Northern Minerals reports further heavy rare earth assays at Wolverine ahead of Browns Range MRE update

HIGHLIGHTS

• Additional assays received from the Mineral Resource definition drilling program at the Wolverine deposit continue to define wide and high-grade mineralised intervals across strike and down plunge, with mineralisation remaining open at depth.
• The program, targeting the Inferred Resource component of Wolverine, is designed to improve the geological confidence and classification in the Browns Range Mineral Resource Estimate (MRE).
• The MRE update is scheduled for Q3 and will underpin completion of the Browns Range Definitive Feasibility Study (DFS), targeted for Q4.
• The program was partially funded from the grant monies awarded to Northern Minerals as part of the Federal Government’s Critical Minerals Development Program.

Browns Range is a globally significant heavy rare earths project containing high grades of dysprosium and terbium, which are essential for high-performance permanent magnets used in electric vehicles, wind turbines and specialist defence applications. Northern Minerals has a long-term supply and funding partnership with Iluka Resources (ASX: ILU) to supply Iluka’s Eneabba rare earths refinery, currently under-construction.

The assay results relate to the Mineral Resource definition drilling program at Wolverine, the flagship deposit at Browns Range – during the December, March and June FY24 quarters.

Northern Minerals is on target to update its Minerals Resource Estimate (MRE) by the end of Q3 this year, which will incorporate the results from the Program. The MRE will feed into an updated Definitive Feasibility Study (DFS) for Browns Range that is targeted for completion in Q4.

Northern Minerals Managing Director Shane Hartwig commented:

“These are exceptional assay results from this important Mineral Resource definition drilling program. Both the grade and the apparent widths reported are very encouraging. The team will now incorporate these results into an updated Mineral Resource Estimate for Browns Range with the target to re-classify the majority of the existing Inferred resource at Wolverine into the Indicated classification. In addition to the assays, the drilling program has delivered greater orebody knowledge, particularly assisting in better interpreting the regional geological structural controls which will be invaluable when applied to future exploration drilling campaigns. 

“Once completed, this Mineral Resource Estimate will be a key determinant of the ultimate mining and processing shape of the Browns Range Heavy Rare Earths Project and enable the Company to finalise the Definitive Feasibility Study. 

“We are extremely proud of the team in completing a safe, uninterrupted and incident free drilling program, particularly in circumstances where the Browns Range site and surrounding infrastructure was severely impacted by unseasonal weather. I would also reiterate our appreciation for the support provided by our Native Title partners, the Jaru People, as well as the Federal Government through its Critical Minerals Development Grant Program. 

“I look forward to updating Shareholders as we advance these next, very important work streams for Browns Range.”