have been concluded.
The deposit is open in all directions and to depth.
A wider detailed ground geophysical survey is currently underway beyond the area shown in the map above to identify wider follow-up targets.
Quick Project Statistics And data
Located in flat topography adjacent to the major highway with direct road and rail connections to Namibia’s largest commercial port.
2KM
TO HIGHWAY
10KM
TO RAILWAY
130KM
TO WALVIS BAY CONTAINER PORT
Prime Location
The Eureka REE Project is situated in the heart of the Erongo Region of Namibia, the “mining corridor of Namibia”. Neighbouring mines in the region include Rossing Uranium, Navachab Gold, Afritin Tin, Namib Lead Zinc. The Project is favourably located in sparsely populated, semi-arid, flat topographical area within 2km of the Trans-Kalahari tarmac highway which provides tarred road links between the Namibian port of Walvis Bay on the Atlantic coast and Namibia’s capital city Windhoek.
Namibia has a warm desert to semi-arid climate with two distinct wet seasons either side of summer. The pre-summer rainy season runs from September and Novemb er and is much less intense than the post-summer rainy season which runs between February and April. The project area is rocky semi-arid desert terrain at the boundary between the Namib Desert and the Great Escarpment. The project area is flat, arid and climatically stable with very low rainfall even during the rainy seasons.
The country has a well-established infrastructure with paved highways, railway, power and water all in close proximity to the project. A high tension, 200 kV AC, power lines run in close proximity to the Project, with a substation approximately 10 km to the SSE.
Namibia is mining-friendly, with a clear and transparent mining code for the entire project lifecycle (exploration, development and construction), and internationally recognized as one of the African continent’s most social and politically stable jurisdictions.
Namibia has a strong history of mining and exploration; skilled professionals and drilling and exploration services are readily available within country. The country’s local mining skill set is of a high standard, with an extensive literate and multi-lingual workforce.
Ongoing & Outlook
Campaign 2 step-out drilling of current footprint: assay results outstanding.
Wider exploration campaign outside of current footprint ongoing and financed: structural regional & radiometric survey to establish drill targets.
Progress Updates
2021
Q3 2021
Drilling Program Campaign 1
2022
Q4 2021 - Q1 2022
Drilling Program Campaign 2
Q2 -Q3 2022
Geophysical Radiometric Survey to establish drill targets
Onwards
Drilling Campaigns & Updated Mineral Resource Estimate (MRE)
Qualified Person
The technical and scientific information has been reviewed and approved by Pete Siegfried, BSc. (Hons), M.Sc., who is a Consulting Geologist and a director of GeoAfrica Prospecting Services cc and has reviewed and approved the scientific and technical information. Mr. Siegfried is a member of The Australasian Institute of Mining and Metallurgy (AusIMM) membership number: 221116 (CP Geology), and a Qualified Person for the purposes of National Instrument 43-101. Mr. Siegfried consents to the inclusion of this information.
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Our Forward-Looking Statement
Certain information set forth in this website contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable securities laws.
