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Rare Element Resources plans major drilling program of Bear Lodge REE
When the intelligence resources at our past TV interviews next guest in June 2009, shares of his company were trading at $ 1.50 per share. Since then the market has reached the potential size and the degree of a rare element of Resources (TSXV: RES) big bear Lodge project and has bid the price above $ 3.45 per share. Maybe this is a reaction to Hot rare earth (REE) in the sector, but also reflects some elements consistent high grade results at its Bear Lodge project and the acquisition of the project Nuiklavik REE in Labrador. Rare Element Resources President and CEO Don Ranta holds a Ph.D. in geology and this year led his company in 2010 TSX Venture listing of 50.
Intelligence Resources: Its population has exceeded the market substantially in the last 12 months. So much so that some element was recently named Resources the TSX Venture 50, which is a ranking of the best performing publicly traded risk. What is he doing that others could not?
Don Ranta: The answer has several parts to it. First on the technical side, it all made sense when we completed a 43-101 resource estimate which showed that he was about 8.9 million metric tons more than 4% rare earth oxide (REE) and attracted the interest of the market.
Second, we began to receive Back metallurgical results, especially in the oxide near surface mineralization, which is about half the tank. Oxide metallurgy came to have very attractive metallurgical characteristics. Among the report was in July and then another in September, continuing improvement in metallurgy, especially in this oxide area. Since then, we have more than doubled the number of puncturing the reservoir with a drilling program of great success in the fall, and I think it helped the stock price as well.
From the geopolitical side, China announced last spring it would cut its exports of REE and that has everyone in the world West a little nervous about where they would get their REE to continue production outside China.
In addition to a number of newsletter writers who captured before the mainstream press. Newsletter writers certainly recognize Resources rare item because we have the second highest grade deposit in North America and is perceived as better than some of the others.
RI: Explain the importance of metallurgy. You said that you are getting great results. Can you explain the importance of words, especially with a rare earth project like yours?
RD: The two things most important projects are rare earth metallurgy and infrastructure. All Rare earth deposits around the Earth has variable mineralogy and metallurgical characteristics variable, so that everyone ends up being a research and even the project itself. That's why we have an R + D in metallurgy to work on our material. It is part of the same people who did the initial work for the Mountain Path and Molycorp years ago, two of the largest companies of molybdenum in the world, until the Chinese took out of business in the early 1990.
The second key aspect of the REE project is infrastructure. There must be some transportation either concentrates or chemicals, to a common location and because the infrastructure becomes really important. If you have to develop its own infrastructure that becomes very expensive, especially for deposits rare earth, because most of them are not removed in the rates of gross tonnage. There is a huge production, but if you have to move a large amount of concentrates or chemicals, which ends up being a problem.
RI: What is it about your current infrastructure to improve that?
DR: Our infrastructure is excellent. The shell itself is only eight miles from a major interstate highway. Is thirty-five miles of a terminal. We have water nearby and there is a power within the two miles of the project site. There is a major mining center within walking distance to the west in Gillette, Wyoming. It is mainly for coal mining, but nonetheless have a lot of the workers themselves would need experts. Being in northeastern Wyoming, where a lot of infrastructure in the area, is also an ideal place Wyoming, at least in the Fraser Institute rankings, is ranked # 2 in the world.
RI: What are the grades that you are getting at Bear Lodge and what you say?
DR: A lot of holes to be found anywhere in grades 3% to 8% and obviously love to see the holes in greater degree. It is interesting that our drilling results this year, some of the best results were really on the margins of our drilling, which means still open to expanding. We are very happy with that. 3% to 8% grade, with an average of just over 4% in our resource estimate represents a significant value per ton. Our resources report said the average was about $ 265 per ton, but since then the rare earth prices have risen more if we consider some of the items had not considered before. John Kaiser has recently recalculated and put a sign that the Bear Lodge rare earth looks most $ 370 per tonne. This is especially in the area of oxide in which metal is getting good results.
RI: What is the target size for the project that you are projecting now?
DR: We are waiting and hoping that we will increase the oxide resource in particular. We focus on oxide this year, because that's where we're having the best metallurgical results. I anticipate that we can have up to double the resources of rust. Not sure that, but we have to wait and see what comes out of our resource estimate. We should have that report new resource made sometime in the spring. I waiting for the end of the first quarter, but it could be March or April.
RI: You are also making a study reach or is the same report?
DR: The scoping study would be a continuation of the report. We believe we will make the first resource estimate and we feel the increase will be important to the company and we to report that they already have a separate report out of that and then we will have a follow-up on the report, probably sometime in the summer. At some point this summer have that scope study.
RI: Field studies are essential, especially for the investor who likes to get their hands dirty and figure of the evaluations, because at that point where you will enter the economy.
DR: Basically, in the hope to double the resource oxide or somewhere there. I think at last instance, we will double the amount of resources, 8.9 million metric tons and is a potential that could triple our drilling continued. That may be after drilling program could be 2010 or 2011. The ultimate goals are at least double or triple the total tonnage.
RI: What do surface is the project include and how much of it focused on?
DR: All rare earths are of some importance in the Bear Lodge area are within approximately one square kilometer, which is roughly the equivalent of three square kilometers. It is a relatively small area, but it is interesting that surround are all these gold targets that Newmont is working. There seems to be some sort of geological zoning there that we do not understand at this point, but nevertheless which is what we have seen central rare earth located, with gold targets that almost completely surrounds the rare earths.
RI: Projections of gold around your project Bear Lodge is called the Sundance project, a joint venture against Newmont. You are working in the rare earths, but they are working in gold.
DR: Newmont is earning a 65% interest in the company at Sundance. It is basically the same property as the rare earths, rare earths but are excluded from Sundance company. If Newmont are copper or silver to be part of the deal with them. You can earn 65% in the first phase by spending $ 5,000,000 over five years. They have to spend $ 3.5 million at 01 June up through the middle of winter I've spent about $ 2.7 million. So there's a bit of a gap there and will be interesting to know how or whether to go ahead.
RI: What kind of results have you had?
DR: They have not been successful. They are finding a lot of low grade mineralization. Their separation is fairly large hole with a spacing of 100 meters to 200. They are not looking for a resource, which are Newmont looking for a tank company. There is one question in my mind whether or not the deposit is actually there, although we are sure that there will be a small deposit perhaps 1-2000000 ounces could be defined quite easily.
RI: How well do you funded?
DR: We have enough money for this year. If we have a marketing problem that would be about $ 5 million in the bank and that would be enough to complete a very serious program in the project Bear Lodge. We will raise an additional $ 10 million before the summer or when your program starts major drilling about 1 June.
Milestones:
* New 43-101 resource estimate completed by Q2 2010
* Newmont must spend $ 3.5 million at 01 June (draft Sundance)
* Start main drilling
* Program on June 1 (Bear Lodge)
* Preliminary Economic
* Assessment completed
* The summer of 2010
* Triple size Resources Bear Lodge in late 2011
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