Avalon Rare Metals Inc.
TSX : AVL
OTCQX : AVARF

Avalon Rare Metals Inc.

January 14, 2010 16:30 ET

Avalon Announces Updated Resource Estimate for Nechalacho Rare Earth Elements Deposit, Thor Lake, NWT

TORONTO, ONTARIO--(Marketwire - Jan. 14, 2010) - Avalon Rare Metals Inc. (TSX:AVL)(OTCQX:AVARF) ("Avalon" or the "Company") is pleased to announce an updated Indicated Mineral Resource estimate based on assay results of 44 definition holes (9,101 metres) drilled during the 2009 summer drilling program. The grades and widths encountered confirm good continuity for the rare earth elements ("REE") mineralization in the Basal Zone of the Nechalacho deposit.

HIGHLIGHTS

- Indicated Resources in the Nechalacho Basal Zone increased by 102% to 9.00 million tonnes grading 1.86% TREO(1) with 23.1% HREO/TREO(2) at the 1.60% TREO cut-off.

- Geological modelling leads to better understanding of controls on the distribution of the high grade heavy rare earth mineralization in the Basal Zone, and new drill targets.

- Winter drilling program to commence around January 17, 2010.

- Preparation of prefeasibility study proceeding on schedule.

UPDATED RESOURCE ESTIMATE

The main objective of the 2009 summer drill program was to confirm continuity between earlier widely-spaced drill holes to allow more of the Inferred Resources in the Basal Zone of the Nechalacho deposit to be classified as Indicated. These Indicated Mineral Resources are the basis for the development model being prepared for the Prefeasibility Study ("PFS"). This objective was achieved and the revised Inferred and Indicated Mineral Resources are summarized in Table 1 below. The Indicated Mineral Resources within one continuous block in the southern part of the Basal Zone deposit are now estimated to total 9.00 million tonnes at 1.86% TREO(1), 0.43% HREO and 23.1% HREO/TREO(2) (heavy rare earth oxides) at the 1.60% TREO (total rare earth oxides) cut-off grade. This is double the tonnage of Indicated Mineral Resources totalling 4.4 million tonnes grading 1.97% TREO (25.4% HREO) defined in the southern part of the deposit and disclosed in August 2009. This does not include the 2.2 million tonnes Indicated Resource defined earlier in the central part of the deposit, which may not form part of the development model to be used in the PFS. Inferred Resources in the Basal Zone have decreased by an amount closely corresponding to the newly re-classified Indicated Resources. This provides considerable confidence that with further in-fill drilling, additional Inferred Resources will ultimately be re-classified as Indicated Resources.

(1) Total Rare Earth Oxides (TREO) refers to the elements lanthanum to lutetium, plus yttrium, expressed as oxides. See Avalon's website for conversion factors from elements to oxides. Heavy Rare Earth Oxides (HREO) refers to the elements europium to lutetium, plus yttrium, expressed as oxides as a percentage of the TREO. Light rare earths (LREO) refers to the elements lanthanum to samarium, expressed as oxides.

This updated resource was prepared by Hudgtec Consulting Limited (Bruce Hudgins, P. Geo.) of Dartmouth, N.S. The methodology employed by Hudgtec was the same as that used in the previous update and at that time was reviewed by external consultants Scott Wilson Roscoe Postle Associates ("Scott Wilson RPA").

DRILLING PROGRAM RESULTS AND GEOLOGICAL MODELLING

Forty-two of the holes were designed to intersect the heavy rare earth rich Basal Zone on 50 metre centres, to confirm internal continuity and outline additional indicated resources in the southern part of the deposit. This drilling is overlapping with and adjacent to the previously announced Indicated Mineral Resources of 4.4 million tonnes averaging 1.97% TREO and 0.5% HREO, with 25.4% HREO/TREO (17 August 2009, Release #09-13), located largely under Long Lake. Two drill holes, L09-205 and L09-206, were step-outs designed to test the extension of known mineralization to the southwest. The locations of the drill holes relevant to this news release are detailed in Table 2 below and the composites calculated from the assay results detailed in Table 3. A location map for these holes is accessible at http://www.avalonraremetals.com/projects/thor_lake/thor_lake_intro/ (entitled "Diamond Drill Location Plan October 2009").

