The proceeds of the Private Placement will be used primarily
to fund gold exploration and general corporate purposes. The common shares and
warrants of the Company issued pursuant to the Private Placement will be
subject to a four-month hold period.
The Company also announced today that Susanne Willett will
assume the position of Chief Financial Officer of the Company on April 1, 2021
when Darrin Campbell, the current CFO, assumes the role of President as
announced in the Company’s press release of February 1, 2021. Ms. Willett also
currently serves as CFO for Morien Resources Corp. (TSXV:MOX). Previously Ms.
Willett worked for the New Brunswick Power group of companies as Business Unit
CFO, Director of Financial Planning and Treasury, and Controller, where she
directed business planning, regulatory compliance, management and financial
reporting. Ms. Willett holds a Bachelor of Commerce degree from Dalhousie
University in Halifax, Nova Scotia, a Master of Business Administration from
York University in Toronto, Ontario, and qualified as a CPA, CA.
Namibia Critical Metals holds a diversified portfolio of
exploration and advanced stage projects in the country of Namibia focused on
the development of sustainable and ethical sources of metals for the battery,
electric vehicle and associated industries. The Company also has significant
land positions in areas favourable for gold mineralization.
The Lofdal Heavy Rare Earth Project is the Company’s most
advanced project having completed a Preliminary Economic Assessment in 2014 and
full Environmental Impact Assessment in 2017. An application has been made for
a mining licence at Lofdal. The project is now in joint venture with JOGMEC who
are funding the current $4,100,000 drilling and metallurgical program with the
objective of doubling the resource size and optimization of the process flow
sheet.
At the Erongo Gold Project, stratigraphic equivalents to the
sediments hosting the recent Osino gold discovery at Twin Hills have been
identified but not yet sampled. Detailed soil surveys are planned over this
highly prospective area.
The Epembe Tantalum-Niobium Project is also at an advanced
stage with a well-defined, 10 km long carbonatite dyke that has been delineated
by detailed mapping with over 11,000 meters of drilling. Preliminary
mineralogical and metallurgical studies including sorting tests (XRT), indicate
the potential for significant physical upgrading. Further work will be
undertaken to advance the project to a preliminary economic assessment stage.
The Kunene Cobalt-Copper Project comprises a very large area
of favorable stratigraphy (“the DOF”) along strike to the west of the Opuwo
Co-Cu-Zn deposit. Secondary copper mineralization over a wide area points to
preliminary evidence of a regional-scale hydrothermal system. Exploration
targets on EPLs held in the Kunene project comprise direct extensions of the
DOF style mineralization to the west, sediment-hosted cobalt and copper,
orogenic copper, and stratabound Mn and Zn-Pb mineralization.
Earlier stage projects include the Grootfontein Project
which has potential for magmatic Cu-Ni mineralization, Mississippi Valley-type
Zn-Pb-V mineralization and Otjikoto-style gold mineralization.
The common shares of Namibia Critical Metals Inc. trade on
the TSX Venture Exchange under the symbol “NMI”.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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