NioCorp Developments Ltd. has announced the successful completion of Phase I of its field drilling campaign at the Elk Creek Project in Southeast Nebraska. The drilling effort, which consisted of nine HQ diamond drillholes totaling 6,817 meters, aims to support the conversion of current Indicated Resources into Measured Resources and Probable Mineral Reserves into Proven Mineral Reserves. This initiative is part of the broader plan to update the feasibility study for the project, a necessary step in securing proposed debt financing from EXIM. The campaign was conducted efficiently, resulting in lower costs and allowing for additional exploration drilling. Core processing is underway, with samples being sent to SGS USA for preparation and analysis. The company is also finalizing engineering plans for a more efficient production process, potentially incorporating light and heavy magnetic rare earth oxides and the production of titanium tetrachloride.
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