Vital increases Tardiff Mineral Resource Estimate tonnage by 79% and contained NdPr by 49%

4 April 2024

Highlights

  • Updated Mineral Resource Estimate (“MRE”) for the Tardiff Upper Zone (“Tardiff”) at Nechalacho yields:
    • 79% increase in Mineral Resource tonnes to 213 Mt at 1.17% TREO; and
    • 49% increase in total contained rare earth oxides (“TREO”) tonnage to 2.48 Mt over the 14 February 2023 MRE.
  • Tardiff is estimated to include more than 623,000 tonnes of neodymium oxide + praseodymium oxide (NdPr), a ~49% increase on the previous MRE.
  • High-grade mineralization at Tardiff remains open in multiple directions for future testing and potential resource growth.
  • Vital expects to deliver more 2023 drill results from Tardiff in the June quarter.
  • Vital plans an additional MRE update later in 2024, which will include post-2022 drill results.
  • Tardiff scoping study on track for late 2024, which aims to examine the size and scalability of future production scenarios.

Vital Metals Limited (ASX: VML) (“Vital”, “Vital Metals” or “the Company”) an advanced exploration/development stage rare earths company, is pleased to announce an updated Mineral Resource Estimate for its Tardiff Upper Zone Deposit (“Tardiff”), which forms part of the Nechalacho Rare Earths Project (“Nechalacho” or the “Project”), 100km south-east of Yellowknife in Canada’s Northwest Territories.

Vital Metals’ Managing Director and CEO Geordie Mark said: “Deposit size and grade matters and Nechalacho’s world-class character is reinforced with our latest MRE for the Tardiff Deposit, which shows its sector impact potential, particularly within a North American perspective, and is highlighted by the substantial increase in contained neodymium-praseodymium oxide, or NdPr, to more than 623,000 tonnes.

We believe that Tardiff is an outstanding asset, given that it represents a shallow deposit hosted within a single pit-constrained resource with a high NdPr:TREO ratio (~25%), and a size that affords potential for project size and scalability of production over a protracted period.

We will continue to deliver a range of catalysts over the course of the year, with more Tardiff drill results expected over the next few months, where high-grade mineralization remains open in several directions out from the 2023 drill grid perimeter. These data and updated geological interpretations will form the basis of targeted metallurgical work to inform a Scoping Study to be completed in late 2024.”

View Details