NioCorp Completes Phase I Drilling at Nebraska Critical Minerals Project

NioCorp Developments Ltd. has announced the completion of Phase I of its drilling campaign at the Elk Creek Project in Southeast Nebraska. This first phase aimed to convert some indicated resources into measured resources, and probable mineral reserves into proven reserves. The campaign included nine HQ diamond drillholes, totaling 6,817 meters. Core samples are being processed and shipped to SGS USA for analysis.

The data gathered has planned to facilitate a mineral reserves uplift. This activity is a requirement from the Export-Import Bank of the United States, as part of due diligence for up to $800 million in potential debt financing. Due to favorable outcomes, NioCorp will proceed with Phase II, adding six more drillholes for further resource exploration and data collection.

The completed drilling supports updates to technical and economic analyses needed for an updated feasibility study. NioCorp plans to enhance its production process and possibly expand its resource size. The Elk Creek Project aims to produce niobium, scandium, titanium, and potentially rare earths.