TSX-V: RES & AMEX:
REE
VANCOUVER, Feb. 7 /PRNewswire/ - Rare Element Resources
Ltd. (TSX-V: RES and AMEX: REE) is pleased to announce rare
earth element (REE) assay results from an additional sixteen drill
holes completed during its 2010 core drilling program at the
Company's 100% owned Bear Lodge property, located in northeastern
Wyoming, USA (Figure 1). Select
REE assay intervals are also reported from two reverse circulation
(RC) drill holes completed during the Company's 2010 Sundance gold exploration program. Assays are
pending for the final fifteen core holes. The current results are
from the Bull Hill Southwest resource area (14 core holes), the
Bull Hill NW resource area (two core holes), and a potential new
target area that may be the northwestern extension of the Whitetail
Ridge target area (2 RC holes). An updated NI 43-101-compliant
resource estimate for the Bull Hill SW and Bull Hill NW resource
areas was completed in May, 2010. The objectives of the 2010
drilling program were to expand the Bull Hill SW oxide resource and
upgrade the resource category, and to explore for additional REE
resources at the Bull Hill NW and Whitetail Ridge target areas.
Previous assay results from the Bull Hill SW resource area and the
Whitetail Ridge REE target area were reported in news releases
dated 15 September and 9 November
2010, and 10 January 2011.
Highlights from the current group of assays
include the following intercepts:
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Bull Hill SW Resource Area |
RES10-33 -
RES10-34 -
RES10-37 -
RES10-38 -
RES10-39 -
RES10-40 -
RES10-41 -
RES10-48 -
RES10-56 -
RES10-58 -
RES10-62 - |
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|
47.5 ft @ 3.97% TREO (total rare earth oxide)
107.5 ft @ 3.06% TREO
53.5 ft @ 2.88% TREO
161 ft @ 4.10% TREO (includes 64 ft @ 6.38% TREO)
143 ft @ 3.30% TREO
76.5 ft @ 10.01% TREO
34 ft @ 4.06% TREO
60 ft @ 7.41% TREO (includes 17 ft @ 14.14% TREO)
88 ft @ 3.46% TREO
12 ft ' @ 7.17% TREO
102 ft @ 4.20% TREO' (includes 25 ft@ 8.79% TREO)
99 ft @ 4.25% TREO
73 ft @ 3.10% TREO
293 ft @ 3.51% TREO (includes 23 ft @ 7.29% TREO and 42.3 ft @
5.03% TREO)
17.5 ft @ 8.41% TREO
79 ft @ 4.50% TREO
80 ft @ 4.73% TREO (includes 17 ft @ 14.29% TREO)
115 ft @ 3.20% TREO
115 ft @ 5.81% TREO (includes 27 ft @ 13.52% TREO)
50 ft @ 4.21% TREO
24 ft @ 4.32% TREO
179 ft @ 8.78% TREO (includes 24 ft @ 12.53% TREO, 5 ft @ 15.80%
TREO, 10 ft @ 19.91% TREO, and 36.5 ft @ 18.51% TREO) |
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|
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Bull Hill NW Resource Area |
RES10-42 -
RES10-43 - |
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14 ft @ 16.53% TREO
11 ft @ 4.82% TREO |
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|
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New REE Target Area |
SUN-079 - |
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30 ft @ 4.69% TREO |
Jim Clark, Vice
President Exploration states: "The current assay set includes some
of the best results to date. The data show that the Bull Hill SW
deposit is open to the southeast, with excellent REE grades right
up to the limit of drilling. The results from drill hole RES10-33
demonstrate that strong REE mineralization is present west of the
West Bull Hill fault and open up a significant area for further
resource definition. We are excited about the results from the two
SUN reverse circulation holes. The SUN holes were drilled in the
Carbon gold target, some 1200 feet
(366 m) from Whitetail Ridge, and suggest that the Whitetail Ridge
target area may be larger than originally conceived. The current
results will be incorporated into our next NI 43-101 compliant
resource estimate, planned for completion early in the second
quarter of 2011."
