Rare Element Resources
Bear Lodge Project
Canadian NI 43-101 Technical Report
October 9
th
, 2014
10135-200-46 - Rev. 0
15-6
Table 15.3 - Bear Lodge Mineral Reserve Estimates
(WLRC, 2014)
Sub-grade and waste rock are estimated at nearly 133 MM tons, for an average
stripping ratio of 8.5 (tons waste per ton of mineral reserve). Total material within the
ultimate pit, including the above mineral reserves, is estimated at over 148 MM tons.
While treated as waste rock in this study, approximately 12 MM tons of inferred
mineral resources grading 2.41% TREO are estimated within the ultimate pit design
(above 1.50, 1.75 and 1.00% TREO cutoffs for BH Ox, BH OxCa and WT Ox+OxCa
ore types, respectively).
Mineral resources that are not mineral reserves do not have demonstrated economic
viability. Inferred mineral resources have a great amount of uncertainty as to their
existence and as to whether they can be mined legally or economically. There is no
certainty that the any of the estimated inferred mineral resources will be converted to
measured or indicated mineral resources.
High Grade
Mid Grade
Total
Proven +
Proven +
Proven +
Proven Probable Probable Proven Probable Probable Proven Probable Probable
Short Tons
x 1000 1,400 3,900 5,300 1,200 9,100 10,300 2,600 13,000 15,600
Tonnes
x 1000 1,270 3,540 4,810 1,090 8,260 9,340 2,360 11,790 14,150
Average Grade
% TREO 5.17
4.13
4.41
2.36
1.89
1.94
3.87
2.56
2.78
Contained lbs REO millions
144
319
463
57
343
400
201
662
863
Contained kgs REO millions
65
145
210
26
156
181
91
300
391
%Cerium Oxide
Ce
2
O
3
2.24
1.78
1.90
1.03
0.81
0.83
1.68
1.10
1.19
%Lanthanum Oxide
La
2
O
3
1.50
1.13
1.23
0.64
0.48
0.50
1.10
0.67
0.74
%Neodymium Oxide
Nd
2
O
3
0.87
0.73
0.77
0.43
0.35
0.36
0.67
0.46
0.50
%Praseodymium Oxide Pr
2
O
3
0.245 0.203 0.214 0.119 0.093 0.096 0.186 0.126 0.136
%Samarium Oxide
Sm
2
O
3
0.138 0.119 0.124 0.067 0.061 0.062 0.105 0.078 0.083
%Gadolinium Oxide
Gd
2
O
3
0.069 0.063 0.065 0.030 0.036 0.036 0.051 0.044 0.045
%Yttrium Oxide
Y
2
O
3
0.049 0.048 0.048 0.018 0.031 0.030 0.035 0.036 0.036
%Europium Oxide
Eu
2
O
3
0.029 0.027 0.027 0.014 0.014 0.014 0.022 0.018 0.019
%Dysprosium Oxide
Dy
2
O
3
0.0163 0.0169 0.0168 0.0061 0.0108 0.0103 0.0116 0.0126 0.0125
%Terbium Oxide
Tb
2
O
3
0.0056 0.0055 0.0055 0.0022 0.0033 0.0032 0.0040 0.0040 0.0040
%Erbium Oxide
Er
2
O
3
0.0034 0.0030 0.0031 0.0013 0.0019 0.0018 0.0024 0.0023 0.0023
ppm Thorium
Th
605
549
564
217
431
406
426
466
459
ppm Uranium
U
121
108
112
93
69
72
108
80
85
Cutoffs:
Bull Hill Oxide
% TREO
>= 3.00
>= 1.50 & < 3.00
>= 1.50
Bull Hill OxCa
% TREO
>= 3.25
>= 1.75 & < 3.25
>= 1.75
Whitetail All
% TREO
>= 2.50
>= 1.00 & < 2.50
>= 1.00
