Golden Deeps uncovers cache of rare earth metals ahead of maiden MRE at Nosib Project in Namibia

Listed explorer and developer Golden Deeps (ASX:GED) has delivered ‘significant’ germanium and gallium results from surface ahead of a maiden Mineral Resource Estimate (MRE) at its Nosib Project in Namibia. 

The $8.08-million-market-capitalisation company says a re-examination of analytical results from diamond hole NSBDD008 has revealed key gallium (Ga) and germanium (Ge) grades up to 189 grams per tonne (g/t) Ga and 14.7g/t Ge. 

Golden Deeps reports these results have come at a time in which the market price for germanium is currently sitting at US$2,450 per kg, while gallium is sitting at US$230 per kg. 

The company adds that these prices, as well as demand for these metals, are poised for growth following China’s decision to restrict exports of gallium and germanium, which are used in computer and electronic products. 

As a result, Golden Deeps announces it will move forward with additional drilling designed to target shallow extensions of Nosib. 

Drilling is also expected to target a ‘major’ geophysical target west of the ‘high-grade’ Khusib Springs copper-silver (Cu-Ag) mine. 

Key new results include hole NSBDD008 with 8.70m @ 128g/t Ga, 11.3g/t Ge (1.84% copper (Cu), 1.88% vanadium oxide (V2O5), 10.2% lead (Pb), 3.6g/t Ag) from surface, including 3.26m @ 189g/t Ga and 14.7g/t Ge. 

With plans for further drilling underway, Golden Deeps announces metallurgical testwork on bulk samples from surface and hole NSBDD008 is close to completion. The company expects gallium and germanium to be recovered in the concentrate alongside vanadium, copper, lead, zinc and silver. 

This potential discovery is believed by Golden Deeps to ‘substantially’ enhance the value of the concentrate produced, as well as usher in a maiden MRE for the project.     

As of 11:20am AEST, Golden Deeps’ share price had increased by 28.57% to $0.009.

Speaking on the discovery, Golden Deeps Chief Executive Officer (CEO) Jon Dugdale says: “China has announced that it will impose export restrictions on gallium and germanium products used in computer chips, semiconductors, and other components to protect its national security interests. This will likely result in a shortage of supply of germanium and gallium for countries outside China that produce such components such as Japan, Korea, and the US. 

Golden Deeps has polymetallic deposits in the Otavi Mountain Land of Namibia which include high-grade vanadium, copper, and zinc, as well as significant germanium and gallium from surface at Nosib. 

Metallurgical concentrate testwork is close to completion, which will allow the company to finalise a maiden Mineral Resource Estimate for Nosib”

Metallurgical concentrate testwork is close to completion, which will allow the company to finalise a maiden Mineral Resource Estimate for Nosib. Concentrate samples should also contain significant germanium and gallium, potentially representing high-value credits. 

We look forward to further drilling which is set to commence, testing for shallow extensions at Nosib.”

Golden Deeps is a copper and vanadium project explorer and developer actively working in the ‘world-class’ Otavi Mountain Land copper district in Namibia, as well as advancing the exploration of copper and gold in the Lachlan Fold Belt of New South Wales. 

The company’s Nosib Project represents a ‘new’ discovery that has produced a number of ‘exceptional’, ‘thick’, and ‘high-grade’ vanadium-copper-lead-silver intersections over the last 2 years.    

Golden Deeps had $6.274 million cash at hand at the end of March 2023, as stated in its latest quarterly report released on 28 April 2023.

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Images: Golden Deeps Ltd
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.