Drilling Results
The REE deposits in the Bear Lodge Mountains of
northeastern Wyoming occur within
a large alkaline igneous complex that domes adjacent Paleozoic and
Mesozoic sedimentary rocks. The REE mineralization is hosted in
dikes and veins of carbonatitic intrusive bodies and their
near-surface oxidized equivalents (FMR). FMR refers to the major
constituents of the highly oxidized, former carbonatite dikes that
occur in the depth range between the surface and 300-500 feet (91 -
152 meters) beneath the surface- F (FeOx)-M
(MnOx)-R (REE minerals). A zone of partly oxidized
carbonatite, termed transitional carbonatite has variable thickness
and occurs beneath the FMR zone and above the deeper zone of
unoxidized carbonatite.
REE assay values are reported by convention as
the combined oxide equivalents (REO) of the fifteen elements in the
lanthanide series + yttrium. The oxide equivalents are
approximately 15.6% higher than the combined metal assay values.
The Bear Lodge project contains predominantly the "light" REE
(lanthanum, cerium, praseodymium, and neodymium), and economically
important quantities of several of the "heavy" REE (europium,
dysprosium, and terbium).
Bull Hill SW Resource Area
REE mineralization in the Bull Hill SW resource
area is contained within intrusive dikes, veins, and stockwork of
FMR, transitional carbonatite, and carbonatite that invade
heterolithic intrusive breccia of the Bull Hill diatreme. Stockwork
refers to a rock cut by a network of small veins or dikes that
contain the mineralization. Much of the low-grade mineralization
(1-2.5% REO) within the Bull Hill area deposits occurs in
stockworks. Most of the REE mineralization in the current set
of holes occurs within FMR dikes and veins.
Nine of the holes reported here were drilled
along a bearing of N45ºE from a series of sites on a resource
evaluation grid established for the Bull Hill SW deposit in
conjunction with Ore Reserves Engineering, the Company's resource
estimation consultant (Figure 1). Four holes were drilled on the
grid along a bearing of S45ºW, and one hole was drilled on a due
east bearing. The bearing, inclination, and significant assay
intercepts from the REE-mineralized sections for each of the drill
holes are summarized in Table 1 below.
Table 1. Summary of new REE-mineralized drill intercepts at
the Bull Hill SW Resource Area:
Drill hole RES10-29 (N45E, -55º; t.d. 1,106 feet)
Interval
(feet) |
Intercept
(feet) |
Est. true
thickness |
Mineralized lithology |
TREO (%) |
260-488 |
228 |
131 |
FMR stockwork (260-288') and
carbonatite dikes and veins (288-488') |
3.71 (includes 87.5ft @ 4.62%
TREO) |
529.5-550.5 |
21 |
15 |
Carbonatite dikes |
3.09 |
586.5-690 |
103.5 |
44 |
Carbonatite dikes |
2.37 |
728-754 |
26 |
9 |
Carbonatite dikes |
3.01 |
934-968 |
34 |
12 |
Carbonatite dikes |
2.13 |
Drill Hole RES10-31 (N45E, -70º; t.d. 796 feet)
Interval
(feet) |
Intercept
(feet) |
Est. true
thickness |
Mineralized
lithology |
TREO (%) |
28.5-35 |
6.5 |
5.6 |
FMR dike |
15.94 |
139.5-144.5 |
5 |
4.3 |
FMR dike |
2.57 |
328-334.5 |
6.5 |
6.5 |
FMR stockwork |
4.45 |
Drill Hole RES10-33 (S45W, -60º; t.d. 806 feet)
Interval
(feet) |
Intercept
(feet) |
Est. true
thickness |
Mineralized lithology |
TREO (%) |
9.5-57 |
47.5 |
43 |
FMR stockwork |
3.97 |
