- Vital Metals (VML) has commenced drilling to define a mine plan for stage two production at the Nechalacho Rare Earth Element (REE) Project in the North West Territories, Canada
- Under the program, 30 holes will be drilled for 1800 metres during the upcoming winter
- The drilling program will test three high-grade REE targets in the Tardiff deposit
- Managing Director Geoff Atkins says 2021 will be a ” groundbreaking year” for Vital
- Despite this positive news Vital is down 4.65 per cent on the market this morning and is trading at 4.1 cents per share
Vital Metals (VML) has commenced drilling to define a mine plan for stage two production at the Nechalacho Rare Earth Element (REE) Project in the North West Territories, Canada.
The company, through its subsidiary Cheetah Resources Corp, has entered a drilling contract with NorthTech, a Yellowknife-based drilling company.
The 30 holes, for 1800 metres, drill program will be completed over the coming winter and test three high-grade REE targets in the Tardiff deposit.
Drilling aims to allow Vital to develop a mine plan for the Nechalacho stage two mine development, as well as define additional resources in the vicinity of the current pit.
The stage two mine development program will include developing the TZone resource and, ore broadly, the much larger Tardiff deposit.
Vital is on track to commence stage one rare earth oxide production at Nechalacho by the end of 2021.
“2021 will be a ground breaking year for Vital Metals,” Managing Director Geoff Atkins said.
“In addition to the commencement of development and construction activities for our stage one operations at Nechalacho, the commencement of this drilling program marks the start of development activities for the larger Stage two operation,” he added.
Despite this positive news Vital is down 4.65 per cent on the market this morning and is trading at 4.1 cents per share at 11:14 am AEDT.