Metals Update 14/05/2021

Int’l Speculator refreshes Namibia Critical Metals buy

The International Speculator, in its April 27, 2021, issue refreshes its buy of Namibia Critical Metals Inc. at 31 cents, officially, Buy up to 35 cents. The newsletter said buy six times between April, 2018, and July, 2020, at prices ranging from 13 cents to 25 cents. Assuming an investment of $1,000 for each of the six buys, the $6,000 holding is worth $9,390. The writer says that on April 1, Namibia Critical Metals reported that its partner on the Lofdal rare earths projects — Japanese government agency Japan Oil, Gas and Metals National Corp. (Jogmec) — opted to continue financing development of the project. The partners will now move to phase 2 of the program. Jogmec will add another $2-million into exploration and development. The second part of the financing should be spent by the end of July this year, providing more geological data. After phase 2, Jogmec will own 40 per cent of the project and can elect to advance it further with exploration financing up to $20-million in order to earn 50-per-cent ownership. The writer notes that Jogmec is the same partner that previously invested $250-million in rare earth miner Lynas, advancing that company to production. Today, Lynas has a valuation over $4-billion.

Gratomic employee at Aukam tests positive for COVID-19

An employee at Gratomic Inc.’s Aukam site, working in the sanitary department, has tested positive for COVID-19. There has recently been a resurgence of COVID-19 cases in Namibia as the country braces for a next wave of the virus. The employee and all employees with whom she came into contact with have been required to self-isolate in their homes, with pay, and will not be returning to the worksite for a minimum period of 10 days, starting from May 12, 2021. All staff will be required to present a negative COVID-19 test result before returning.

The company is in the process of thoroughly disinfecting all facilities on the mine site. The company had implemented all necessary precautionary measures recommended by worldwide and local health authorities in order to minimize the transmission of COVID-19 when activities resumed at the Aukam site in mid-2020. All employees are required to: wear masks and protective eyewear; maintain social distancing; practice proper cleaning habits; and comply with all local government protocols relating to COVID-19. The company had also implemented a system whereby employees worked within designated limited groups, departments or bubbles, further limiting potential exposure to its work force. Due to the extraordinary steps the company has taken to limit the spread of COVID-19, several other departments at the Aukam site that had no contact with the department that currently poses a COVID-19 risk continue to operate.

The company’s main focus has been to ensure the safety of the employees exposed to COVID-19 and ensure that its Aukam site is safe for all other employees and contractors working at the site. Arno Brand, president and chief executive officer of the company, stated: “We are hoping for a speedy recovery for the employee who has tested positive. We will continue to monitor our COVID-19 protocols to ensure the safety of our employees.”

The company does not anticipate that this incident will have a significant impact on the completion of its processing facility. Drilling and manufacturing will be able to continue on site, as these operations were not affected. The engineering team will continue to work remotely. The company will be hiring temporary workers and adding additional shifts to maintain operations.

BTU Metals starts drilling at TNT area of Dixie Halo

Drilling is now under way and the current drilling is designed to test various new targets at the TNT area on BTU Metals Corp.’s Dixie Halo properties near Red Lake, Ont. The drill targets have been defined using all available geological information as well as all available geophysical data including from recently completed surveys. All newly developed geochemical data and analysis were also used in the extensive reinterpretation of the area to develop the new targets. The TNT copper-silver-gold discovery was highlighted in a press release on Dec. 16, 2019.

Bruce Durham, PGeo, a qualified person as defined by National Instrument 43-101 has reviewed and approved the technical information in this press release.