LCK 7.69% 12.0¢ leigh creek energy limited

mt gee and ree

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    details sourced from the 02/08/2005 Paralana Ore System JORC Compliant announcement

    51,800 Tonnes of Lanthanum-Cerium (La-Ce) Resource
    The mineralogical and assay data obtained from the chemical analysis of drill hole samples
    indicates that U3O8 mineralisation is accompanied by intensive development of the REE, in
    particular La-Ce. Previous exploration did not focus on mineralisation other than uranium. As a
    result, in many drill holes assays are incomplete without La-Ce/REE analysis. Marathon’s
    MTG01 drill hole confirms the strong La-Ce enhancement with depth in U3O8 rich zones.
    Marathon’s estimation indicates about 51,800 tonnes of La-Ce JORC compliant inferred
    resource within the Mt Gee deposit (Table 2). The reliability of these calculations is, however,
    lower than estimates for uranium, although sufficient to yield an inferred resource. The grade
    distribution map shows interpreted values up to 1900 ppm (0.19% per tonne) (Figure 8A) and
    accumulation index up to 210 kg/m2 La-Ce (Figure 8B).
    In a number of individual drill holes of the POS, the content of these elements is found to be
    relatively high. For example in drill hole DD92GE46A, the 95.8 – 101.56 metre interval gives
    0.37% (3,722 ppm) Ce-La combined grade. Published data indicates up to 1.37% (13,700 ppm)
    Cerium and an average content of 0.61% (6,100 ppm) in the haematitic breccia near Mt Painter
    is on record. Further potential of the Paralana Ore System for La-Ce/REE is significant.
    Rare earth elements are key ingredients to many new technology applications, such as modern
    rechargeable batteries and high intensity permanent magnets used in mobile phones, cars and
    computers. While they have long been applied in lasers and in specialty glass manufacture,
    their use in hybrid vehicles has dramatically increased the potential market.
    China is the largest miner of rare earths, with some 80% of the world’s production, providing
    rare earths concentrates or final refined products. Total world consumption is around 90,000
    tonnes. The growth markets for rare earth products are batteries and magnets used in mobile
    Marathon Resources Ltd - ASX Release 2-8-05 Page 4
    phones, computers and hybrid cars, with hybrid car technology holding out potential for the
    most rapid growth. The market for rare earth related products grew rapidly over the past
    decade. The current price of cerium oxide and lanthanum oxide is about $US3.50 per kg.
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