Vital Metals Surprises with Larger Estimate for Rare Earth Minerals
Australian company, Vital Metals, has made a significant discovery at its Nechalacho site east of Yellowknife. The company now estimates that the Tardiff deposit at Nechalacho holds a massive 213 million tonnes of material that could yield around 2.5 million tonnes of rare earth minerals. This new estimate represents an 80 percent increase from their previous assessment.
The company attributes this new estimate to a different interpretation of existing data rather than fresh drilling. By using a more sophisticated calculation with a lower cut-off value, Vital believes they can profitably mine more material at Tardiff than initially thought.
Rare earth minerals, such as neodymium and praseodymium, are crucial elements used in electronic devices and industrial applications. Vital’s vision includes creating a large open pit at Tardiff and transporting the ore to a processing plant in Hay River.
While Vital is optimistic about the potential of the Nechalacho site, they plan to conduct a more detailed assessment by late 2024 to further explore production scenarios. This larger estimate is expected to attract potential investors, despite the company facing challenges in the past year with senior management changes and scrutinized investments from Chinese firm Shenghe.
Vital Metals CEO Geordie Mark expressed confidence in the Tardiff deposit’s potential, emphasizing its importance for the company’s future growth and scalability in rare earth mineral production. Stay tuned for further updates on this exciting development at Nechalacho.
