- Arafura Resources (ARU) has updated the ore reserves for the Nolans Project in the Northern Territory
- The total ore reserves have increased 54 per cent to 29.5 million tonnes of indicated and measured resource
- In addition to the updated ore reserves, a production schedule was also prepared based on mining inventory
- The mining inventory consists of roughly 39.9 million tonnes of neodymium and praseodymium for a 39 year mine life
- Arafura has dropped a slight 3.28 per cent on the market today with shares trading for 5.9 cents each
Arafura Resources (ARU) has updated the ore reserves for the Nolans Neodymium-Praseodymium (NdPr) Project in the Northern Territory.
Nolans is located 135 kilometres north along the Stuart Highway from Alice Springs.
Neodymium and praseodymium are rare-earth metals, well-known in the automotive and industrial power industries.
The estimate has been prepared by mining technical services provider, Mining Plus.
It incorporates the updated geometallurgical model derived from the results of variability test work on mineralised types from the 2019 drilling program at Nolans Bore.
The ore reserves have increased by 54 per cent to 29.5 million tonnes of indicated and measured resource.
In addition to the updated ore reserves, Mining Plus has also prepared a production schedule based on the mining inventory.
The mining inventory consists of approximately 39.9 million tonnes grading 2.8 per cent TREO (total rare earth oxides) and 12 per cent phosphorous pentoxide.
This mining inventory production schedule supports production over 39 years of an average of approximately 4325 tonnes per annum of NdPr oxide at an operating cost of less than US$24/kilogram.
“The reduction in operating costs cements Arafura as one of the lowest-cost NdPr producers in the world,” Managing Director Gavin Lockyer said.
“The increase in ore reserves and mining inventory attests to the long-term potential of the Nolans Project and when read in conjunction with the recently announce deep drilling results, reinforces it as a world class NdPr development opportunity,” he added.
Arafura has dropped a slight 3.28 per cent on the market today with shares trading for 5.9 cents each at 2:47 pm AEDT.