The results of the 2009 drilling and concurrent academic research work have also resulted in a better understanding of the genesis of the deposit. Nechalacho is now recognized as an unusual example of a large, layered peralkaline intrusive complex with an extensive zone of hydrothermal replacement that has apparently upgraded the primary layered magmatic REE mineralization. This significant refinement of the geological model explains the distribution of thicker, higher grade TREO and higher heavy rare earth portions of the Basal Zone and predicts potential for extensions to the south, where the deposit is wide open for expansion beneath barren cover rocks.

The results of drill holes L09-205 and L09-206 support this model by confirming that the Basal Zone extends further southwest and to greater depths that previously intercepted. In particular, L09-206, with an intercept between 249 and 263.2 metres below surface of 14.2 metres grading 1.90% TREO and 30% HREO/TREO is a very encouraging result, and follow-up is planned for this area in the Winter 2010 program.

(2) 23.1% HREO/TREO refers to the proportion of heavy rare earth oxides as a percentage of the total rare earth oxide content of the rock.

Thirty-eight of the drill holes in this release intercepted a Basal Zone above the 1.6% TREO cut-off grade with the top of the zone between 97 and 191 metres below surface. The thickness of the zone ranges from 4 to 50.8 metres thick and averages just over 30 metres over the area covered by the holes reported here. The intercept lengths in the table are drilled lengths and are very close to true widths for vertical drill holes. Angle holes were all oriented between -70 and -76 degrees to the vertical, which would suggest that the true width is generally from 0 - 10% less than the drilled width as the Basal Zone usually has a shallow dip.

ASSAY HIGHLIGHTS

Assay highlights from drilling within the Basal Zone include 2.05% TREO with 22.0% HREO over 46.2 metres in drill hole L09-164, 1.97% TREO with 21.4% HREO over 37.2 metres in drill hole L09-178 and 3.06% TREO with 18.3% HREO over 18.5 metres in drill hole L09-178. Drill holes L09-190 and L09-191 had exceptional widths and grades, as the Upper Zones and Basal Zones merged into virtually continuous mineralization. Drill hole L09-190 intersected 131.55 metres of 1.30% TREO with 20% HREO and L09-191 intersected 111 metres of 1.49% TREO with 15% HREO.

The detailed breakdown of assays for each of the individual rare earth oxides included in the composites, along with assay data for other associated rare metals are provided in a table posted on the Company's website. Examples include(3) (for the above mentioned interval in drill hole L09-164) (kilograms/tonnes): 3.66 kg/t Nd2O3, 0.10 kg/t Eu2O3, 0.10 kg/t Tb2O3 and 0.53 kg/t Dy2O3. The 46.5 metres interval also included 3.82% ZrO2 and 0.48% Nb2O5. The respective values for the 37.2 metres interval in L09-178 are similar with 3.59 kg/t Nd2O3, 0.10 kg/t Eu2O3, 0.10 kg/t Tb2O3 and 0.51 kg/t Dy2O3 while other rare metals included 3.72% ZrO2 and 0.47% Nb2O5.

Intervals of higher HREO within the Basal Zone include L09-163 with 10 metres between 147 - 157 metres containing 4.8 kg/t Nd2O3, 1.0 kg/t Dy2O3, 0.17 kg/t Tb2O3 and 0.15 kg/t Eu2O3. Similarly drill hole L09-176 over 5.75 metres between 181 to 186.75 metres assayed 4.4 kg/t Nd2O3, 1.0 kg/t Dy2O3, 0.19 kg/t Tb2O3 and 0.14 kg/t Eu2O3.

Avalon's focus is on the Basal Zone of the Nechalacho deposit due to its strong enrichment in the more valuable heavy rare earth elements as a proportion of the total rare earth elements present. However, drill holes frequently intersect between one and three individual zones of neodymium rich REE mineralization in the Upper part of the Nechalacho deposit that, despite having proportionally lower heavy rare earth contents than the Basal Zone, may still be of economic importance. In particular, within a local zone starting within 7 metres of surface, holes L09-178, L09-179 and L09-180 assayed a total of 2.89% TREO over 20.06 metres, 2.75% TREO over 17 metres and 2.56% TREO over 23 metres respectively. Within these upper zone intervals, these drill holes gave Nd2O3 assays of 7.0 kg/t over 10 metres, 7.1 kg/t over 10 metres and 8.2 kg/t over 7.5 metres respectively. Neodymium is the principal rare earth element used in high strength permanent magnets with the heavy rare earths dysprosium and terbium sometimes added to the magnet to enhance its thermal properties.