323.5-431 |
107.5 |
69 |
Carbonatite dikes and
stockwork |
3.06 |
495-505.5 |
10.5 |
10 |
Carbonatite dikes |
9.57 |
Drill Hole RES10-34 (N45E, -45º; t.d. 755 feet)
Interval
(feet) |
Intercept
(feet) |
Est. true
thickness |
Mineralized lithology |
TREO (%) |
45-80 |
35 |
12 |
FMR dike and stockwork |
2.37 |
186.5-240' |
53.5 |
27 |
FMR dikes |
2.88 |
260-421 |
161 |
103 |
FMR dikes and stockwork (260-310');
transitional carbonatite (310-421') |
4.10 (includes 64ft @ 6.38%
TREO) |
436.5-579.5 |
143 |
72 |
Transitional carbonatite dikes and
stockwork |
3.30 |
595-635 |
40 |
17 |
Carbonatite dikes and stockwork |
1.81 |
Drill Hole RES10-36 (S45W, -45º; t.d. 490 feet)
Interval
(feet) |
Intercept
(feet) |
Est. true
thickness |
Mineralized lithology |
TREO (%) |
300-347.5 |
47.5 |
31 |
Transitional carbonatite
stockwork |
1.88 |
Drill Hole RES10-37 (S45W, -80º; t.d. 431 feet)
Interval
(feet) |
Intercept
(feet) |
Est. true
thickness |
Mineralized lithology |
TREO (%) |
19.5-96 |
76.5 |
20 |
FMR dikes and stockwork |
10.01 |
165-185 |
20 |
12 |
Transitional carbonatite dikes |
2.70 |
245.5-279 |
33.5 |
24 |
Transitional carbonatite dikes and
stockwork |
3.97 |
328.5-347 |
18.5 |
12 |
Transitional carbonatite dikes and
stockwork |
1.66 |
384-418' |
34 |
24 |
Transitional carbonatite dikes |
4.06 |
455.8-466 |
10.2 |
3.5 |
Transitional carbonatite dike |
5.79 |
Drill Hole RES10-38 (N45E, -60º; t.d. 856 feet)
Interval
(feet) |
Intercept
(feet) |
Est. true
thickness |
Mineralized lithology |
TREO (%) |
21-81 |
60 |
46 |
FMR dikes and stockwork |
7.41 (includes 17ft @ 14.14%
TREO) |
186.5-274.5 |
88 |
44 |
FMR dikes and stockwork |
3.46 |
472.5-488 |
15.5 |
10 |
Transitional carbonatite dikes and
stockwork |
3.61 |
594-606 |
12 |
9 |
FMR dikes and stockwork |
7.17 |
Drill Hole RES10-39 (S45W, -46.5º; t.d. 490 feet)
Interval
(feet) |
Intercept
(feet) |
Est. true
thickness |
Mineralized lithology |
TREO (%) |
10-112 |
102 |
72 |
FMR dikes and stockwork |
4.2 (includes 25ft @ 8.79%
TREO) |
184-283 |
99 |
86 |
FMR dikes and stockwork |
4.25 |
416-489 |
73 |
63 |
Transitional carbonatite dikes and
stockwork |
3.10 |
Drill Hole RES10-40 (N45E, -70º; t.d. 746 feet)
Interval
(feet) |
Intercept
(feet) |
Est. true thickness |
Mineralized lithology |
TREO (%) |
200-493 |
293 |
168 |
FMR veins and stockwork (200-270');
transitional carbonatite dikes and stockwork (270-493 |
3.51 (includes 23ft @ 7.29% TREO
and 42.3ft @ 5.03% TREO |
704-735 |
31 |
15.5 |
Transitional carbonatite dikes and
stockwork |
2.89 |
Drill Hole RES10-41 (N45E, -45º; t.d. 646 feet)
Interval
(feet) |
Intercept
(feet) |
Est. true
thickness |
Mineralized lithology |
TREO (%) |
176-199 |
23 |
20 |
FMR dikes and stockwork |
4.37 |
221.5-239 |
17.5 |
15 |
FMR dikes and veins |
8.41 |
393-433 |
40 |
31 |
FMR stockwork |
3.31 |
Drill Hole RES10-48 (N45E, -70º; t.d. 561 feet)
Interval
(feet) |
Intercept
(feet) |
Est. true
thickness |
Mineralized lithology |
TREO (%) |
72-87.5 |
15.5 |
8 |
FMR dike and stockwork |
2.63 |
205.5-219 |
13.5 |
12 |
FMR dike and stockwork |
2.02 |
340-368.5 |
28.5 |
24 |
FMR dike and transitional carbonatite
stockwork |
2.36 |
482-561 |
79 |
45 |
Transitional carbonatite dike |
4.50 |
Drill Hole RES10-56 (N45E, -45º; t.d. 419 feet)
Interval
(feet) |
Intercept
(feet) |
Est.
