Man of War Project
Minas Gerais, Brazil
Inferred Mineral Resource in Minas Gerais, Brazil
Mineral Resources are Inferred, are not Mineral Reserves, do not have demonstrated economic viability, and there is no certainty that a mining operation will be realized.
Inferred Mineral Resource
3,437.41 ppm TREO at a 1,000 ppm cutoff
Inferred Mineral Resource
5,123.58 ppm TREO at a 4,000 ppm cutoff
Average MREO Grade
At a 1,000 ppm TREO cutoff
Mineral Tenement Area
Approximately 47.09 km²
Project Overview
Man of War Project
The Man of War Project is located in the municipalities of São Gotardo and Matutina, Minas Gerais, Brazil. The project comprises four ANM mineral rights covering approximately 4,708.67 hectares, or 47.09 km².
The current Inferred Mineral Resource includes the Nau de Guerra, Alto da Serra and Balsamo resource targets. Fragata and Caravela are newly identified exploration targets located west of Balsamo within the same mineral tenure package.
Company Interest
Oby acquired 100% of Oby Rare Earths and a 100% beneficial interest in the Man of War Project. Registration of the assignment of the mineral rights to Oby Brazil is in progress.
Location
Project Location
The project areas are located approximately 20 km from São Gotardo by unpaved local roads.
São Gotardo is approximately 312 km from Belo Horizonte by road, 646 km from São Paulo and 825 km from Vitória.
The technical report identifies regional infrastructure and resources that may support potential future mining activities.
Mineral Rights
Core Mineral Rights
832543/2016
Area: 475.19 ha
832544/2016
Area: 452.34 ha
830794/2010
Area: 1,857.56 ha
830796/2010
Area: 1,923.58 ha
Total Area: 4,708.67 ha
Approximately 47.09 km²
Mineral Resource
Inferred Mineral Resource Summary
1,000 ppm cutoff
Tonnage
1,350 Mt
TREO Grade
3,437.41 ppm TREO
MREO Grade
793.39 ppm MREO
Classification
Inferred
4,000 ppm cutoff
Tonnage
372 Mt
TREO Grade
5,123.58 ppm TREO
MREO Grade
1,224.18 ppm MREO
Classification
Inferred
Mineral Resources are classified as Inferred. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. No Mineral Reserves have been defined, and there is no certainty that a mining operation will be realized.
Current Resource Targets
Three Resource Target Areas
Nau de Guerra
Target Type
Current Resource Target
Footprint
Approximately 2.90 km²
Alto da Serra
Target Type
Current Resource Target
Footprint
Approximately 3.40 km²
Balsamo
Target Type
Current Resource Target
Footprint
Approximately 11.40 km²
Combined Resource Footprint
Approximately 17.70 km²
Exploration Targets
Fragata and Caravela
Fragata and Caravela are newly identified exploration targets located west of Balsamo within the existing Man of War mineral tenure package.
Fragata
Target Footprint
Approximately 10.08 km²
Surface Sampling Result
TREO
up to 15,613 ppm
MREO
up to 3,562 ppm
Caravela
Target Footprint
Approximately 3.03 km²
Surface Sampling Result
TREO
up to 7,563 ppm
MREO
up to 2,611 ppm
The Fragata and Caravela results are preliminary and should be interpreted with caution. The reconnaissance channel samples were restricted to accessible surface exposures, do not constrain lateral continuity or depth variability, and no field or laboratory quality-control samples were documented for the reconnaissance sampling program.
The Fragata and Caravela results do not define Mineral Resources. The technical report recommends further drilling and evaluation.
Technical Information
Preliminary Metallurgical Testwork
Preliminary desorption testwork was completed on a composite sample from the Nau de Guerra target using a 0.5M ammonium sulfate solution at pH 4 for 30 minutes at room temperature.
Reported Results
Broader metallurgical testing is required to evaluate the variability, recoveries and potential processing characteristics of the project.
Metallurgical results are preliminary and relate only to a composite sample from the Nau de Guerra target.
Technical Report Recommendations
Recommended Work Program
The technical report recommends the following additional work:
- 1 Infill drilling
- 2 Exploration of new targets
- 3 Mineral Resource estimate updates
- 4 Metallurgical flowsheet design and testwork
- 5 Environmental impact assessment
- 6 Further technical and economic studies
- 7 Work toward a Preliminary Economic Assessment
The total estimated recommended work-program budget is approximately C$1.0 million.
Future Economic Studies
Future Economic Studies
The technical report recommends advancing toward a Preliminary Economic Assessment after the completion of further technical work. A Preliminary Economic Assessment would be required to assess the project's potential economic feasibility.
Mineral Resources are classified as Inferred. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. No Mineral Reserves have been defined, and there is no certainty that a mining operation will be realized. Metallurgical results are preliminary and relate only to a composite sample from the Nau de Guerra target.