Recent prices for rare earth oxides, fob China, given by Metal Pages include US$19.00 to $19.50/kg for Nd2O3, US$470 to $490 for Eu2O3, US$340 to $260 for Tb2O3 and US$107 to $112 for Dy2O3.

(3) Nd2O3 equals Neodymium Oxide, Eu2O3 equals Europium Oxide, Tb2O3 equals Terbium Oxide, Dy2O3 equals Dysprosium Oxide, ZrO2 equals Zirconium Oxide, Nb2O5 equals Niobium Oxide

FUTURE WORK

The winter drilling is planned to commence on about January 17, 2010 with one drill, and a second drill to be added around February 1, 2010. The first drill will focus on (1) areas adjacent to the main indicated mineral resource that were not accessible in summer due to wet ground and (2) drilling along Long Lake to extend the heavy rare earth rich mineralization indicated in hole L09-206.

The second drill will initially test exploration targets, including the extension of the known zone immediately south of Long Lake, and then combine condemnation drilling of proposed plant site, airstrip and tailings site. This drill is expected to be mobilized within the next two weeks.

Preparation of the PFS incorporating the new resource model, by Scott Wilson RPA under the direction of David Swisher, Vice President, Operations, is proceeding on schedule for completion in Spring 2010. Metallurgical process testwork is ongoing.

RESOURCE ESTIMATION METHODOLOGY

The resource estimate is based on core logging, assaying and geological interpretation by Avalon's consulting geologists of the rare earth mineralization in the Lake Zone deposit from 51 historic and 155 Avalon diamond drill holes (from 2007 to 2009). Complete REE analysis for yttrium and rare earth elements is available for six historic and all 155 Avalon holes focused on the Lake Zone deposit and formed the basis for creating two main domains of REE mineralization: an upper light rare earth element-enriched "Upper Zone" and a lower heavy rare earth-enriched, "Basal Zone".

The general resource estimation parameters employed are summarized as follows:

- REE composited to two metre core lengths within separate mineralized zones. Evaluation of grade distribution confirmed that no "cutting" of high grade values was required.

- REE Assay composites and density measurements temporarily flattened to base of Basal Zone to facilitate estimation procedure.

- Estimation of REE grades and density into separate zones in flattened Gemcom® Surpac® Block Model (10m x 10m x 5m blocks with sub-blocking to 5m x 5m x 2.5m) by the Inverse Distance Squared method. A minimum of four composites and maximum of 15 composites were used to estimate a block.

The first step in modelling the deposit was designating a volume containing all resource blocks enclosed within the Basal Zone geological boundaries in the area of drilling that matched the criteria for Indicated Mineral Resources. This volume included blocks with grades above and below the cut-off grade of 1.6% TREO. The change in rare earth grades across the upper boundary of the Basal Zone is typically gradational and across the lower boundary relatively sharp, with the highest rare earth grades often at the base of the Basal Zone. Subsequently, areas of numerous blocks near the upper boundary of the Basal Zone with less than the cut-off grade of 1.6% TREO were excluded or trimmed from the volume, resulting in geological continuity being maintained and grade being maximised for the Indicated Mineral Resources. The Indicated Mineral Resource will be updated in the near future with inclusion of limited pending in-fill sampling results.

SAMPLING PROTOCOL

All drill core from the 2009 program was split on site, sampled on two metre intervals and shipped to the ALS Chemex facility in Yellowknife, NWT for sample preparation. Analytical standards were prepared from crushed rejects of historical Lake Zone samples, then analysed at five separate laboratories to determine reproducible values. These standards were then routinely inserted into the sample batches to monitor core analyses. Barren diabase drill core is inserted as blanks. ALS Chemex ships crushed splits of all the samples to its laboratory in Vancouver, BC. Selected duplicates are also analyzed at an alternative independent laboratory, however, although some assay duplicates for the 2009 Summer program have not yet been completed. Given the large number of duplicates already analyzed revealing no QA/QC issues, in the opinion of Avalon's QP, Dr. William Mercer, this does not introduce a significant risk with respect to the reliability of the assay results. The results reported to date were produced by ALS Chemex and achieved acceptable standard values for the main REE of economic interest (Nd, Tb and Dy).