true
thickness |
Mineralized lithology |
TREO (%) |
63-143 |
80 |
51 |
FMR dikes and stockwork |
4.73 (includes 17ft @ 14.29%
TREO) |
205-320 |
115 |
81 |
FMR dikes and stockwork |
3.20 |
376-381 |
5 |
4.8 |
FMR dike |
4.56 |
Drill Hole RES10-58 (N45E, -70º; t.d. 766 feet)
Interval
(feet) |
Intercept
(feet) |
Est.
true
thickness |
Mineralized lithology |
TREO (%) |
22-40 |
18 |
6 |
FMR veins and stockwork |
3.42 |
57-113 |
56 |
28 |
FMR veins and stockwork |
2.16 |
132-247 |
115 |
57.5 |
FMR dikes and stockwork |
5.81 (includes 27ft @ 13.52%
TREO) |
285-327 |
42 |
42 |
FMR stockwork |
2.19 |
407-457 |
50 |
43 |
FMR veins and stockwork |
4.21 (includes 11ft @ 9.29%
TREO) |
477-501 |
24 |
21 |
FMR/strong veins and stockwork |
4.32 |
Drill Hole RES10-62 (N90E, -45º; t.d. 393 feet)
Interval
(feet) |
Intercept
(feet) |
Est. true thickness |
Mineralized
lithology |
TREO (%) |
54-233 |
179 |
137 |
FMR dikes and stockwork |
8.78 (includes 24ft@12.53% TREO,
5ft@15.80%TREO, 10ft @ 18.91%TREO, and 36.5ft @ 18.51%TREO) |
260-275 |
15 |
13 |
FMR dikes and stockwork |
3.92 |
The drilling results continue to demonstrate
that the target FMR and carbonatite bodies exhibit strong REE
mineralization over a strike length of more than 1400 feet (426m).
Interpretive correlations of drill intercepts suggest a structural
bias toward vertical or near vertical dips and a transitional
change in strike from northwesterly to almost due north in the
northern part of the resource area. The results from drill holes
RES10-56, RES10-58, and RES10-62 indicate that significant widths
of strong REE mineralization continue to the southeast to the
current limit of drilling, and that the Bull Hill SW resource
remains open in that direction.
Bull Hill NW Resource Area
REE mineralization in the Bull Hill NW resource
area is contained within intrusive dikes, veins, and stockwork of
FMR, transitional carbonatite, and carbonatite that invade
trachytic and phonolitic intrusive rocks of the Bear Lodge alkaline
complex. Significant results from two exploration holes in the Bull
Hill NW resource/target areas are reported in Table 2.
Table 2. Summary of new REE-mineralized drill intercepts in
the Bull Hill NW Resource Area:
Drill Hole RES10-42 (S45W, -65º; t.d. 777 feet)
Interval
(feet) |
Intercept
(feet) |
Est.
true
thickness |
Mineralized lithology |
TREO (%) |
117-127 |
10 |
4 |
FMR dikes and stockwork |
2.91 |
337-351 |
14 |
9 |
FMR dike |
16.53 |
729-771 |
42 |
14 |
Carbonatite dikes and stockwork |
1.52 |
Drill Hole RES10-43 (N90W, -45º; t.d. 626 feet)
Interval
(feet) |
Intercept
(feet) |
Est.
true
thickness |
Mineralized lithology |
TREO
(%) |
152-163 |
11 |
6 |
FMR dikes and veins |
4.82 |
198-213.5 |
15.5 |
11 |
FMR dike and stockwork |
2.76 |
495-502 |
7 |
6.6 |
Transitional carbonatite dike |
3.23 |
The results from the two Bull Hill NW drill
holes show significant REE mineralization in FMR/carbonatite dikes
and stockwork. The structural controls for the mineralized bodies
remain incompletely understood in the target area.
