Rare Element Resources
Bear Lodge Project
Canadian NI 43-101 Technical Report
October 9
th
, 2014
10135-200-46 – Rev. 0
9-5
sampling in 2010, and drilled two core holes to follow up the anomaly at WP-1
(RES10-20 and RES10-21). Encouraging aspects of the drill holes include intercepts
of more than 70 feet (21 meters) at 4.1% TREO (approximate true thickness of 36
feet or 11 meters), and the presence of several steeply dipping, higher-grade zones
surrounded by lower grade stockwork. The 2011 and 2012 drill programs at Whitetail
Ridge identified and updated a Whitetail Ridge resource to the Indicated category
(2.25 million tons at a grade of 2.61 % TREO). Additional drilling in 2013 resulted in
an expansion of the Indicated resource to 4.26 million tons (3.86 million tonnes) at
2.49% TREO; see chapter 14 of this report). Significantly, the Whitetail Ridge deposit
is characterized by about a 2.5X enrichment in overall HREE element grade relative
to the Bull Hill resource, which adds potential economic upside to the Bear Lodge
Project. The deposit remains open, and further drilling is expected to expand the
resource and better define the extent of the REE mineralization.
9.2.4 Carbon and Taylor
Two reverse circulation drill holes (SUN-076 and SUN-079) completed during the
2010 Sundance gold exploration program were collared south of the Carbon diatreme
and approximately 800 feet (250 meters) northwest of the Whitetail Ridge deposit.
Significant moderate enrichment of HREE in FMR vein material hosted by trachytic
and syenitic intrusive rocks was identified and suggests a new REE exploration target
area that may be an extension of the Whitetail Ridge REE resource area. The Carbon
target was tested by three core holes in 2011, and by six reverse circulation (RC) and
2 core holes in 2012. Drilling results warrant further exploration drilling on the Carbon
target.
The Taylor target is located approximately 2,500 feet (700 meters) west of Bull Hill. A
reverse circulation drill hole (SUN-090), collared at Taylor and completed during the
2010 Sundance gold exploration program, yielded significant HREE-enriched REE
mineralization in FMR dikes, veins, and stockwork in trachyte and the Deadwood
Formation. In 2011, the RC hole was twinned and offset with a total of 7 core holes,
confirming the presence and nature of mineralization drilled by SUN-090. The
mineralized zone has an apparent East-West trend and remains open both to the
east and west. These results along, with the significant HREE-enrichment elevate the
target to a high priority.