All samples are analysed by lithium metaborate/tetraborate fusion and dilute nitric acid digestion, followed by whole rock and 45 element multi-element ICP analysis, being ALS sample method ME-MS81. Commencing with hole L09-137, all samples contained within intercepts above the 1.6% cut-off criteria and any additional samples exceeding analytical limits or of geological significance are rerun using similar ALS method ME-MS81H for higher concentration levels. ME-MS81H is a similar method but with greater dilution in the analytical procedure.

Details of the factors used to calculate rare earth oxides are posted on the Company website along with complete analytical data. Drilling operations were performed by Foraco Drilling Ltd. of Yellowknife, NWT under the supervision of J.C. Pedersen, P.Geo. Bruce Hudgins, P.Geo., maintains the geological database and monitors QA/QC on the laboratory analyses. The Company's Vice-President, Exploration, William Mercer, Ph.D., P.Geo. (Ont), P. Geol (NWT) provided overall direction on the project. The qualified persons for the purposes of this news release are Bruce Hudgins, consultant to Avalon, William Mercer and D.S. Bubar, P. Geo., President.

About Avalon Rare Metals Inc. (TSX:AVL)(OTCQX:AVARF)

Avalon Rare Metals Inc. is a mineral exploration and development company focused on rare metals deposits in Canada. Its flagship project, the 100%-owned Nechalacho Deposit, Thor Lake, NWT, is emerging as one of the largest undeveloped rare earth elements resources in the world. Its exceptional enrichment in the more valuable 'heavy' rare earth elements, which are key to enabling advances in green energy technology and other growing high-tech applications, is one of the few potential sources of these critical elements outside of China, currently the source of 95% of world supply. Avalon is well funded, has no debt and its work programs are progressing steadily. Social responsibility and environmental stewardship are corporate cornerstones.

Shares Outstanding: 78,710,198. Cash resources: approximately $17 million.

To find out more about Avalon Rare Metals Inc., please visit our website at www.avalonraremetals.com. For questions and feedback, please e-mail the Company at office@avalonraremetals.com. For general discussion and commentary on the rare metals, please visit www.raremetalblog.com.

This news release contains forward-looking information and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.



Table 1: Mineral Resources

--------------------------------------------------------------
Zone Millions tonnes % TREO % HREO HREO/TREO
--------------------------------------------------------------
INDICATED MINERAL RESOURCES
--------------------------------------------------------------
Basal Zone 9.00 1.86 0.43 23%
--------------------------------------------------------------

--------------------------------------------------------------
INFERRED MINERAL RESOURCES
--------------------------------------------------------------
Upper Zone 22.44 2.00 0.16 8%
--------------------------------------------------------------
Basal Zone 37.56 1.94 0.40 21%
--------------------------------------------------------------
Total 60.00 1.96 0.31 16%
--------------------------------------------------------------



