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The Mitre Hill Project consists of five (5) granted tenements and twenty five (25) exploration licence applications over ground located within the southern margin of the Murray Basin across Victoria and South Australia, that total a significant package of 7,022km2 of ground prospective for clay hosted Rare Earth Elements (REE).

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On 23 December 2021, the Company finalised the execution of the acquisition of the Mitre Hill Project (1,509km2), prospective for clay hosted Rare Earth Elements (REE), which contained one (1) exploration licence in Victoria and four (4) strategic tenement applications over ground located within the Murray Basin across Victoria and South Australia.

On 1 April 2022, the South Australian tenement was granted, the remaining 3 tenements the initial acquisition, located in Victoria, were granted on 17 June 2022. Bring the total granted tenements to four (4) in Victoria and one (1) in South Australia.

Post-acquisition, the Company has submitted a further twenty-five (25) applications for Exploration Licences in Victoria expanding the overall size of the Mitre Hill tenements to 7,022km2 of land.

Upon granting of all tenements Mitre Hill will hold the largest position within a potential emerging clay hosted Rare Earth precinct located in the southern margin of the Murray Basin across Victoria and South Australia.

The tenements are located in the Murray Basin on the South Australian and Victorian state Border near the towns of Naracoorte, Penola and Edenhope. The main economic target is ionic clay hosted Rare Earth deposits, with possible economic concentrations of Heavy Rare Earths considered strategically important given global supply modelling.

The Applications are located over the transition from the concluding phases of the Loxton – Parilla strandlines to the more broadly spaced Bridgewater formation in South Australia and Victoria. A significant archive of historical exploration data has been acquired by the Company, including drilling results, numerous government studies and minor private exploration.

The granted tenements are located on either side of Australian Rare Earths’ (ASX:AR3) (AR3) Red Tail and Yellow Tail deposits with a JORC 2012 Inferred Mineral Resource of 39.9Mt @ 725ppm Total Rare Earth Oxide (TREO) .

The Murray Basin extends over 300,000km2 predominated by Cainozoic sediments. In the Mallee Region in the West, the Murray Basin Cainozoic Loxton Parilla sands are concealed beneath semi-arid landscape of quaternary dune fields. The tenement areas in both South Australia and Victoria occur in the Western margin of the Murray Basin.

1 Refer to Australian Rare Earths Limited Prospectus dated 7 May 2021.
2 These results do not guarantee the same or similar levels of success on the Mitre Hill Project tenements

Figure 1: Mitre Hill Project Location Map


Figure 2: Mitre Hill, AR3 and Savic tenement areas

Figure 3: Mitre Hill Project Regional Setting

Maiden JORC Mineral Resource

The maiden JORC Inferred Mineral Resource estimate for the Mitre Hill REE Project (see ASX Announcement, 3 February 2023) of 21 Mt @ 767 ppm TREO consists of thick zones of near-surface mineralisation. Significantly, the existing resource has the potential to substantially grow in size and scale as the Mineral Resource estimate only incorporates 38-62% of the identified Exploration Target drilled to date. The Company has also completed significant aircore drilling in Exploration Lease EL 7646 located approximately six (6) km east of EL 7647 however is not included in this Mineral Resource estimate.

Resource Base has estimated an Exploration Target at EL007647 of 13 Mt – 34 Mt at 630-830 ppm TREO.

Following completion of the maiden Mineral Resource estimate, Resource Base is evaluating a follow-up aircore program to convert a portion of the Exploration Target to a JORC resource, and to test further extensions of REE mineralisation the Mitre Hill REE project.

The Mineral Resource estimate and Exploration Target is set out in the Table 1 below.

Table 1. Mitre Hill project (EL007647) Mineral Resources estimate and Exploration Target.

Inferred 21 767 502 278 226 541 2 18
Total(1) 21 767 502 278 226 541 2 18
13-34 630-830 420-550 230-300 190-250 440-580 2 17-19