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Eagle Bay Resources Announces 2023 Cap & Carbo Rare Earth Element (REE) Project Update & Marketing Agreement
VANCOUVER, BC / ACCESSWIRE / June 28, 2023 / Eagle Bay Resources Corp. (CSE:EBR) ("Eagle Bay" or the "Company"), is pleased to announce is has completed a compi
About this update from Apex Critical Metals Corp
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / June 28, 2023 / Eagle Bay Resources Corp. (CSE:EBR) (\"Eagle Bay\" or the \"Company\"), is pleased to announce is has completed a compilation of the extensive historical exploration database of diamond drilling, geophysics, soil geochemistry, and geological mapping of Eagle Bay's Cap and Carbo Rare Earth Element (\"REE\") projects. The Carbo Property is contiguous to Defense Metals Corp (TSXV-DEFN) Wicheeda Rare Earths Property to the north and west (Figure 1). The Wicheeda Property has an indicated resource of 5.0 million tonnes (Mt) at 2.95% rare earth oxide (REO) and inferred resource 29.5 Mt at 1.83% REO (SRK 2021), and a positive preliminary economic assessment completed by Defense Metals in 2022 (SRK PEA 2022). Further drilling has yet to be incorporated in a new resource model and Defense has commenced a Phase II Hydrometallurgical Pilot Plant Test as part of its preliminary feasibility study of the Wicheeda rare earths deposit. Since the Eagle Bay's listing on the Canadian Securities Exchange March 15, 2023, it has been focused on compiling the extensive data bases of previous operators in preparation for the 2023 summer exploration season. The Cap and Carbo projects saw extensive exploration during 2009 - 2011 which was successful in taking the early-stage projects to first and second stage diamond drill programs. The most significant results from the historical 2010 diamond drill hole (DDH) program were intercepted in hole CA-10-006 on the Carbo Property (Figure 2). This hole returned three (3) distinct intervals of 37.3 m of 1.43% of REO, 6.6 m of 1.77% REO, and 11.6 m of 1.33% REO (Bruland 2010). Approximately 750 m to the southwest of hole CA-10-006,Defense Metals Corp intersected significant REE mineralization, including 89 m of 3.01% REO in hole WI19-29, 130.8 m of 2.59% REO within hole WI19-30, and 82.9 m of 5.47% REO within hole WI19-31 (Raffle 2022). The company has reconfigured its Cap and Carbo properties for a more efficient exploration program to focus on the high potential areas where previous drilling, surface work, or airborne surveys have been conducted. The Company's combined properties consist of 31 claims totaling 6,768.87 hectares. Figure 1: Eagle Bay Property Map Figure 2: Eagle Bay North West Area Historical Drilling at Carbo, & Defense Properties At the Carbo cla...