Vital Metals (ASX:VML) has staked more than 25km2 of ground immediately north of the Nechalacho Rare Earth Project in Northwest Territories, Canada.
The $11.79 million market capitalisation company has staked an additional three claims, expanding Nechalacho’s tenure to 75km2.
Managing Director Lisa Riley says the company is pleased to stake these claims ahead of the winter months.
“We have staked this ground in order to test the continuity of our northwest-trending mineralisation,” Riley says.
In addition to testing the mineralisation, Vital Metals is on track to deliver a Scoping Study by the end of the year, as well as deliver an updated mineral resource estimate.
The study will focus on grade and scale as the company is considering development opportunities for Nechalacho to become a long-life, large-scale rare earths producer.
The Tardiff deposit, within the Nechalacho Project, is considered one of the “largest” hard rock rare earths projects globally.
The Upper Tardiff deposit contains a mineral resource estimate of 212.7 million tonnes at 1.2% total rare earth oxide. It is also estimated to contain more than 623,000 tonnes of neodymium-praseodymium, as of April 2024.
Vital Metals is a rare earths and critical minerals explorer focused primarily on developing the Nechalacho Project in the Northwest Territories of Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: Vital Metals