Table 2: Drill Hole Locations

---------------------------------------------------------------------------
Azi-
Drill Hole Dip muth
Hole Easting Northing Elevation depth (deg- (deg-
No. (NAD83) (NAD83) (metres) Survey (metres) rees) rees)
---------------------------------------------------------------------------
L09-163 417,135.00 6,886,110.00 244.00 (i) 203 -75 30
---------------------------------------------------------------------------
L09-164 417,135.00 6,886,110.00 244.00 (i) 184.71 -75 120
---------------------------------------------------------------------------
L09-165 417,131.10 6,886,108.62 244.00 184.71 -75 180
---------------------------------------------------------------------------
L09-166 417,130.94 6,886,109.00 243.73 193.85 -75 270
---------------------------------------------------------------------------
L09-167 417,103.84 6,886,023.44 243.02 184.1 -75 90
---------------------------------------------------------------------------
L09-168 417,103.77 6,886,023.18 243.06 184.71 -75 180
---------------------------------------------------------------------------
L09-169 417,103.35 6,886,021.97 242.99 190.8 -75 270
---------------------------------------------------------------------------
L09-170 417,038.36 6,885,958.27 240.92 203 -90 0
---------------------------------------------------------------------------
L09-171 417,038.00 6,885,958.00 240.92 (i) 199.95 -75 90
---------------------------------------------------------------------------
L09-172 417,036.25 6,885,958.06 240.93 199.95 -75 360
---------------------------------------------------------------------------
L09-173 417,037.00 6,885,957.00 240.92 (i) 199.95 -75 270
---------------------------------------------------------------------------
L09-174 417,036.72 6,885,956.36 240.86 184.71 -70 220
---------------------------------------------------------------------------
L09-175 417,038.48 6,885,956.05 240.69 233.89 -75 180
---------------------------------------------------------------------------
L09-176 416,951.41 6,885,965.43 240.59 218.24 -75 180
---------------------------------------------------------------------------
L09-177 416,953.18 6,885,965.30 240.54 206.04 -75 270
---------------------------------------------------------------------------
L09-178 417,038.99 6,886,102.00 244.49 169.47 -90 0
---------------------------------------------------------------------------
L09-179 417,038.83 6,886,102.50 244.44 178.61 -75 0
---------------------------------------------------------------------------
L09-180 417,039.57 6,886,101.00 244.50 169.47 -75 270
---------------------------------------------------------------------------
L09-181 417,040.77 6,886,099.21 244.63 184.47 -75 180
---------------------------------------------------------------------------
L09-182 417,045.01 6,886,097.61 244.76 193.47 -75 90
---------------------------------------------------------------------------
L09-183 417,041.04 6,886,199.21 242.71 184.37 -90 0
---------------------------------------------------------------------------
L09-184 417,041.03 6,886,199.52 242.78 190.32 -75 360
---------------------------------------------------------------------------
L09-185 417,047.94 6,886,200.09 242.29 190.47 -75 90
---------------------------------------------------------------------------
L09-186 417,045.58 6,886,201.68 242.30 199.07 -75 180
---------------------------------------------------------------------------
L09-187 417,041.13 6,886,203.79 242.63 196.23 -75 270
---------------------------------------------------------------------------
L09-188 417,130.39 6,886,212.56 241.27 190.08 -75 90
---------------------------------------------------------------------------
L09-189 417,136.23 6,886,111.63 243.81 177.65 -75 315
---------------------------------------------------------------------------
L09-190 416,945.25 6,886,005.55 242.02 204.36 -75 270
---------------------------------------------------------------------------
L09-191 416,833.23 6,886,061.12 244.34 198.65 -75 0
---------------------------------------------------------------------------
L09-192 416,836.03 6,886,064.21 244.04 201.36 -75 270
---------------------------------------------------------------------------
L09-193 416,831.73 6,886,061.83 244.07 201.36 -75 180
---------------------------------------------------------------------------
L09-194 416,835.47 6,886,060.91 244.32 306.63 -90 0
---------------------------------------------------------------------------
L09-195 416,835.53 6,886,060.65 244.58 181.66 -75 90
---------------------------------------------------------------------------
L09-196 416,954.66 6,885,963.03 240.31 257.86 -70 225
---------------------------------------------------------------------------
L09-197 417,032.75 6,885,960.97 241.07 251.76 -60 225
---------------------------------------------------------------------------
L09-198 417,036.67 6,885,964.14 241.17 206.04 -65 135
---------------------------------------------------------------------------
L09-199 416,836.30 6,886,063.57 244.11 248.72 -69 135
---------------------------------------------------------------------------
L09-200 416,833.31 6,886,066.21 243.78 207.75 -69 225
---------------------------------------------------------------------------
L09-201 416,949.92 6,886,006.46 241.95 203 -69 270
---------------------------------------------------------------------------
L09-202 416,950.15 6,886,006.53 241.98 186.86 -83 270
---------------------------------------------------------------------------
L09-203 416,954.58 6,885,969.23 240.87 227.38 -69 270
---------------------------------------------------------------------------
L09-204 416,954.95 6,885,969.03 240.84 221.28 -83 270
---------------------------------------------------------------------------
L09-205 416,363.29 6,886,232.13 249.62 299.04 -75 180
---------------------------------------------------------------------------
L09-206 416,211.65 6,886,215.51 247.32 301.95 -75 180
---------------------------------------------------------------------------

NOTES for Table 2: Drill Hole Locations

- Note 1: Assay drill hole L09-166 is pending.
- Note 2: All drill holes surveyed by licensed surveyor except those marked
with (i) surveyed with handheld GPS.
Note 3: All downhole surveys completed using Deviflex downhole equipment.
Holes 175-178, 181 and 194-196 were not surveyed downhole due to
equipment failure.



