NioCorp Developments¡¯ (TSX: NB) Elk Creek
project in southeastern Nebraska can now be considered the second-largest
indicated-or-better rare earth resource in the US, second only to MP Materials¡¯
Mountain Pass rare earth deposit.
The finding follows an updated feasibility
study in which rare earth elements were evaluated as a potential by-product of
the mining of niobium, titanium, and scandium; thus, the estimated values of
the REEs are reported using the previously determined diluted net smelter
return as derived from the Nb2O5, TiO2, and scandium mineral resources.
¡°According to the 2022 feasibility study,
the Elk Creek project contains an estimated 632.9 kilotonnes of contained total
rare earth oxides in the indicated mineral resource category. According to US Geological Survey data, this
places the Elk Creek mineral resource behind MP Materials¡¯ Mountain Pass
deposit in the US but ahead of all other current rare earth projects in terms
of contained TREO from a NI 43-101 rare earth resource of indicated or higher
classification,¡± NioCorp said in a media statement.
The company pointed out that the 2022
feasibility study also showed that, in addition to relatively high grades of
niobium, scandium, and titanium, the Elk Creek mineral resource contains
various amounts of all REEs.
¡°There is potential for NioCorp¡¯s REEs to
be mined, crushed, and placed into solution as part of the process NioCorp
plans to use to produce its primary niobium, scandium, and titanium products
once project financing is secured,¡± the release states. ¡°Depending upon the
outcome of metallurgical testing on REE recovery rates from Elk Creek ore, now
being conducted at a demonstration plant in Quebec, and whether necessary
project financing is secured, NioCorp could produce separated rare earths as a
byproduct, placing it at a competitive advantage vis-¨¤-vis other rare earth
projects.¡±
Given these results, the Colorado-based
firm plans to commission a new technical report on the Elk Creek project in
accordance with NI 43-101.
What the study showed
Using a ¡Ý$180/tonne NSR cut-off that was
calculated using solely the contained niobium, scandium, and titanium in the
mineral resource, the 2022 feasibility study showed that the Elk Creek
Indicated Mineral Resource includes:
632.9 kt of TREO, including these
individual rare earth oxides:
26.9 kt of praseodymium
98.9 kt of neodymium
2.3 kt of terbium
9.1 kt of dysprosium
970.3 kt of niobium oxide
11,337 tonnes of scandium oxide
4,221 kt of titanium oxide
In order to update the project¡¯s mineral
resource to include REE data, NioCorp and its consultants were required to
complete additional assays of historical drill core to fill data gaps in the
existing resource database and re-model the mineral resource. The mine plan and
mineral reserve were also updated, independent of the REE data collection and
REE by-product mineral resource.
From: mining.com
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