Reexploration finds magnetic features at Eureka

Executive Summary

• Reexploration Inc. identified extensive, previously untested magnetic features at its Eureka Rare Earth Project in Namibia, suggesting the mineralizing system may be larger than currently defined.
• 3-D magnetic modeling indicates potential REE-bearing intrusive bodies (carbonatites) at depths of 50 to 100 meters, aligned with structural lineaments that could serve as feeder zones for mineralization.
• The company plans to conduct a gravity survey to evaluate the density and geometry of these magnetic anomalies to refine targets for future drilling.

Key Details

• Magnetic Anomalies: Identified multiple untested magnetic features over a five-kilometer strike length on the northwestern flank of the Eureka Dome.
• Depth and Geometry: 3-D magnetic data modeling interprets these bodies to begin between 50 and 100 meters below surface.
• Geological Interpretation: Magnetic bodies may represent intrusive carbonatites linked to known near-surface REE mineralization. At least one carbonatite phase is known to be highly magnetic, validating the data as an indicator of REE mineralization.
• Structural Alignment: Magnetic bodies converge along key structural lineaments, suggesting potential pathways for mineralizing fluids typical of large carbonatite-type REE systems.
• Radiometric Data: Highlights low-potassium zones coincident with mapped calcrete cover, potentially representing carbonate-altered corridors or concealed carbonatite intrusives.
• Planned Gravity Survey: A gravity survey is planned across magnetic anomalies MA-1 to MA-5 to generate a density model and refine targets for drilling.
• Maiden Mineral Resource Estimate (MRE):
  • Tonnes: 310,000 tonnes
  • Grade: 4.8% TREO (Total Rare Earth Oxides)
  • Specific Oxides: Including 0.7% Nd plus Pr oxides
  • Source: Initial 19 drill holes (613 meters) across zones 1 to 3.
  • Qualified Person: SRK Consulting (U.K.), effective date Aug. 2, 2021.
• Metallurgy: Early testing confirmed monazite-bearing carbonatite mineralogy with low impurities and radioactivity. Testwork produced a concentrate with approximately 60% TREO after gravity and magnetic separation.
• Survey Specifications (2022): 1,151.5 line km of high-resolution ground magnetic data collected at 25m line spacing using GEMSys GSM19 Overhauser magnetometers.

Notable Quotes

• Tolene Kruger, Senior Geologist: "The integration of surface geology with magnetic data modelling reveals structural complexity beneath Eureka that points to a potentially larger mineralizing system. These interpreted magnetic bodies could represent feeder zones to the rare-earth mineralization discovered at surface."
• Chris Drysdale, Interim CEO: "Eureka continues to stand out as a strategically positioned rare-earth project... The newly defined magnetic targets strengthen our view that Eureka hosts a much larger rare-earth system -- a goal well aligned with the global drive to secure sustainable NdPr supply."