Kendrick completes internal review of Namibia rare earth targets
London-listed mineral exploration and development company Kendrick Resources has completed an internal review and analysis of historic and current work to identify targets consistent with its expectations at the Teufelskuppe en Kieshöhe projects, in Namibia.
The projects are the subject of a 70% earn-in interest by Kendrick under a definitive agreement with Bonya Exploration.
"We are very pleased with the amount and quality of data we inherited for the projects. What has surprised our geologists and engineers is the tenor and continuity of rare earths that exist on both properties and rather than looking for independent small potential resources, we are looking at substantial potential resources on both projects.
"The board and management team are single-minded in their approach to produce a maiden resource by the end of the third quarter of this year and to nail down an optimised metallurgical flowsheet. The team has done extremely well in a short time, and the recent fundraising will allow progress on all fronts mentioned above," says Kendrick chairperson Colin Bird.
The company on May 26 announced that it had raised £1.76-million through the issue of 25.2-million new ordinary shares to advance development of the projects.
Meanwhile, the company highlights that an unaudited in-house gross project valuation of $400-million has been estimated for verified light rare earth oxide-bearing carbonatites at the Teufelskuppe project only.
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