Fintry Project Overview

The Fintry REE Project comprises 12 sq km of claims located on the southern zone of the Nagagami River alkalic complex in Ontario Canada. The project is strategically located in the Archean and Proterozoic Superior Province terrain in Ontario which is renowned to contain structural corridors of alkalic and carbonatite intrusive magmatism with several known deposits and occurrences of REE and niobium (Figure 1 & 5). Very close north of Fintry, wide zones of REE and niobium mineralisation have been intersected including 61m at 0.55 % TREO⁹ at Nagagami.

Importantly, the Fintry Complex represents a similar scale and syenite geology to Hecla-Kilmer alkalic complex located in the same district only 190 km to the east that has reported mineralisation of 461m at 0.9 % TREO, 0.13 % Nb2O5 including 39m at 2.0 % TREO¹⁰ (Figure 5). This is an important observation since it supports the idea that thick and deeply penetrating mineralisation of economic grade can be associated with fertile intrusives in the district of relatively small footprint (i.e. 3km by 3km).

Importantly, alkalic complexes like Fintry are known to be highly prospective for large REE deposits such as the world class Kvanefjeld 1.1 billion tonnes at 1.1 % TREO in Greenland(See ASX: ETM announcement dated Feb 12, 2015).

Historical Exploration at Fintry

Fintry has never been explored specifically for REE however some drilling for nickel was completed by GTA Resources in 2013-2014 in the outer ultramafic parts of the complex. Interestingly, selected samples from ultramafics assayed with unusually highly elevated results of up to >1,000 ppm 3TREO (CeO2 + La2O3 + Y2O3) and 5.7 % P2O5 utilising a weak aqua-regia digest assay not designed for REE minerals. Importantly, no samples assayed from the central syenite host rock were ever completed from this drilling despite being the ideal host rock for REE and niobium. Interestingly, multi-element assay was conducted in the ultramafic rocks which returned unusually high rare earth and phosphate including returned 84.1m @ 565 ppm 3TREO and 3.6 % P2O5 from 25m including 1.6m at 1,006 ppm 3TREO and 5.2% P2O5 in hole CA-14-05.

Another interesting result is that petrography was completed by Draper in 2014 on drillhole 10-64 by Algoma Ore in 1961 to 1964 and identified nepheline bearing syenite and rare earth bearing mineral apatite¹² (Figure 6). It is intriguing that Algoma identify apatite as a dominant REE-phosphate bearing mineral yet they did not complete any REE assays. Its also worth noting that nepheline syenites documented by Algoma are extremely rare and are known to be the host rock for many REE deposit including Kvanefjeld in Greenland.

Refer to the Company’s ASX Announcement dated 12 March 2024 for further details in relation to the above historical exploration activities.  The Company is not aware of any new information or data that materially affects the information included in this release.

Proposed Activities

The Company intends to build on historical exploration results to target the Fintry complex specifically for rare earth and niobium critical minerals. This work would comprise a systematic exploration approach specifically for the deposit style to progress toward drill testing. This work would include:

• Reprocessing of historical geophysical magnetic and radiometric data;
• A ground gravity Survey over the Fintry complex to map the various phases and map the highly prospective  nepheline syenite core; and
• at least two reconnaissance field sampling and geochemical programs comprising extensive rock and other surface geochemical techniques.

Annexure 1 – References

¹Clow G et al 2014 NI 43-101 Technical report, Updated mineral resource estimate for rare earth elements, 2012 NIOBEC MINE PROPERTY for Iamgold  (https://www.sec.gov/Archives/edgar/data/1203464/000119312514010943/d654919dex992.htm); Nechalacho deposit Avalon Rare Metals News Release 17 April 2013 NI43 101 Technical Report Avalon Announces Results of Positive Feasibility Study for the Nechalacho Rare Earth Elements Project (https://www.avalonadvancedmaterials.com/_resources/news/2013/NR_13_03.pdf); Luff W M, Goodfellow W D, Juras S J  1992 – Evidence for a feeder pipe and associated alteration at Brunswick No. 12 massive sulphide deposit: in    Exploration & Mining Geology, CIM   v1, No. 2 pp 167-185

²Camus, Y & Dupere, M., 2022. NI-43-101 Technical Report on the Gaspe Copper Project Mineral Resource Estimate Mount Copper Project, Quebec., Canada. (https://osiskometals.com/wp-content/uploads/2022/07/Osisko-Metals-Gaspe-Copper-Project-2022-43101-Technical-Report-20220609.pdf)

³See ASX Firefly Metals dated August 31, 2023 (https://wcsecure.weblink.com.au/pdf/AUT/02705676.pdf).

