- The 2023 MRE comprises a:
- 6.4 million tonne Measured Mineral Resource, averaging 2.86% Total Rare Earth Oxide (TREO1);
- a 27.8 million tonne Indicated Mineral Resource, averaging 1.84 % TREO;
- and an 11.1 million tonne Inferred Mineral Resource, averaging 1.02% TREO,
- all reported at a cut-off grade of 0.5% TREO within a conceptual open pit shell;
- Total Measured and Indicated (M+I) Mineral Resources of 34.2 million tonnes, averaging 2.02% TREO, is a significant upgrade representing a conversion of 101% of the 2021 MRE comprising some indicated and mostly inferred resources (see
Defense Metals' news release ofNovember 24, 2021 ) to M+I on a contained metal basis; - Measured and Indicated resources are inclusive of 17.8 million tonnes of dolomite carbonatite, averaging 2.92% TREO;
- The 2023 MRE represents a 17% increase in TREO on a contained metal basis, or 31% tonnage increase, in comparison to the prior 2021 MRE.
- The 2023 MRE is based on an updated geological model that incorporates an additional 10,350 metres of drillhole data, from 45 holes drilled by
Defense Metals during 2021 and 2022.
__________________________ |
1 TREO % is the sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3 %. |
The effective date of the 2023 MRE is
The Wicheeda REE deposit is a southeast-trending, north to northeast dipping syenite-carbonatite intrusive complex having dimensions of approximately 450 m north-south by 250 m east-west which intrudes a mixed sedimentary host rock package (limestone). Relatively high REE grade dolomite-carbonatite rocks, which outcrop at surface, and form the main body of REE mineralization are surrounded by an envelope of intermediate REE grade hybrid xenolithic-carbonatite rocks that intrude lower REE grade syenite.
The 2023 MRE comprises a 6.4 million tonne Measured Mineral Resource, averaging 2.86% TREO CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3); 27.8 million tonne Indicated Mineral Indicated Resource, averaging 1.84% TREO; and 11.1 million tonne Inferred Mineral Resource, averaging 1.02% TREO, reported at a cut-off grade of 0.5% TREO within a conceptual Pseudoflow algorithm open pit shell; see Table 1 and Figure 1.
The 2023 MRE is based on an updated geological model incorporating an additional 10,350 metres of drilling within 45 holes drilled by
Category | Tonnes | TREO | TREO | CeO2 | La2O3 | Pr6O11 | Nd2O3 | Sm2O3 | Gd2O3 | Eu2O3 | Dy2O3 | Tb4O7 | Ho2O3 |
(Million) | ( %) | (kt) | ( %) | ( %) | ( %) | ( %) | (ppm) | (ppm) | (ppm) | (ppm) | (ppm) | (ppm) | |
Measured | 6.4 | 2.86 | 183 | 1.39 | 1.00 | 0.11 | 0.31 | 312 | 139 | 63 | 35 | 12 | 4 |
Indicated | 27.8 | 1.84 | 516 | 0.89 | 0.62 | 0.07 | 0.21 | 232 | 111 | 50 | 32 | 10 | 4 |
M&I | 34.2 | 2.02 | 699 | 0.98 | 0.69 | 0.08 | 0.23 | 247 | 116 | 52 | 32 | 10 | 4 |
Inferred | 11.1 | 1.02 | 113 | 0.50 | 0.31 | 0.04 | 0.13 | 166 | 91 | 38 | 35 | 9 | 5 |
Notes for Resource Table:
- The 2023 MRE is classified according to the CIM "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines" dated
November 29 th, 2019 and CIM "Definition Standards for Mineral Resources and Mineral Reserves" datedMay 10 th, 2014. - The 2023 MRE was prepared by
Warren Black ,M.Sc .,P.Geo . andTyler Acorn ,M.Sc ., ofAPEX Geoscience Ltd under the supervision of the QP,Michael Dufresne ,M.Sc .,P.Geo . in accordance with CIM Definition Standards. - Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There has been insufficient exploration to allow for the classification of the indicated and inferred resources tabulated as a measured mineral resource; however, it is reasonably expected that the majority of the indicated and inferred mineral resources could be upgraded to measured or indicated mineral resources with continued exploration. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future.
- All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding.
- Median rock densities are supported by 8,075 measurements applied: 2.95 g/cm3 (mineralized dolomite-carbonatite), 2.90 g/cm3 (unmineralized dolomite-carbonatite), 2.85 g/cm3 (mineralized xenolithic-carbonatite), 2.76 g/cm3 (unmineralized xenolithic-carbonatite), 2.73 g/cm3 (syenite), and 2.76 g/cm3 (limestone).
- The reasonable prospect for eventual economic extraction is met by reporting the Mineral Resources at a cut-off grade of 0.50% TREO (total rare earth oxide, sum of 10 oxides: CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3), contained within an optimized open pit shell.
