In a significant move towards becoming self-sustaining in critical minerals, Niocorp Developments Ltd. (NB.T) recently completed a crucial geotechnical drilling campaign at the Elk Creek critical minerals project in southeast Nebraska. This significant step is in anticipation of heavy construction and site preparation efforts, pending the acquisition of sufficient financing.
Covering a one-square-mile area, the campaign involved drilling 16 boreholes and 20 test pits. The team thoroughly analyzed soil samples and generated essential data to aid engineering design firms currently finalizing the construction plans for the facility.
The drilling exploration focused on the glacial till geological layer, a 30-meter thick layer of soil, clay, and sand blanketing much of southeast Nebraska. This sedimentary layer is a result of the repeated glaciation during the Pleistocene epoch, which ended approximately 11,000 years ago.
Scott Honan, Niocorp’s chief operating officer, noted the importance of this campaign. “This drilling is part of a site-wide investigation that helps us understand the soil variations across the site, allowing us to carefully plan our facility layout and construction plans,” he said.
Honan also highlighted the timeliness of the campaign, stating, “Completing this work now will allow us to move quickly to construction once we have sufficient financing necessary.”
The Elk Creek project aligns with NioCorp’s goal of reducing North America’s dependence on foreign suppliers for critical minerals, a vital step towards transitioning to a clean energy and less carbon-centric economy. This vision has been underlined by Mark Smith, NioCorp’s Executive Chairman, President, and CEO.
The company has made other significant strides, including a successful acquisition of GXII with over 96% shareholder approval. They’ve also up-listed to the Nasdaq (Ticker: NB), with a cross-listing on the TSX.
NioCorp secured two financings with Yorkville, providing access to up to $71.9M net proceeds over the next three years. The company also received a Letter of Interest from EXIM for potential debt financing of up to $800M.
Additionally, NioCorp demonstrated rare earth recoveries of over 92% at the company’s demonstration-scale processing plant in Quebec. The company also recently announced that it had the ability to potentially double the titanium extraction rates at Elk Creek. NioCorp has commenced land clearing operations at the Elk Creek Project site and contracted Zachry Group to update the design and costing of the project’s surface facilities to reflect flow sheet improvements.
The company’s endeavors have been well-received, gaining higher investor and government visibility. NioCorp’s listing on the Nasdaq Stock Market, a front-page New York Times story on the Elk Creek Project, and an op-ed by Mark Smith published by Fox News have all contributed to raising awareness. Further, NioCorp is in talks with three US federal agencies regarding potential funding.
The success of the Elk Creek Project will not only strengthen North America’s mineral supply chain but also pave the way for a more sustainable, cleaner energy future.
