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HIGHLIGHTS:
871.8 million tonne Inferred Mineral Resource including 2.01 kg/t TREO, plus niobium and phosphate.
15.6 million tonne Indicated Mineral Resource including 1.67 kg/t total rare earth oxides (“TREO”), plus niobium and phosphate.
Substantial potential remains to expand and upgrade the initial Mineral Resource Estimate.
Situated in
Ontario, Canada , a stable, mining friendly, jurisdiction – a potential key North American source of Critical Minerals to meet an anticipated enormous expansion in demand for such products.Project is exceptionally close to the
TransCanada Highway , rail, power and shipping infrastructure.Preliminary Economic Assessment to commence shortly.
Further drilling to increase quantity and quality of the initial Mineral Resource is planned.
As tabulated below, the pit constrained MRE consists of a 15.6 million tonne Indicated Mineral Resource and a very large 871.8 million tonne Inferred Mineral Resource in accordance with National Instrument 43-101. The MRE also includes niobium and phosphate in oxides which, along with the TREO, are expected to be key drivers of a Preliminary Economic Assessment on the Project that will commence shortly.
“We are of course delighted with this initial MRE,” said
Prairie Lake Project Pit Constrained Mineral Resource Estimate(1-6)
Rare Earth Oxides | Niobium | Phosphate | |||||||||||
Class | Cut-Off | Tonnes | Nd2O3 | Pr6O11 | Sc2O3 | CeO2 | La2O3 | Sm2O3 | Ta2O5 | Y2O3 | TREO | Nb2O5 | P2O5 |
NSR C$/t | M | g/t | g/t | g/t | g/t | g/t | g/t | g/t | g/t | kg/t | % | % | |
Indicated | 30 | 15.6 | 344 | 96 | 15 | 754 | 300 | 58 | 28 | 100 | 1.67 | 0.16 | 3.71 |
Inferred | 30 | 871.8 | 409 | 82 | 18 | 905 | 388 | 79 | 17 | 127 | 2.01 | 0.10 | 3.39 |
*TREO = Total Rare Earth Oxides: neodymium,Nd2O3;praseodymium,Pr6O11; scandium,Sc2O3; Cerium, CeO2; lanthanum, La2O3; samarium, Sm2O3; tantalum, Ta2O5; yttrium, Y2O3.
1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
The Mineral Resources were estimated in accordance with theCanadian Institute of Mining , Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by theCIM Standing Committee on Reserve Definitions and adopted by theCIM Council .
5. US$ Metal prices used were
6. The constraining pit optimization parameters were
The Prairie
The most significant drivers to economic viability at the Prairie Lake project and their main uses are listed below:
Neodymium (Nd)– currently trading at circa
Praseodymium (Pr) –currently trading at circa
Scandium (Sc)– currently trading at circa
Niobium (Nb)– currently trading at circa
Tantalum (Ta)– currently trading at circa
Phosphate (P2O5)– currently trading at circa
The mineralization of economic interest contained within the Prairie Lake complex occurs at surface and extends to unknown depths below the deepest drilling yet conducted (circa 525 metres vertically). There is no indication that mineralization diminishes with depth and is known to occur at surface throughout the extents of the complex.
Prairie Lake Project Mineral Resource Estimate Sensitivity to NSR Cut-Off
Class | Cut-Off | Tonnes | Nd2O3 | Pr6O11 | Sc2O3 | CeO2 | La2O3 | Sm2O3 | Ta2O5 | Y2O3 | TREO* | Nb2O5 | P2O5 |
NSRC$/t | M | g/t | g/t | g/t | g/t | g/t | g/t | g/t | g/t | kg/t | % | % | |
Indicated | 50 | 14.5 | 358 | 100 | 16 | 787 | 306 | 60 | 28 | 101 | 1.73 | 0.17 | 3.75 |
40 | 15.2 | 349 | 98 | 15 | 766 | 302 | 59 | 28 | 101 | 1.69 | 0.17 | 3.73 | |
30 | 15.6 | 344 | 96 | 15 | 754 | 300 | 58 | 28 | 100 | 1.67 | 0.16 | 3.71 | |
20 | 15.7 | 343 | 96 | 15 | 751 | 300 | 58 | 27 | 100 | 1.66 | 0.16 | 3.70 | |
10 | 15.7 | 343 | 96 | 15 | 751 | 300 | 58 | 27 | 100 | 1.66 | 0.16 | 3.70 | |
Inferred | 50 | 815.1 | 419 | 83 | 19 | 930 | 394 | 81 | 17 | 127 | 2.06 | 0.10 | 3.43 |
40 | 860.1 | 412 | 82 | 19 | 911 | 389 | 80 | 17 | 128 | 2.02 | 0.10 | 3.40 | |
30 | 871.8 | 409 | 82 | 18 | 905 | 388 | 79 | 17 | 127 | 2.01 | 0.10 | 3.39 | |
20 | 873.4 | 409 | 82 | 18 | 904 | 387 | 79 | 17 | 127 | 2.01 | 0.10 | 3.38 | |
10 | 873.5 | 409 | 82 | 18 | 904 | 387 | 79 | 17 | 127 | 2.01 | 0.10 | 3.38 |
570 g/t Y2O3.Grade interpolation was undertaken with the ID2 method on 10m x 10m x 10m blocks. Indicated Mineral Resources were classified within a 55m x 55m x 40m search ellipse and three drill holes while Inferred Mineral Resources were classified in two passes with a 110m x 110m x 80m search ellipse with two drill holes and subsequently a 220m x 220 m x 160m search ellipse with one drill hole.
Historical analyses were performed by
About
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections and interpretations as at the date of this press release.
All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, "potential", “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.”
FLI herein includes, but is not limited to: future drill results; the Company’s ability to convert Inferred Mineral Resources into Measured and Indicated Mineral Resources; environmental matters; stakeholder engagement and relationships; parameters and methods used to estimate the Mineral ResourceEstimates (each an “MRE”) at theFenelon and Martiniere properties (collectively the “Deposits”); the prospects, if any, of the Deposits; future drilling at the Deposits; and the significance of historical exploration activities and results.
FLI is designed to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this press release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained herein to reflect new events or circumstances, except as may be required by law. Unless otherwise noted, this press release has been prepared based on information available as of the date of this press release. Accordingly, you should not place undue reliance on the FLI or information contained herein.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in FLI.
Assumptions upon which FLI is based, without limitation, include: the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Deposits; the accuracy of key assumptions, parameters or methods used to estimate the MREs; the ability of the Company to obtain required approvals; the results of exploration activities; the evolution of the global economic climate; metal prices; environmental expectations; community and non-governmental actions; and any impacts of COVID-19 on the Deposits, the Company’s financial position, the Company’s ability to secure required funding, or operations. Risks and uncertainties about the Company’s business are more fully discussed in the disclosure materials filed with the securities regulatory authorities in
Information Concerning Estimates of Mineral Resources
The disclosure in this press release and referred to herein was prepared in accordance with NI 43-101 which differs significantly from the requirements of the
Investors are cautioned not to assume that any part or all of Mineral Resources will ever be converted into reserves. Pursuant to CIM Definition Standards, "Inferred Mineral Resources" are that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of Feasibility or Pre-Feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource is economically or legally mineable. Disclosure of "contained ounces" in a Mineral Resource is permitted disclosure under Canadian regulations; however, the
Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7. Effective
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