SPECTRUM REE PROJECT

HISTORICAL HIGH GRADE REE DISCOVERY WITH LARGE, UNTESTED EM ANOMALY – TESTING IN Q2 2024

SPECTRUM REE PROJECT

STRATEGICALLY LOCATED INSIDE THE EXISTING FENTON PROJECT

  • REE’s discovered during historic uranium-focused drilling
  • Historic and High-Grade REE Discovery – 50m @ 1.55% TREO, incl. 12m @ 4.51% TREO (14.9% Nd/Pr)*
  • Drilling completed before REEs were recognised as a valuable critical mineral opportunity
  • DES 2023 AEM survey highlighted the very strong Vesper anomaly near REE discovery

    RIGHT TARGETS

    Knock-out Exploration Targets 
    & ONE strongly mineralised trend

    Quantum REE-Au-Ag Prospect 

    • High-grade REEs over 350m of strike
    • Good widths (+20m intersections)  
    • Mineralisation open to the north and south

    Extension drilling to target shallower repeats of REE mineralisation

    Vesper Base-Metals Prospect 

    • Located 1.5km from Quantum REE Prospect 
    • large 2km x 0.5 km untested semi-coincident Copper-Lead-Zinc  geochemical and geophysical (EM and aeromagnetic) anomaly
    • Best kind of exploration target, a large virgin geophysical target supported by soil geochemistry 

    DES to complete first-pass and step-out drilling across the Vesper and Quantum Prospects respectively

    Quantum REE Mineralogy

    All-important mineralogy includes higher grade REE minerals within a favourable environment, suggests advantageous mineral processing options 

    Limited metallurgy and testwork

    • 5 samples from one drillhole (TDD8) revealed a robust hydrothermal vein and alteration system 
    • High concentrations of REE-rich bastnasite and allanite 
    • Very-low U+Th and very low U+Th/TREO ratios a positive 
    • Liberation test work suggested that a concentrate of +19% TREO could be produced 
    • REE mineralogy and mineralisation style are suggestive of a Mary Kathleen like Cu-U-REE skarn depositPreliminary REE review completed for DES by Dr. Ross Chandler

    VESPER PROSPECT

    Vesper Prospect: the best EM anomaly on the Fenton trend

    All the hallmarks of a large base-metals system makes Vesper the most exciting pure greenfields exploration in the Territory 

    • Large, shallow and untested EM and magnetic anomaly with supporting soil geochemistry 
    • located within 1.5km from the REE Spectrum prospect
    • associated with historical MMI soil Cu-Zn-Pb geochemical anomalism  
    • 2km by 0.5km anomaly was detected by DES 2023 AEM survey
    • well-defined “twin-peak” anomaly in mid to late time channels.
    • Potential Proterozoic Mary Kathleen-style Cu-U-REE skarn  target