Vital drilling at Tardiff returns up to 5.4% TREO, amplifying world-class high-grade potential and scale

20 November 2023

Vital Metals Limited (ASX: VML l OTCQB: VTMXF) (“Vital”, “Vital Metals” or “the Company”) is pleased to announce high-grade results from 23 drill holes from its 2023 resource definition drilling program on the Tardiff deposit at its Nechalacho Rare Earth Project in NWT, Canada.

Highlights

  • Tardiff drilling returns shallow high grades that remain open to the west, northwest and on the southern margins from 23 drill hole results completed in a 2023 resource definition drilling program (74 holes totaling 6,664 m)
  • Results from resource conversion program at Tardiff; best results include:
    • 56.0m at 1.2% TREO from 34.00m incl. 1.05m at 5.4% TREO within 2.16m at 4.8% TREO
    • 79.7m at 1.5% TREO incl. 1.5m at 4.3% TREO within 3.0m at 3.3% TREO and 4.15m at 3.0% TREO
    • 33.45m at 2.2% TREO from 47.00m incl. 3.85m at 3.3% TREO within 8.95m at 2.8% TREO;
    • 31.76m at 2.1% TREO from 34.24m and 1.92m at 4.0% TREO from 88.76m;
    • 23.85 m at 2.0% TREO from 9.15m; and
    • 15.50 m at 2.7% TREO from 30.50m
  • Latest results confirm Vital’s contention for shallow higher-grade expansion potential, with future drilling focus to augment and de-risk the mineral resource
  • 2023 drilling focused on increasing confidence of the Tardiff Zones 1 and 3 resource definition and grade, by narrowing drilling spacing for resource conversion
  • Assay results from the remaining 34 holes are expected within 3 to 4 months; Mineral Resource Estimate update due Q1 CY24
  • Vital is focused on developing the large-scale Tardiff deposit, one of the largest single rare earths deposits in the western World, estimated to contain 416,000 tonnes of neodymium and praseodymium (NdPr) 1
  • NdPr offers the largest value market within the lanthanide series of rare earths and provide essential components in the production of high strength rare earth magnets
  • Vital anticipates closing the recently announced financing and resuming trading on ASX shortly.

Vital Managing Director Geordie Mark said: “The unearthing of more shallow higher grade mineralization on Tardiff reinforces our focus of marrying value, with project de-risking as we look to expand areas of higher grade while aiming to convert to higher confidence resource categories. Further drilling is warranted to expand high-grade areas in several directions, which with 2023 drilling, could be folded into a resource update to inform mine plan design in our ongoing scoping study.”

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