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Northern Minerals Limited (ASX: NTU) – More exceptional heavy rare earth assays at Wolverine to inform Browns Range Mineral Resource update

Northern Minerals Limited (ASX: NTU) 2 mins read

Perth, WA - May 30, 2024 – Northern Minerals Limited (ASX: NTU), an Australian heavy rare earths focused company, is pleased to announce exceptional assay results from the Mineral Resource definition drilling program at its Wolverine Deposit, part of the Browns Range Project in East Kimberley, Western Australia.

The program, which primarily targets the Inferred Resource component of Wolverine, has yielded significant high-grade, heavy rare earth element (HREO) intercepts across multiple drill sites. These results continue to outline wide and high-grade mineralized intervals, demonstrating substantial down plunge extensions and confirming that mineralization remains open at depth.

Key Highlights from the Drilling Program:

  • Exceptional Drill Results: New diamond drill assays include significant intercepts such as 49.0m at 2.36% Total Rare Earth Oxides (TREO) from a depth of 540.0m, indicating robust mineral continuity and grade.
  • Enhanced Resource Confidence: These results are expected to transform a substantial portion of the current Inferred Resources into the Indicated category, bolstering confidence in the site’s resource estimate.
  • Strategic Funding and Partnerships: The program was partially supported by a grant from the Federal Government’s Critical Minerals Development Program, reflecting the project's national significance.
  • Scheduled Resource Update and Feasibility Study: An updated Mineral Resource Estimate (MRE) is anticipated by Q3 2024, leading into a Definitive Feasibility Study (DFS) set 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.”


Contact details:

Jane Morgan

jm@janemorganmanagement.com.au

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