Table 3: Assay results drill holes L09-163 to L09-206

--------------------------------------------------------------------
Drill Hole Zone From To Width TREO HREO/TREO
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-163 Basal Zone 115.40 166.20 50.80 1.82 22.6%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-164 79.00 83.35 4.35 3.61 7.4%
--------------------------------------------------------------------
L09-164 89.00 109.00 20.00 1.87 15.6%
--------------------------------------------------------------------
L09-164 Basal Zone 97.00 143.25 46.25 2.05 22.1%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-165 33.40 43.00 9.60 1.79 9.8%
--------------------------------------------------------------------
L09-165 67.00 71.00 4.00 2.11 14.4%
--------------------------------------------------------------------
L09-165 Basal Zone 115.00 149.00 34.00 1.78 24.8%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-166 39.00 50.00 11.00 1.91 12.1%
--------------------------------------------------------------------
L09-166 63.00 67.85 4.85 1.98 21.0%
--------------------------------------------------------------------
L09-166 Basal Zone 102.00 139.80 37.80 1.75 17.3%
--------------------------------------------------------------------
L09-166 incl 102.00 120.40 18.40 1.97 14.1%
--------------------------------------------------------------------
L09-166 and 126.00 138.00 12.00 1.89 22.4%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-167 47.60 57.00 9.40 1.61 9.3%
--------------------------------------------------------------------
L09-167 69.65 79.00 9.35 1.85 14.1%
--------------------------------------------------------------------
L09-167 Basal Zone 99.75 130.00 30.25 1.96 20.4%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-168 82.00 94.70 12.70 2.04 15.3%
--------------------------------------------------------------------
L09-168 101.45 108.75 7.30 2.48 9.5%
--------------------------------------------------------------------
L09-168 Basal Zone 125.00 131.00 6.00 1.50 18.3%
--------------------------------------------------------------------
L09-168 Basal Zone 135.00 149.00 14.00 2.02 24.9%
--------------------------------------------------------------------
L09-168 Basal Zone 153.00 157.00 4.00 1.64 24.3%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-169 70.00 86.40 16.40 1.95 17.5%
--------------------------------------------------------------------
L09-169 95.10 98.05 2.95 2.16 15.0%
--------------------------------------------------------------------
L09-169 120.00 128.50 8.50 1.88 16.3%
--------------------------------------------------------------------
L09-169 Basal Zone 132.80 157.00 24.20 1.50 27.8%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-170 Basal Zone 153.00 169.00 16.00 1.63 30.3%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-171 Basal Zone 125.00 129.08 4.08 2.15 18.2%
--------------------------------------------------------------------
L09-171 Basal Zone 149.00 165.00 16.00 2.01 28.9%
--------------------------------------------------------------------
L09-171 incl 153.00 157.00 4.00 2.79 29.4%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-172 94.40 108.00 13.60 2.98 10.9%
--------------------------------------------------------------------
L09-172 Basal Zone 156.00 174.50 18.50 2.74 26.3%
--------------------------------------------------------------------
L09-172 incl 164.00 174.50 10.50 2.97 25.3%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-173 Basal Zone 168.00 176.00 8.00 1.96 29.9%
--------------------------------------------------------------------
L09-174 135.00 142.80 7.80 1.67 12.2%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-175 Basal Zone 173.00 187.00 14.00 1.69 29.1%
--------------------------------------------------------------------
L09-175 Basal Zone 197.00 207.00 10.00 1.45 23.5%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-176 134.00 140.20 6.20 1.93 10.4%
--------------------------------------------------------------------
L09-176 Basal Zone 168.70 186.75 18.05 1.85 29.7%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-177 Basal Zone 169.00 188.95 19.95 2.11 28.3%
--------------------------------------------------------------------
L09-177 incl 173.00 183.00 10.00 2.63 28.7%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-178 6.84 26.90 20.06 2.89 8.2%
--------------------------------------------------------------------
L09-178 incl 14.00 24.00 10.00 3.60 7.6%
--------------------------------------------------------------------
L09-178 35.00 43.00 8.00 1.94 18.2%
--------------------------------------------------------------------
L09-178 Basal Zone 102.00 139.20 37.20 1.97 21.4%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-179 7.00 24.60 17.60 2.75 8.3%
