Annual and final technical report for period ending 21 December 2015 EL 29240 Daly Project

Abstract

No exploration activities took place over EL 29240 during the first annual period. Over the past nine years Spectrum Rare Earths Limited (Spectrum), previously known as TUC Resources, has explored this tenement area initially for uranium and more recently Rare Earth Elements (REE). Spectrum has focussed the majority of its efforts on two REE prospects located in adjacent tenements. The REE enriched horizons are situated near surface. Spectrum has substantially advanced the geological understanding of the area through geological mapping, surface geochemistry, airborne geophysics, several RC and diamond drilling campaigns and multiple metallurgical campaigns in the region. Exploration was planned for EL 29240 to better define the Heavy Rare Earth Element (HREE) potential. The Exploration Licence was relinquished due to Spectrum?s financial constraints limiting further exploration, the relatively high Native Title compliance costs, ongoing tenement commitment costs and the currently depressed rare earth prices.