Heavy rare earths producer, Northern Minerals Limited (ASX: NTU) has provided its quarterly activities report for the period ending 31 December 2020.
Northern Minerals successfully completed 8,500 metres of exploration and resource definition drilling during the quarter at Browns Range;
First batch of assay results received post period close from 2020 drilling, including promising new greenfield targets;
$8.7 million refund received from ATO for 2020 R&D tax offset claim further strengthens balance sheet; and
Northern Minerals delivers on strategic goal to be debt free by end of 2020 calendar year.
Northern Minerals announced in November 2020 that it had commenced the first phase of its $5 million exploration and resource definition drilling program.
The Company successfully completed 8,500 metres of reverse circulation (RC) drilling at Browns Range in the December quarter.
A total of up to 16,500 metres of drilling was budgeted before the end of June 2021, with the second phase of the program scheduled to commence at the end of the northern wet season in 2021.
The primary objective of the program is to increase the heavy rare earth Mineral Resource and life of mine potential at Browns Range.
Post period close, Northern Minerals announced initial drilling results from the first phase of the exploration program.
In January, the Company received assays from 45 drill holes at Dazzler Northwest (7 holes), Dazzler North/ Ripcord (16 holes), Dazzler (6 holes), Gambit West (7 holes), Wolverine West (4 holes) and a new prospect named Toad (5 holes).
The assay results from the remaining 71 drill holes drilled in the first phase are expected to be returned in the March quarter.
Encouraging results were received from first-pass drilling at the greenfields Toad and Dazzler North prospects, in particular.
The best results from Toad were 9m @ 0.54% TREO from 53m in BRR0541 and 11m @ 0.37% from 52m, while at Dazzler North an intercept of 3m @ 0.74% TREO from 8m was returned.
Northern Minerals will follow-up these initial results in the second phase of drilling currently being planned at Browns Range.
During the quarter the Company expended approximately $1.6 million on exploration and evaluation activities.