Rare Element Resources Ltd. has announced the completion of a new mineral resource estimate at the Bear Lodge Project, which emphasises the recovery of crucial magnet materials.
The magnet materials explored in the new resource estimate include neodymium (Nd), praseodymium (Pr), terbium (Tb), dysprosium (Dy), and other critical rare earths like lanthanum (La).
This estimate centres on the Bull Hill deposit within the Bear Lodge Project, situated in northeastern Wyoming. The project also holds promising potential in the Carbon, Whitetail, and Taylor deposits within the Company’s mineral claims.
Excellent magnet materials potential identified
The mineral resource estimation utilised comprehensive data extracted from 252 core holes drilled between 2009 and 2013.
These holes provided 20,491 assay intervals, amounting to 186,712.5 feet (56,910 meters) of drilling from the Company’s extensive drill hole database.
With approximately 500 drill holes and over 285,000 feet (86,868 meters) of core, this database offers a robust foundation for analysis.
Additionally, the estimation integrated recovery data derived from the 2021 pilot plant testing of the Company’s proprietary recovery and separation technology.
This technology is currently being implemented in the demonstration plant project underway in Upton, Wyoming.
Focusing on the oxide and oxide-carbonate zones, deemed optimal for yielding the best recoveries and costs, the mineral resource estimate utilised a cut-off grade of 2.18% total rare earth oxide (TREO).
(1) Mineral resources do not have demonstrated economic viability. There is no guarantee that any part of the mineral resource will be converted to mineral reserves in the future. All figures are rounded to reflect the accuracy of the grade and tonnage estimates.
(2) This mineral resource estimate is reported in accordance with Regulation S-K (CFR Title 17 Part 229 Items 1300-1305) at a cut-off grade of 2.18% TREO.
(3) Only certain rare earth elements (La, Nd, Pr, Dy, and a heavy rare earth element mixed oxide including Yb, Tm, Tb, Er, Ho, Lu) are considered payable for pit optimization purposes. Commodity price assumptions used in the preparation of the mineral resource estimateare set forth in the TRS.
(4) The estimated overall NdPr process recovery is 90%.
Brent Berg, President and CEO of the Company, commented: “With demand for magnet materials expected to grow exponentially over the next 30 years, driven primarily by their use in defence and green technologies, it makes sense to focus our efforts on those key magnet materials in this resource model.
“This will ensure that, over the longer term, we are aligned with the national security interests and decarbonisation goals of the United States.
“Our proprietary rare earth recovery and separation technology enabled us to look at the body of geological data we have generated through a different lens.
“That work allows us to focus on a higher grade and smaller pit design. I believe this strategy provides the greatest opportunity for the Company to capitalise on the projected rare earth demand growth and most clearly aligns with our innovative technology while allowing us to preserve the long-term, upside potential of the Bear Lodge Project.”
Preparation of technical reports
In compliance with regulations, Rare Element Resources is preparing a Technical Report Summary (TRS) under Regulation S-K (CFR Title 17 Part 229 Items 601(b)(96) and 1300-1305). This summary will be filed concurrently with this release on a current report on Form 8-K and will be accessible at www.sec.gov.
Moreover, an updated technical report conforming to Canadian National Instrument NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) is in the works.
This report will be filed on the Company’s SEDAR profile at www.sedarplus.ca within 45 days from the release date of this press statement.
The mineral resource work and technical reports are spearheaded by Alan C. Noble, P.E., the principal engineer of Ore Reserves Engineering (ORE). Noble’s extensive modelling work on the Bear Lodge Project over the past decade has been instrumental in this endeavour.
The forthcoming reports will comprehensively detail the economic assumptions and cut-off grade sensitivity used in the evaluation.