Potential New Target Area
Two reverse circulation drill holes completed
during the Company's 2010 Sundance
gold exploration program cut significant REE mineralization in FMR
vein material that intrudes trachytic and syenitic intrusive rocks.
The drill holes are located just south of the Carbon gold target and about 1,200 feet (366m)
northwest of the Whitetail Ridge REE exploration target. The REE
mineralization may portend the northwestern extension of the
Whitetail Ridge system or, alternatively, a distinct
FMR/carbonatite mineralized system. REE-bearing intercepts from
drill holes SUN-076 and SUN-079 are given in Table 3. If this
mineralization is a continuation of the Whitetail Ridge dike system
and the Bull Hill SW system, its total length may reach up to 5000
feet (1500m) in length
Table 3. Summary of REE-mineralized
intercepts in reverse circulation drill holes from the 2010
Sundance gold exploration
project:
Drill Hole SUN-076 (N45W, -45º; t.d. 615 feet)
Interval
(feet) |
Intercept
(feet) |
Est.
true
thickness |
Mineralized
lithology |
TREO (%) |
100-110 |
10 |
- |
FMR drill chips |
1.66 |
Drill Hole SUN-079 (S80W, -45º; t.d. 775 feet)
Interval
(feet) |
Intercept
(feet) |
Est. true
thickness |
Mineralized
lithology |
TREO
(%) |
0-5 |
5 |
- |
FMR drill chips |
1.69 |
15-45 |
30 |
- |
FMR drill chips |
4.69 |
Assaying and Quality Control
ALS Chemex conducted the assaying for the rare
earth elements in their Vancouver,
British Columbia assay facility. ALS Chemex Vancouver is
accredited to ISO 9001 and operates according to ALS Group
standards consistent with ISO 17025 methods at other laboratories.
The samples were prepared and subjected to lithium metaborate
fusion, followed by ICP analysis and a mass spectroscopy
finish.
Analytical quality is monitored through the use
of randomly inserted quality control samples, including standards,
blanks, and duplicates, which are blinded to the analytical
laboratory. Results of the analyses at ALS Chemex are evaluated
continuously by the Company's QA/QC consultant, Dr Jeffrey Jaacks, who is a Qualified Person
according to National Instrument 43-101, and the results indicate
acceptable accuracy and precision. Blank analyses also indicate no
issues with carry-over contamination.
Option Grant
The Company has issued stock options to a
director and officer and consultants for a total of 403,000 options
to purchase common shares of the Company at an exercise price of
$15.16 per share for a period of five
years, expiring on 11 January 2016,
subject to the TSX Venture Exchange's approval.
Figure 1. Drill hole locations:
http://files.newswire.ca/675/Figure_1_Drill_Site_Locations.pdf
Rare Element Resources Ltd (TSX-V: RES: AMEX:
REE) is a publicly traded mineral resource
company focused on exploration and development of rare-earth
elements and gold on the Bear Lodge property.
Rare-earth elements are key components of the
green energy technologies and other high-technology applications.
Some of the major applications include hybrid automobiles, plug-in
electric automobiles, advanced wind turbines, computer hard drives,
compact fluorescent light bulbs, metal alloys, additives in
ceramics and glass, petroleum cracking catalysts, and a number of
critical military applications. China currently produces more than 95% of the
130,000 metric tonnes of rare-earths consumed annually worldwide,
and China has been reducing its
exports of rare earths each year. The rare-earth market is growing
rapidly, and is projected to accelerate if the green technologies
are implemented on a broad scale.
ON BEHALF OF THE BOARD
Donald E. Ranta, PhD, PGeo,
President & CEO
Donald E. Ranta, PhD, PGeo,
serves the Board of Directors of the Company as an internal,
technically Qualified Person. Technical information in this
news release has been reviewed by Dr. Ranta and has been prepared
in accordance with Canadian regulatory requirements that are set
out in National Instrument 43-101. This news release was
prepared by Company management, who take full responsibility for
content. Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Rare Element Resources Ltd.
Copyright b. 7 PR Newswire