Well,
For starters, go to their website, under value proposition, scroll down and click on Eden Lake. You'll see this:
Why Eden Lake?
The Company optioned the Eden Lake REE-Uranium property to participate in the highly specialized, but extremely valuable, rare earth elements / minerals market. The 16 Rare Earth Elements (REE’s) are essential ingredients for a variety of materials used in leading edge technologies and industrial products important to the industrialized world. Further, approximately 90% of North America ’s REE’s are sourced from China, so a viable North American deposit would have significant political and strategic importance.
Initial Discovery
During the 2002 summer program Dr. Hamid Mumin (Brandon University), and colleague John Camier M.Sc. (South Bay Exploration Ltd.), discovered Manitoba’s first Carbonatite complex on the property. In 2003 the most significant discovery was an extra-ordinary rare metal vein complex exposed sporadically over an area of at least 2 km by 150 meters. Thirty-five samples of vein material averaged 49,687 ppm (4.97%) rare metals (REE + Y + U + Th). Both the vein complex and carbonatite are potential targets for diamond drilling.
Exploration History
The first drill program at the Eden Lake was completed in March 2006. Six drill targets were tested. The targets were selected using various criteria including their geochemical signature, magnetic field reading, and their location within low ground, along prominent linear features which cross the property and may control the emplacement mineralized bodies. The initial drill-core was logged and sampled at the Company’s facility in Leaf Rapids, Manitoba and samples sent to a certified Canadian laboratory for analysis under the direction of Dr. George Gale, P Eng. Qualified Person.
The drill program resulted in the intersection of veins and lenses with rare earth bearing apatite in four holes. Multiple veins of apatite-bearing carbonatite occur with a zone of carbonate altered rocks that are in excess of 50 m of core length in hole EL-06-03. These drill holes are interpreted to have intersected the uppermost portion or the margin of a carbonatite body.
Although no economic grades of mineralization were intersected, the 2006 drill program confirms that carbonatite is more common in the topographically low areas of the property and contains rare earth-bearing apatite. Five of the holes intersected altered (fenitized) rock, which is a common alteration at the edges of carbonatite masses. The drill program was able to test 5 of the 10 anomalies identified from the exploration work done to date. The drill results establish that the carbonatite magma intruded late in the history of the Eden Lake igneous complex and that the mineralization discovered to date, represents the
upper portions of a carbonatite magmatic system.
The Future
The drill results provide a framework for further evaluation of the vegetation, soil and rock data collected over the property. This review will help in the planning the next phase of exploration. The Company is also exploring opportunities to Joint Venture the property with a suitable partner.
For more information about Rare Earth Elements and their uses go to
pubs.usgs.gov.
? Press Releases
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Value Proposition
These metals are more difficult to value than base or precious metals. Using values for processed refined metals gathered from publicly available documents provides some context for the potential value. All numbers are based on processed purified metals.
Gross Metal Value (GMV)
Eden Lake, Manitoba Target: Large Tonnage Deposit 100 mil tonnes or greater in size.
The total Gross Metal Value of the metals in an Apatite Concentrate grading 2.5% ~ $11,000/t.
REE Vein sample ~ $62,000/t Gross Metal Value of combined elements refined.
Mean grades of 30 separate REE Vein samples ~ $21,000/t (GMV)
As a comparison, using a common metal such as Copper in a 28% concentrate, approximates (2000lb at a grade of 28% Cu) or roughly $1100/t Gross Metal Value.
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