- The cut-off grade is calculated, and the open pit shell is optimized based on the assumption that the hydrometallurgical processing can produce mixed REE carbonate precipitates. The parameters utilized, as in the 2021 MRE, include the following considerations:
- TREO price:
$18.66 /kg - Exchange rate of 1.30 C$:US$
- Precipitate production grades of 81.09% of TREO
- Processing costs include
$21.47 /t of mill feed for flotation plus a variable cost for hydrometallurgical plant that varies based on the feed grade. The average cost of hydrometallurgical plant is assumed to be$1,204 /t of concentrate. - Mining cost of
C$2.00 /t for mill feed and waste - G&A Costs of
C$3.33 /t for mill feed. - The overall process recoveries: For TREO>=2.3%, recovery is 69.6%; between 2.3% and 1.5% TREO, recovery is 65.3%; and less than 1.5% TREO, recovery is 52.2%. These assume variable flotation recoveries and a constant 87% hydrometallurgical recovery.
- Overall pit slope angles vary by zone between 40 and 48 degrees.
- TREO price:
The 2023 MRE for the Wicheeda REE Deposit includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
- The drillhole database comprised of drilling that intersected the estimation domains consists of 14 exploration diamond drillholes (totalling 2,107 meters) completed in 2008 and 2009 by Spectrum Mining and 58 exploration core drillholes during 2019, 2021 and 2022 by
Defense Metals (totalling 12,073 metres), providing a total of 4,903 drill core samples analyzed for REE by multi-element fusion ICP-MS. - The 3D geological modeling integrates assay and geological data collected from diamond core drilling; surface geologic mapping; soil geochemical; and airborne magnetic and radiometric geophysical surveys.
- Ordinary kriging is employed to estimate metal concentrations using a three-step pass search strategy guided by domain-specific variography. The estimates utilize capped composites with a 3-meter length.
- Measured Resources are categorized within a search ellipse of 35 m by 30 m by 15 m with a minimum of 3 drillholes. Indicated Resources are categorized within a search ellipse of 90 m by 60 m by 30 m with a minimum of 3 drillholes. Inferred Resources are categorized within a search ellipse of 120 m by 120 m by 30 m with a minimum of 2 drillholes.
Category | Cut-off | Tonnes1 | TREO2 | TREO | CeO2 | La2O3 | Pr6O11 | Nd2O3 | Sm2O3 | Gd2O3 | Eu2O3 | Dy2O3 | Tb4O7 | Ho2O3 |
TREO (%)2 | (Million) | ( %) | (kt) | ( %) | ( %) | ( %) | ( %) | (ppm) | (ppm) | (ppm) | (ppm) | (ppm) | (ppm) | |
Measured
| 0.25 | 6.7 | 2.74 | 184 | 1.33 | 0.96 | 0.11 | 0.29 | 301 | 136 | 61 | 36 | 12 | 4 |
0.5 | 6.4 | 2.86 | 183 | 1.39 | 1.00 | 0.11 | 0.31 | 312 | 139 | 63 | 35 | 12 | 4 | |
0.75 | 6.3 | 2.90 | 182 | 1.41 | 1.01 | 0.11 | 0.31 | 315 | 140 | 64 | 35 | 12 | 4 | |
1 | 6.2 | 2.93 | 182 | 1.42 | 1.02 | 0.11 | 0.31 | 318 | 141 | 64 | 35 | 12 | 4 | |
1.5 | 5.9 | 3.01 | 178 | 1.46 | 1.05 | 0.12 | 0.32 | 324 | 143 | 65 | 35 | 12 | 4 | |
2 | 5.2 | 3.18 | 165 | 1.54 | 1.12 | 0.12 | 0.34 | 338 | 148 | 68 | 37 | 12 | 4 | |
2.5 | 4.1 | 3.43 | 140 | 1.66 | 1.21 | 0.13 | 0.36 | 358 | 157 | 72 | 38 | 13 | 4 | |
Indicated | 0.25 | 36.1 | 1.49 | 546 | 0.72 | 0.50 | 0.06 | 0.17 | 197 | 98 | 43 | 31 | 9 | 4 |
0.5 | 27.8 | 1.84 | 516 | 0.89 | 0.62 | 0.07 | 0.21 | 232 | 111 | 50 | 32 | 10 | 4 | |
0.75 | 23.0 | 2.10 | 487 | 1.02 | 0.71 | 0.08 | 0.24 | 257 | 120 | 54 | 32 | 10 | 4 | |
1 | 19.5 | 2.33 | 456 | 1.13 | 0.79 | 0.09 | 0.26 | 277 | 128 | 58 | 33 | 11 | 4 | |
1.5 | 13.9 | 2.78 | 387 | 1.35 | 0.96 | 0.11 | 0.30 | 312 | 141 | 64 | 34 | 12 | 4 | |
2 | 10.3 | 3.15 | 324 | 1.53 | 1.10 | 0.12 | 0.34 | 339 | 151 | 69 | 36 | 12 | 4 | |
2.5 | 7.6 | 3.46 | 264 | 1.68 | 1.21 | 0.14 | 0.37 | 363 | 161 | 74 | 38 | 13 | 4 | |
Inferred | 0.25 | 21.8 | 0.70 | 153 | 0.34 | 0.21 | 0.03 | 0.09 | 126 | 75 | 30 | 34 | 8 | 5 |
0.5 | 11.1 | 1.02 | 113 | 0.50 | 0.31 | 0.04 | 0.13 | 166 | 91 | 38 | 35 | 9 | 5 | |
0.75 | 5.9 | 1.39 | 81 | 0.68 | 0.44 | 0.06 | 0.17 | 206 | 103 | 45 | 33 | 9 | 4 | |
1 | 3.6 | 1.72 | 62 | 0.85 | 0.55 | 0.07 | 0.21 | 240 | 116 | 51 | 35 | 10 | 4 | |
1.5 | 1.7 | 2.26 | 39 | 1.12 | 0.74 | 0.09 | 0.26 | 289 | 136 | 60 | 37 | 11 | 4 | |
2 | 1.0 | 2.62 | 27 | 1.29 | 0.87 | 0.11 | 0.29 | 317 | 148 | 65 | 41 | 12 | 5 | |
2.5 | 0.5 | 3.03 | 14 | 1.49 | 1.02 | 0.12 | 0.33 | 335 | 156 | 69 | 44 | 13 | 5 |
Notes |
|
Table 2 above illustrates the sensitivity of the 2023 MRE to different cut-off grades for a potential open-pit operation scenario with reasonable outlook for economic extraction. The reader is cautioned that the figures provided in these tables should not be interpreted as a statement of mineral resources. Quantities and estimated grades for different cut-off grades are presented for the sole purpose of demonstrating the sensitivity of the resource model to cut-off grade.
