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Northern Minerals gives shareholders more time, $22.6 million secured

NTU aims to build its Browns Range operation into the first significant world producer of dysprosium outside of China.

Northern Minerals Ltd - Northern Minerals gives shareholders more time, $22.6 million secured
Dysprosium is used in magnets that are used in clean energy and technology

Northern Minerals Ltd (ASX:NTU) has raised $22.6 million to date under a share placement priced at 6.2 cents.

The company was expecting the balance of $7.4 million by the end of August 2019 but has now agreed to extend the completion date for subscribers to 31 October 2019.

Northern Minerals continues to develop its Browns Range heavy rare earth project in Western Australia.

Pilot plant production of heavy rare earth carbonate has commenced and will continue to assist the company in evaluating the economic and technical feasibility of mining at Browns Range.

Recent infill drilling confirms quality deposit

Earlier this week, the company received the final assays from reverse circulation (RC) drilling at the Dazzler Prospect at Browns Range confirming the high-grade nature of the deposit.

The program of RC drilling was completed in May, with 17 holes for 1143 metres completed at Dazzler and five holes for 300 metres at Iceman.

The infill drilling at Dazzler returned high-grade results with one hole, BRDR0035, returning the best drilling intersection ever recorded at the Browns Range Project.

The hole intersected 52 metres at 3,831 ppm dysprosium oxide or 4.15% TREO from 20 metres including 22 metres at 10,731 ppm dysprosium oxide or 11.48% TREO.

More drilling at Dazzler is planned.

Quick facts: Northern Minerals Ltd

Price: 0.042 AUD

Market: ASX
Market Cap: $109 m

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Full interview: Northern Minerals reveals talks with US government agencies,...

Northern Minerals Ltd (ASX:NTU) CEO George Bauk tells Proactive he recently met US government agencies, who he says wanted to get a better sense of the Australian company's progress with its dysprosium production, and its strategy going forward. Bauk is currently in New York meeting with...

on 21/9/19

2 min read