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The 2013 drilling program was conducted in two phases. The first phase took place in June and July and involved
infill drilling at the Whitetail Ridge deposit in order to upgrade a significant portion of the resource from the
Inferred Mineral Resource category to the Indicated Mineral Resource category. During this phase, 14 core holes
were drilled for a total of 3,556.3 meters (11,697.5 feet). The second phase was designed to upgrade part of the high-
grade resource at the Bull Hill deposit to the Measured Mineral Resource category, develop a more detailed model
of the REE grade distribution and provide additional material for bulk metallurgical testing. It consisted of 21 core
holes totaling 3,247.1 meters (10,650.5 feet) and six reverse circulation (“RC”) twin holes totaling 832.3 meters
(2,730 feet). The RC twin holes were drilled using a center return hammer with the objective of minimizing hole
erosion and obtaining assay data directly correlative to that from the adjacent core holes.
The 2014 program consisted of the excavation of a test trench along the southwestern flank of Bull Hill in August.
The main mineralized zone (Bull Hill Main) was exposed and exploited for the collection of geological information
including dike dimension and structural continuity, grade variation, ore and gangue mineralogy, pit slope stability
engineering and confirmation of parameters utilized in ore resource calculations. The program netted 907 tonnes
(1,000 tons) of material that is stored for future metallurgical work. Bulk samples taken from the material average
10.1% TREO. Additional crosscut excavation provided 45 tonnes (50 tons) of material to determine physical
upgrading potential of lower grades.
Bear Lodge REE Project
The Bear Lodge REE Project comprises several REE resource areas within the Bear Lodge Property. REE
mineralization at the Bear Lodge Property occurs in the central lobe of the Bear Lodge alkaline-igneous complex.
Most of the important identified REE deposits and occurrences within the Bear Lodge alkaline complex are
contained within the Company’s block of unpatented lode mining claims. The REE deposits are located primarily in
the vicinity of the Bull Hill deposit.
REE mineralized bodies occur as dikes, veins, and stockworks within the Bull Hill and Whitetail deposit areas of the
Bear Lodge REE Property. The mineralization includes a well-defined, near-surface, oxidized FMR zone; a near-
surface, oxidized, but incompletely leached, carbonatite zone (oxide-carbonate zone); a transitional or mixed zone
(oxide + sulfide); and a deeper sulfide-bearing carbonatite (a high-carbonate igneous rock) zone. The oxide-
carbonate and transitional zones were referred to collectively as a “transitional zone” in some early previous news
releases and technical reports. The mineralized zones were subsequently sub-classified, based on key characteristics
of those zones. The FMR dikes and veins contain no matrix carbonates or sulfides. The sulfides are completely
oxidized to hydrous iron oxides, and the non-REE bearing carbonate minerals (calcite and strontianite) show near-
complete leaching from the zone, which ranges from the surface to depths of about 90 – 150 meters. The oxide-
carbonate zone generally occurs beneath the oxide zone but approaches the surface locally in select dikes. It is
characterized by the near absence of sulfides, with the residual iron oxides formed during almost complete oxidation
of the former sulfide minerals, and by variable amounts of relict matrix carbonates (calcite ± strontianite) and the
REE mineral, ancylite (a hydrous Sr-REE carbonate).
Bull Hill Mine
The Bull Hill Mine contains the Mineral Resources reported in our Technical Report dated October 9, 2014, as
discussed below. The Bull Hill Mine Mineral Resources, for purposes of this Annual Report, comprise mineralized
material from both the Bull Hill and Whitetail Ridge deposit resource areas. The mineralized bodies occur as
steeply-dipping, FMR-carbonatite dike swarms and associated stockwork. Geological interpretation of results from
the 2010 - 2014 drill and trench programs indicates that the Bull Hill resource area is dominated by northwest-
striking mineralized bodies in the southern two-thirds of the resource area, while the northern part of the resource
area exhibits a transitional change in strike from dominantly northwesterly to almost due north. The dike swarm
primarily intrudes heterolithic intrusive breccia of the Bull Hill diatreme and adjacent trachytic and phonolitic
intrusive rocks. Carbonatite dikes at depth are interpreted to transition toward the surface into oxide-carbonate and
FMR bodies. The mineralized structures range in size from veinlets to large dikes more than 30 meters in width. The
Bull Hill deposit resource consists of one dominant dike set and several subsidiary dike sets in a swarm that has
dimensions of more than 457 meters along strike and less than 100 meters in width. The dikes appear to pinch and
swell in both strike and dip directions, and they can be traced in drill holes more than 305 meters down dip.
