Tardiff returns further high-grade results up to 7.9% TREO, underlining resource growth potential

6 February 2024

(February 6, 2024) Vital Metals Limited (ASX: VML) (“Vital”, “Vital Metals” or “the Company”) is pleased to announce high-grade results from 10 drill holes completed as part of its 2023 resource definition drilling program on the Tardiff deposit at its Nechalacho Rare Earth Project in NWT, Canada.

Highlights

  • Tardiff shallow high-grade drilling demonstrates multiple areas open to the west, east and on the southern margins from latest 10 drill hole results from the 2023 drilling program (74 holes totaling 6,664m)
  • Results reinforce expansion potential of shallow higher-grade areas of rare earth mineralised altered syenite, providing focus for future drill targeting to improve the grade potential and de-risk the mineral resource
  • This 10-hole batch of results comprises part of the resource conversion program at Tardiff. Highlight results include:
    • 18.90m at 2.40% TREO from 12.10m including
      • 1.9m at 7.9% TREO from 12.1m and
      • 1.4m at 3.8% TREO from 19.2m;
    • 18.00m at 2.10% TREO from 72.00m;
    • 12.90m at 2.40% TREO from 56.05m;
    • 43.50m at 1.80% TREO from 38.50m; and
    • 46.25m at 1.70% TREO from 24.00m
  • Assay results from the remaining 24 holes are expected within ~3 months
  • Mineral Resource Estimate update due Q1 CY24
  • Tardiff Scoping Study works continues
  • Vital’s focus remains on developing the large-scale Tardiff deposit, which represents one of the largest single rare earths systems in the western world, estimated to contain 416,000 tonnes of neodymium and praseodymium (NdPr)
  • NdPr offers the largest value market within the lanthanide series of rare earths and provides essential components in the production of high strength magnets.

Vital Managing Director Geordie Mark said: “These results continue to support an evolving narrative around grade and continuity of shallow higher-grade zones across the 2023 drill pattern that remain open for future drill-testing. Shallow higher grade drill results across several areas of the 2023 drill pattern foster our aim to add in-ground value potential that could facilitate project de-risking by expanding areas of higher grade and conversion to higher confidence resource categories. Several areas of higher grade remain open for expansion – particularly along the northwest where drilling has identified a target zone with a 300-metre-plus strike length – more drilling is warranted to examine the extent of mineralisation, with results incorporated into a resource update for use in our ongoing scoping study, due for release later this year.”

Vital’s Tardiff deposit has an existing resource estimate of 119 million tonnes at 1.4% TREO1 in the Measured, Indicated and Inferred JORC 2012 categories completed to 31 December 2022. Vital aims to deliver a resource estimate update on the Tardiff deposit later this quarter. Results from this batch of 10 drillholes (Figure 2) build onto continuity of grade in several areas (e.g. L23-631, L23-661 and L- 23-680 in the northwest, south, east, respectively). These holes tend to confirm results from earlier reported intersections from 2023 and highlight the potential for further expansion of shallow higher grade mineralisation beyond the 2023 drill-program footprint. Overall, these data are expected to aid the interpretation of the geological model and the grade model for the distribution of rare earth mineralisation.

Vital’s 2023 program aimed to improve the definition and increase the Measured and Indicated components of the 2023 Mineral Resource Estimate, focusing on the Tardiff Upper Mineralised Zone above the 150 RL. Vital’s 2023 resource definition drilling program was drilled on a nominal 50m by 50m grid to infill areas previously drilled on nominal 100m to 200m drill spacing. A subsequent update coupled with the scoping study on the Tardiff resource is planned to incorporate results from the 2023 drilling program and potentially other follow-up drilling that tests expansion potential of shallow high grades.

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