Tim Treadgold: Rare earths could be another ‘buy the sector’...

Tim Treadgold: Rare earths could be another ‘buy the sector’ situation, just like nickel
https://tinyurl.com/yxkj6gl3

Hey All

Hopefully the link works, otherwise just check out the most recent Tim article on St*ckhead.

Quote: "But with rare earths there is an international push underway to encourage the development of new sources of supply, to offset the dominance of China in a group of strategically important minerals enjoying strong demand from industry and the military. In theory, given the potential capital injections from the US, European and Australian Governments, that means a winner or two should emerge from the current crop of hopefuls."

In relation to the LCY REE deposits, here is the most recent info from the Annual Report:

"Legacy Iron’s East Kimberley tenements lie within the Lamboo Province of the Halls Creek Orogen
which hosts significant resource projects including the Sandiego, Atlantis and Onedin base metals
deposits as well as the Nicholson’s Gold Project (Pantoro) and the Brockman REE deposit (Hastings
Technology Metals).
GSWA records also show numerous surface occurrences of tungsten mineralisation within the newly
granted leases associated with potential skarn-type alteration which have not been systematically
evaluated and explored.

Koongie Park Project
Legacy Iron holds exploration licence E80/4221 that is contiguous with ground under exploration by
Anglo Australian Resources Limited (AAR) at its Koongie Park VHMS base metals deposit. AAR has
defined substantial base metal/gold/silver mineralisation in two deposits to date, with a total JORC
resource (Indicated and Inferred) of 8Mt at 3.3% zinc, 1.2% copper, 0.3g/t gold and 23g/t silver. AAR
has also outlined a shallow supergene high grade copper resource.

The style of mineralisation (VHMS) is similar to that found at Sandfire Resources’ Doolgunna and Monty
discoveries and at the Teutonic Bore/Jaguar/Bentley deposits of Independence Group. This style of
deposit is known worldwide to occur in clusters and often the early discoveries in these camps are not
the largest.

Work completed until this reporting period, has successfully identified a number of base metals and rare
earth elements (REE) anomalies in the project area and at a few places oxidised/gossanous outcrops
for base metals (with Zn values ranging from 50 ppm to 2000 ppm) and rocks enriched in rare earth
minerals (Total of all REE =2337 ppm and 1515ppm in Rock chip sample) – refer ASX announcement
dated 31 October 2018.

Recent work (current reporting period) completed has included follow-up soil sampling consisting of 350
samples, geological traversing and rock chip sampling within a high-priority REE geochemical anomaly
defined by auger drilling. This program was designed to constrain the location and extents of the
anomaly.

This infill soil sampling on a 50 mE x 40 mN grid spacing has successfully confirmed a 1 km long x 300
m wide anomaly of REE (Figure 17 and ASX announcement of 31 Oct 2018).

This anomaly is particularly anomalous for heavy REE (HREE). These include terbium (Tb), dysprosium
(Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb) and lutetium (Lu). Yttrium (Y) is included
in the HREE group due to its similar chemical properties.

Legacy Iron plans to further explore this prospect by testing the potential for REE enrichment at depth
through reconnaissance drill-testing. Legacy Iron also completed traversing throughout the lease, across several historical anomalies (Figure 18). The brief description of the targets and work completed in this latest round has been discussed in
the ASX announcement on 31 Oct 2018 and 30 Jan 2019.

Initial review of the results suggests that the targets REE1, Hanging Tree East, Angelo Valley and
Michelangelo further work is required to determine the potential of the anomalies identified.

REE1 – soil sampling results have confirmed a low-magnitude anomaly approximately 1 km
long and 300 m wide with a peak TREO value of 539 ppm. Numerous rock chip samples were
also collected in an effort to identify the source of the REE-bearing lithology and to collect
samples suitable for petrographic analysis. Two samples were identified with highly anomalous
REE values.

Hanging Tree East (part of Jillaroo Arc) – abundant quartz veining, brecciation and sporadic
tourmalinite were also recorded, all of which is indicative of metasomatic alteration within a
subvolcanic environment. No anomalous base metals results received from the 12 rock chip
samples, but stratigraphy remains prospective for VHMS deposits. Future work will be targeted
through geophysical interpretations.

Angelo Valley (base metal)– several highly anomalous base metals results are interpreted to
be fault-related (abundant malachite staining present in the area). The significance of these
results is planned to be determined assessment of historical IP geophysics, project-wide
geophysics data (EM data) to assess potential."