⁴Boyd, J.A., 1977-78. Gulf Minerals Canada Reports: Report on Geological Investigations Dorchester Area, New Brunswick. Assessment Reports 470479 & 472201 and https://dnr-mrn.gnb.ca/MineralOccurrence/default.aspx?componentID=5&urn=87

⁵Selley D, Broughton D, Scott R, Hitzman M, Bull S, Large R, McGoldrick P, Croaker M and Pollington N,  2005 – A new look at the geology of the Zambian Copperbelt: in   Economic Geology, 100 Anniversary Volume, Society of Economic Geologists,    pp. 965-100

⁶Michaud., C et. al., 2023. Feasibility Study Update Copperwood Project Michigan, USA. (https://www.highlandcopper.com/_files/ugd/dc399b_59e8ae0f940c40f1ac6d4769a5f8ea6a.pdf)

⁷Michaud., C et. al., 2023. Feasibility Study Update White Pine North Project Michigan, USA. (https://www.highlandcopper.com/_files/ugd/a100ef_02efcd55b0804e85937dc709b3c253ce.pdf).

⁸Goulay., A., 2005. Technical Report on the Coates Lake Copper Deposit, Nahanni Mining District, Western Northwest Territories for Lumina Resources Corporation. (https://www.sec.gov/Archives/edgar/data/1364125/000106299307001404/exhibit99-4.pdf).

⁹TSX.V: NOB Announcement dated Jan 17, 2023 (https://noblemineralexploration.com/site/assets/files/6471/nob_nr_2023-01-17.pdf)

¹⁰TSX.V: VRR announcement dated Jan 17, 2023 (https://vrr.s3.amazonaws.com/news/January2023/5SlSuBdaBk38kjeYmTul.pdf)

¹¹Daigle, P. 2011 NI43-101 Technical Report on the Clay Howells Fe-REE Project, Ontario, Canada for Rare Earth Metals (http://www.canadarareearth.com/upload/documents/technical-report-on-the-clay-howells.pdf)

¹²Cavey G. 2008 Summary Geology Report on the Auden Property (https://prd-0420-geoontario-0000-blob-cge0eud7azhvfsf7.z01.azurefd.net/lrc-geology-documents/assessment/20000005852/20008293.pdf)

¹³ Noranda Exploration 1993 Geology Report on the Demoiselle Creek Claims (https://dnr-mrn.gnb.ca/ParisWeb/AssessmentReportDetailsLink.aspx?num=474389&LangCode=e)

¹⁴ Dome Exploration 1964 Upper Sackville Property Drilling Report (https://dnr-mrn.gnb.ca/ParisWeb/AssessmentReportDetailsLink.aspx?num=470661&LangCode=e)

¹⁵ Trent, W. A. 1966 Geologists Report East Memramcook Barite Occurrence (https://dnr-mrn.gnb.ca/ParisWeb/AssessmentReportDetailsLink.aspx?num=470209&LangCode=e)  

16 Hudgins, A.D. 1972 Dorchester Celestite Property Report on Diamond Drilling Program for Canadian Merril Ltd (https://dnr-mrn.gnb.ca/ParisWeb/AssessmentReportDetailsLink.aspx?num=470628&LangCode=e)

¹⁷ Myllyaho, J. 2014 Drilling on the Auden Property for GTA Resources (https://prd-0420-geoontario-0000-blob-cge0eud7azhvfsf7.z01.azurefd.net/lrc-geology-documents/assessment/20000009094/20014071.pdf)