(via TheNewswire)
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Highlights:
Multiple high-grade phosphate drill intersections identified; define an extensive phosphate domain.
Domain exceeds 1200m length – abundant room for expansion.
High-grade domain occurs within the
900Mt mineral resource estimate (“MRE”) on the project.High-grade phosphate within the MRE is a higher-value component that enhances potential viability.
High-grade phosphate translates into elevated rare earth element (“REE”) content.
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Identification of high-grade apatite/phosphate mineralization in 22 diamond drill holes (see table below), with intersections up to tens of metres wide in a domain at least 1200m long, is a step-change in awareness of the attributes of the mineralization at the project, and particularly within the MRE. Higher grade domains are higher value components of the MRE and allow greater versatility in planning and scheduling development of the resource should the project merit a production decision. The very large Critical Minerals MRE at the Project is enhanced by the identification of high-grade domains within it. Ample room exists to expand the mineralized domain to other parts of the Complex with similar geology.
“High-grade phosphate zones at the Project further enhance its already significant potential as a North American source of much sought after Critical Minerals,” said
Tabulated Phosphate Intersections:
Hole | Zone | From | To | Width (m) | P2O5 (%) |
NP0705 | JS | 63.72 | 111.55 | 47.83 | 5.14 |
NP0702 | JS | 116.30 | 132.50 | 16.20 | 7.00 |
NP0714 | JS | 32.55 | 56.00 | 23.45 | 8.45 |
NP0715 | JS | 20.90 | 44.00 | 23.10 | 7.15 |
NP0810 | JS | 456.75 | 492.50 | 35.75 | 5.63 |
NP0703 | JS | 144.20 | 157.20 | 13.00 | 9.74 |
NP0706 | JS | 243.00 | 278.00 | 35.00 | 7.52 |
NP0701 | JS | 56.60 | 77.00 | 20.40 | 8.33 |
P29 | JS | 38.40 | 48.46 | 10.06 | 5.03 |
NP0704 | JS | 141.00 | 152.00 | 11.00 | 5.89 |
NP0707 | JS | 52.00 | 61.70 | 9.70 | 6.27 |
NP0707 | JS | 71.40 | 72.40 | 1.00 | 9.05 |
P19 | JS | 63.70 | 69.49 | 5.79 | 6.47 |
P24 | Main | 70.41 | 97.54 | 27.13 | 6.32 |
NP0708 | Main | 16.00 | 36.00 | 20.00 | 6.59 |
NP1007 | Main | 147.50 | 167.00 | 19.50 | 6.73 |
NP1007 | Main | 212.65 | 212.95 | 0.30 | 15.90 |
NP1006 | Main | 165.92 | 181.83 | 15.91 | 6.52 |
NP1006 | Main | 316.13 | 404.61 | 88.48 | 4.95 |
P23 | Main | 32.00 | 58.22 | 26.22 | 5.95 |
NP0709 | Main | 3.50 | 27.50 | 24.00 | 6.56 |
NP0709 | Main | 48.00 | 56.00 | 8.00 | 9.56 |
NP1005 | Main | 252.55 | 258.47 | 5.92 | 5.39 |
NP1005 | Main | 323.80 | 362.00 | 38.20 | 5.02 |
NP1004 | Main | 218.00 | 225.50 | 7.50 | 10.13 |
NP1004 | Main | 284.00 | 289.90 | 5.90 | 7.04 |
NP1004 | Main | 305.00 | 333.50 | 28.50 | 6.20 |
NP1002 | Main | 171.10 | 185.00 | 13.90 | 9.04 |
NP1002 | Main | 201.50 | 207.50 | 6.00 | 5.42 |
P39 | Main | 65.04 | 66.60 | 1.56 | 10.10 |
The towns of
Marathon ,Terrace Bay and other affected communities - all able to supply a local, skilled workforce.All weather forest access road crossing the project and deposit.
Paved Highways 17 and 11 to the south and north.
Canadian Pacific Railway and Canadian National Railway networks.
High capacity (230kV) electrical power transmission line.
50km from the
Marathon deep water port project. Deep-water ports are also located atThunder Bay andSault Ste. Marie , able to handle ocean going ships.The Marathon airport .
About
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$/t | M | g/t | g/t | g/t | g/t | g/t | g/t | g/t | g/t | kg/t | % | % | |
Indicated | 30 | 15.6 | 344 | 96 | 15 | 754 | 300 | 58 | 28 | 100 | 1.67 | 0.16 | 3.71 |
Inferred | 30 | 871.8 | 409 | 82 | 18 | 905 | 388 | 79 | 17 | 127 | 2.01 | 0.10 | 3.39 |
*TREO = Total Rare Earth Oxides: neodymium,Nd2O3;praseodymium,Pr6O11; scandium,Sc2O3; Cerium, CeO2; lanthanum, La2O3; samarium, Sm2O3; yttrium, Y2O3.
A full description of methodology used to estimate the Prairie Lake project Mineral Resource Estimate is contained in the NI 43-101 compliant Technical Report, effective date
1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
The Mineral Resources were estimated in accordance with theCanadian Institute of Mining , Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by theCIM Standing Committee on Reserve Definitions and adopted by theCIM Council .
5. US$ Metal prices used were
6. The constraining pit optimization parameters were
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