• Channel assay highlights (all true widths):
    • FMC-21-02B (SE zone): 30,190 ppm Zr; 272 ppm Dy; 1,592 ppm Nd; 702 ppm Hf, over 4.20m;
    • FMC-21-02B (SE zone): 14,410 ppm Zr; 195 ppm Dy; 1,051 ppm Nd; 322 ppm Hf over 25.85m; and
    • FMC-21-03 (SE zone): 10,704 ppm Zr; 213 ppm Dy; 1,212 ppm Nd; 246 ppm Hf over 6.71m.
  • Channel programs, prospecting and magnetic anomalies indicate that the NW mineralized zone is at least 175m wide and 425m long, and the SE mineralized zone is at least 154m wide and 365m long; 790m combined length;
  • The mineralization is open to the NW and SE; another channel program is planned for 2022 to trace the surface mineralization to the NW and SE;
  • A 6000m drill program is planned for fall 2022 to test for mineralization at depth;
  • The 2021 exploration program was carried out with no positive Covid-19 cases.

Greg Andrews, President/CEO states; “We are very excited about the potential of the Fox Meadow project. By comparison, Fox Meadow’s surficial extent is much wider and longer than that of either Deep Fox or Foxtrot. The Fox Meadow project could prove to be very significant for our development of a safe and secure generational source of rare earth elements for the North American rare earth element supply chain.”

Andrews added; “The Fox Meadow Project is “drill ready” – we plan a 6000m drill program that has been permitted and is expected to commence late 2022. The recent Federal Budget proposes up to $3.8 billion in support over eight years to implement Canada’s first Critical Minerals Strategy. The Fox Meadow Project funding could benefit from the new 30% Critical Mineral Exploration Tax Credit which was introduced. We look forward to learning more details as our goals align nicely with the Federal government’s Critical Minerals Strategy.”

FIGURE 1. FOX MEADOW CHANNEL LOCATIONS is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7b0491ea-903f-4993-bf31-43e6ac3f5dd7