--------------------------------------------------------------------
L09-179 Basal Zone 87.00 113.00 26.00 1.81 16.1%
--------------------------------------------------------------------
L09-179 Basal Zone 120.75 125.00 4.25 1.66 16.2%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-180 7.00 30.00 23.00 2.56 8.7%
--------------------------------------------------------------------
L09-180 36.00 43.95 7.95 1.55 10.6%
--------------------------------------------------------------------
L09-180 63.00 73.00 10.00 1.93 9.0%
--------------------------------------------------------------------
L09-180 Basal Zone 100.00 127.00 27.00 1.83 18.7%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-181 12.00 50.10 38.10 2.29 9.1%
--------------------------------------------------------------------
L09-181 62.00 70.00 8.00 1.86 8.2%
--------------------------------------------------------------------
L09-181 Basal Zone 126.50 134.00 7.50 1.78 17.1%
--------------------------------------------------------------------
L09-181 Basal Zone 146.00 166.00 20.00 1.70 27.8%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-182 9.00 11.00 2.00 1.56 10.3%
--------------------------------------------------------------------
L09-182 26.35 50.00 23.65 2.43 9.0%
--------------------------------------------------------------------
L09-182 Basal Zone 120.50 149.00 28.50 1.55 24.2%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-183 2.30 10.00 7.70 1.52 12.2%
--------------------------------------------------------------------
L09-183 32.00 46.00 14.00 1.56 10.0%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-184 6.00 12.00 6.00 1.54 15.1%
--------------------------------------------------------------------
L09-184 31.00 43.00 12.00 1.76 7.8%
--------------------------------------------------------------------
L09-184 Basal Zone 108.00 118.90 10.90 1.91 10.5%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-185 2.20 17.10 14.90 2.03 10.9%
--------------------------------------------------------------------
L09-185 46.00 50.00 4.00 1.86 11.5%
--------------------------------------------------------------------
L09-185 105.00 119.00 14.00 1.42 13.6%
--------------------------------------------------------------------
L09-185 Basal Zone 129.10 146.30 17.20 2.17 19.0%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-186 2.30 10.00 7.70 1.80 10.7%
--------------------------------------------------------------------
L09-186 39.00 44.00 5.00 2.25 16.9%
--------------------------------------------------------------------
L09-186 Basal Zone 61.00 112.00 51.00 1.42 14.7%
--------------------------------------------------------------------
L09-186 incl 84.00 104.00 20.00 1.54 19.8%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-187 4.00 12.00 8.00 1.21 12.9%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-188 21.00 40.90 19.90 1.91 15.9%
--------------------------------------------------------------------
L09-188 97.25 108.85 11.60 1.60 13.5%
--------------------------------------------------------------------
L09-188 Basal Zone 118.00 138.90 20.90 2.00 14.8%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-189 34.00 48.00 14.00 1.53 11.4%
--------------------------------------------------------------------
L09-189 60.00 64.90 4.90 1.57 11.4%
--------------------------------------------------------------------
L09-189 Basal Zone 114.25 117.40 3.15 3.02 15.8%
--------------------------------------------------------------------
L09-189 Basal Zone 124.00 136.00 12.00 2.20 11.8%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-190 41.45 173.00 131.55 1.30 20.1%
--------------------------------------------------------------------
L09-190 41.45 56.90 15.45 1.91 10.4%
--------------------------------------------------------------------
L09-190 Basal Zone 111.00 117.25 6.25 3.22 16.7%
--------------------------------------------------------------------
L09-190 Basal Zone 119.25 131.00 11.75 2.36 20.5%
--------------------------------------------------------------------
L09-190 Basal Zone 135.00 173.00 38.00 1.85 27.6%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-191 18.00 129.00 111.00 1.49 15.4%
--------------------------------------------------------------------
L09-191 18.00 22.00 4.00 1.55 13.1%
--------------------------------------------------------------------
L09-191 42.00 55.70 13.70 1.65 13.8%
--------------------------------------------------------------------
L09-191 Basal Zone 87.00 118.80 31.80 2.67 17.5%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-192 108.00 116.00 8.00 2.00 10.0%
--------------------------------------------------------------------
