Critical Metals Corp Awards $2M Drill Contract for Greenland's Tanbreez Rare Earth Project

Critical Metals Corp has awarded a $2 million drill contract to 60 Degree North for exploration at its Tanbreez Rare Earth Project in Greenland. The project aims to upgrade and expand the Fjord Deposit's resources, which comprise 22.56 million tonnes of eudialyte. The drilling program is part of the broader strategy to advance the project and secure financing from the Export-Import Bank of the United States.

Critical Metals Corp (Nasdaq: CRML) has awarded a $2 million drill contract to 60 Degree North for exploration at its Tanbreez Rare Earth Project in Greenland. The project aims to upgrade and expand the Fjord Deposit's resources, which comprise 22.56 million tonnes of eudialyte. The drilling program is part of the broader strategy to advance the project and secure financing from the Export-Import Bank of the United States.

The drilling program, set to commence next month, will target additional resources near the existing Fjord Deposit and refine the current pit design. This initiative is expected to significantly increase the resource size and enhance the economics of this world-class rare earth asset. The strategic location of the Tanbreez Project, with year-round shipping access, supports the company's position in supplying critical minerals essential for global electrification efforts.

The drilling contract follows a $120 million non-dilutive funding package from the U.S. EXIM Bank, which supports the project's development. The drilling program will also finalize the expenditure requirements on the license and is anticipated to enhance the numbers for the Company’s upcoming definitive feasibility study, expected to be completed by the end of 2025.

The drilling will target further resources to the east of the existing Fjord Deposit of approximately 700m and 650m along strike of the North-East to South-West strike kakortokite host rock. The target depths for the vertical drill holes will range from 80m to 250m over the topography [1].

Critical Metals Corp is a leading mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next-generation technologies for Europe and its western world partners. Its flagship Project, Tanbreez, is one of the world's largest rare earth deposits and is located in Southern Greenland.

References:
[1] https://www.nasdaq.com/articles/critical-metals-corp-secures-2-million-drilling-contract-expand-resource-tanbreez-project