Lithology
| Category | Tonnes | TREO | TREO | CeO2 | La2O3 | Pr6O11 | Nd2O3 | Sm2O3 | Gd2O3 | Eu2O3 | Dy2O3 | Tb4O7 | Ho2O3 |
(Million) | ( %) | (kt) | ( %) | ( %) | ( %) | ( %) | (ppm) | (ppm) | (ppm) | (ppm) | (ppm) | (ppm) | ||
Dolomite Carbonatite | Measured | 5.9 | 2.98 | 177 | 1.44 | 1.04 | 0.12 | 0.32 | 320 | 142 | 65 | 35 | 12 | 4 |
Indicated | 11.8 | 2.88 | 342 | 1.40 | 1.01 | 0.11 | 0.31 | 315 | 141 | 64 | 34 | 12 | 4 | |
M&I | 17.8 | 2.92 | 519 | 1.41 | 1.02 | 0.11 | 0.31 | 316 | 141 | 64 | 34 | 12 | 4 | |
Inferred | 0.6 | 2.66 | 15 | 1.30 | 0.91 | 0.11 | 0.29 | 281 | 134 | 60 | 37 | 11 | 4 | |
Xenolithic-Dolomite Carbonatite | Measured | 0.3 | 1.43 | 5 | 0.69 | 0.46 | 0.06 | 0.17 | 209 | 107 | 47 | 35 | 10 | 5 |
Indicated | 11.6 | 1.22 | 142 | 0.59 | 0.38 | 0.05 | 0.15 | 188 | 95 | 42 | 30 | 9 | 4 | |
M&I | 12.0 | 1.22 | 147 | 0.60 | 0.39 | 0.05 | 0.15 | 189 | 95 | 42 | 30 | 9 | 4 | |
Inferred | 4.0 | 1.28 | 51 | 0.63 | 0.40 | 0.05 | 0.16 | 198 | 98 | 43 | 32 | 9 | 4 | |
Syenite | Measured | 0.1 | 0.81 | 1 | 0.39 | 0.26 | 0.03 | 0.10 | 138 | 84 | 34 | 32 | 9 | 5 |
Indicated | 4.1 | 0.74 | 31 | 0.36 | 0.22 | 0.03 | 0.10 | 132 | 73 | 31 | 28 | 7 | 4 | |
M&I | 4.2 | 0.74 | 31 | 0.36 | 0.22 | 0.03 | 0.10 | 132 | 73 | 31 | 28 | 7 | 4 | |
Inferred | 5.8 | 0.73 | 42 | 0.36 | 0.21 | 0.03 | 0.10 | 136 | 78 | 33 | 33 | 8 | 5 | |
Limestone | Measured | 0.0 | 1.05 | 0 | 0.49 | 0.34 | 0.05 | 0.13 | 178 | 120 | 43 | 63 | 14 | 10 |
Indicated | 0.2 | 0.81 | 1 | 0.38 | 0.25 | 0.03 | 0.11 | 156 | 117 | 41 | 62 | 14 | 10 | |
M&I | 0.2 | 0.83 | 2 | 0.39 | 0.26 | 0.03 | 0.11 | 157 | 117 | 41 | 63 | 14 | 10 | |
Inferred | 0.7 | 0.73 | 5 | 0.34 | 0.22 | 0.03 | 0.09 | 143 | 111 | 39 | 70 | 14 | 11 |
Table 3 above illustrates the 2023 MRE by lithology which illustrates the relatively high REE grade nature of the dominant dolomite carbonatite unit, intermediate grade xenolithic dolomite carbonate rocks and lower grade syenite and limestone lithologies peripheral to the main body of the Wicheeda REE Deposit.
The scientific and technical information contained in this news release as it relates to the
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