L09-192 Basal Zone 132.00 136.00 4.00 1.88 26.8%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-193 31.45 33.00 1.55 7.68 7.1%
--------------------------------------------------------------------
L09-193 109.85 120.00 10.15 1.74 10.3%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-194 35.35 39.00 3.65 3.18 8.1%
--------------------------------------------------------------------
L09-194 43.00 51.00 8.00 2.10 11.3%
--------------------------------------------------------------------
L09-194 57.00 66.00 9.00 1.69 15.0%
--------------------------------------------------------------------
L09-194 Basal Zone 109.00 134.00 25.00 2.31 21.5%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-195 30.00 55.50 25.50 1.92 13.7%
--------------------------------------------------------------------
L09-195 Basal Zone 109.00 127.50 18.50 3.06 18.3%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-196 Basal Zone 186.85 213.35 26.50 2.08 27.2%
--------------------------------------------------------------------
L09-196 incl 186.85 203.60 16.75 2.46 28.3%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-197 Basal Zone 191.00 206.50 15.50 2.24 29.5%
--------------------------------------------------------------------
L09-197 Basal Zone 236.00 240.00 4.00 1.97 27.8%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-198 Basal Zone 153.85 189.60 35.75 1.88 25.8%
--------------------------------------------------------------------
L09-198 incl 166.00 189.60 23.60 2.13 26.6%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-199 36.20 60.00 23.80 2.04 13.3%
--------------------------------------------------------------------
L09-199 66.50 81.00 14.50 1.71 8.8%
--------------------------------------------------------------------
L09-199 87.00 102.40 15.40 1.81 11.1%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-200 Basal Zone 98.00 124.00 26.00 2.15 13.6%
--------------------------------------------------------------------
L09-200 incl 102.00 108.00 6.00 3.28 9.5%
--------------------------------------------------------------------
L09-200 and 116.00 120.00 4.00 2.80 20.2%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-201 111.00 121.00 10.00 2.31 9.9%
--------------------------------------------------------------------
L09-201 Basal Zone 137.00 171.00 34.00 1.71 25.0%
--------------------------------------------------------------------
L09-201 incl 165.00 171.00 6.00 2.18 29.3%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-202 100.00 115.40 15.40 1.85 15.0%
--------------------------------------------------------------------
L09-202 112.00 115.40 3.40 2.65 22.1%
--------------------------------------------------------------------
L09-202 Basal Zone 152.00 170.00 18.00 2.27 31.8%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-203 69.00 73.00 4.00 1.87 13.3%
--------------------------------------------------------------------
L09-203 98.00 101.00 3.00 3.13 23.2%
--------------------------------------------------------------------
L09-203 Basal Zone 163.10 183.00 19.90 1.94 29.9%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-204 175.00 196.10 21.10 2.04 28.9%
--------------------------------------------------------------------
L09-204 Basal Zone 177.00 188.90 11.90 2.43 30.3%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-205 103.00 127.60 24.60 1.68 8.8%
--------------------------------------------------------------------
L09-205 Basal Zone 148.00 165.80 17.80 1.64 12.2%
--------------------------------------------------------------------

--------------------------------------------------------------------
L09-206 95.00 109.10 14.10 2.62 8.0%
--------------------------------------------------------------------
L09-206 Basal Zone 249.00 263.20 14.20 1.90 29.0%
--------------------------------------------------------------------
L09-206 incl 257.00 263.20 6.20 2.32 30.2%
--------------------------------------------------------------------


NOTES for Table 3: Assay results drill holes L09-163 to L09-206

1. Widths represent drilled widths. Mineralization dips are close to horizontal, so drilled widths for vertical holes are generally close to true widths and for angle holes about 3% more than true width, with a range from 0% to 10% depending on hole deviation.

2. HREO represents total heavy rare earth oxides, comprising yttrium plus europium to lutetium. Conversion factors from elements to oxides as per NI 43-101 report.

3. TREO represents total rare earth oxides, which comprises HREO plus lanthanum to samarium as oxides. Conversion factors from elements to oxides as per NI 43-101 report.

4. In general a cutoff grade is applied for complete zone intercepts at 1.6% TREO or higher for minimum width of 5 metres.

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