PROJECT

Stallion REE Project

Western Australia

OVERVIEW

The Stallion REE Project is located in south-central Western Australia, located just north of the Queen Victoria Spring Nature Reserve and around 200km northeast of Kalgoorlie. 2010 drilling by Manhattan Corporation at the Project reported notable REE enrichments, and the first batch of Summit drilling results for 4 of the 14 RC holes drilled in Phase 2 at Stallion showed assays confirming resource potential, particularly at the margins of the mineralised zone.

The results have successfully validated the TREO drill results returned in earlier programs and expanded the target area with the mineralisation remaining open to the south, and confirm that the mineralised zone trends northwest onto the adjacent tenement.

PROJECT HIGHLIGHTS

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Phase 2 exploration drilling completed at Stallion REE Project comprising 14 RC holes for 820m of infill and extension drilling

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Historic assays confirm up to 2,666ppm pREO (Partial Rare Earth Oxides - CeO2 , La2O3 , Sc2O3 , Y2O3 ) , only accounting for 4 of the 17 rare earth elements, with samples previously not assayed for the other 13 REEs

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The Company anticipates completing a maiden mineral resource estimate upon receiving the metallurgical test results and identifying the host to the rare earth minerals

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Planning is underway for another extension and infill drilling phase

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Potential for a maiden interim resource to be announced prior to the next phase of drilling

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Historic uranium resource

Exceptional Drill Results

  • Best intercepts from the Phase 1 Drilling include:
  • STRC014: 23m @ 2,162.45 ppm TREO from 24m
  • STRC012: 15m @ 3,088.84 ppm TREO from 39m
  • STRC011: 17m @ 3,783.4 ppm TREO from 61m inc. 1m @ 1.52% TREO from 73m
  • Outlined a broad, relatively shallow mineralised zone that measures 2km x 2.5km, with a thickness averaging 18m and grade averaging ~1,750ppm TREO
  • Critical permanent magnet metals, neodymium (Nd) and praseodymium (Pr), or NdPr, averages 23.63% - substantially above the industry average of ~16%
  • The mineralised zone is open in all directions, and only the lack of drilling limits its scale
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Building on Phase 1 Results

  • Best intercepts from the Phase 2 Drilling include:
  • STR023: 9m at 1664.12 ppm TREO from 58m
  • STRC017: 34m at 1021.8 ppm TREO from 37m
  • STRC019: 31m at 1298.37 ppm TREO from 63m

Future Work

  • Maiden Mineral Resource Estimate expected for Stallion upon receiving the balance of the results
  • Planning underway for another extension and infill drilling phase to be conducted
  • AMSUL (pH ~ 4) leach unsuccessful, moving to stronger digestions (H2SO4, HCl)