Rare Earth Metals Gives Progress Report And Ongoing Exploration Plans For Its Rare Earth Properties
- Summary of results from drilling on the Red Wine property in Labrador
- Plans for a winter drill program on its Clay-Howells Prospect property, ON
- Update on the trenching program on the Northcott Option, NL
- Acquisition of new Coldwell REE property on the Coldwell Alkaline Complex, ON
Thunder Bay, ON – Rare Earth Metals Inc (“Rare Earth Metals”, “RA” or the “Company”) (TSX VENTURE:RA) is pleased to give an update on its projects and initiatives planned for the next few months.
At the Red Wine Project in west central Labrador, all drill holes and trench results have now been received from the 2010 exploration program. The drill data and results are tabulated on the Company’s web page. Additionally, a number of samples of drill core from the two main zones at Two Tom and Mann #1 have been sent out for mineralogy studies and these results are expected during the first quarter of 2011. Additional metallurgical tests will follow pending the mineralogical results. A summary of the most impressive prospects follows:
Two Tom This prospect was drill tested and trenched over a strike length of 1100 meters. A total of 11 holes were completed and the main section of mineralization has been defined as a lens averaging 75 meters in thickness and completely open in all directions. The exploration program has also given good indications of parallel zones. The best result from the drilling at Two Tom was in hole TT-10 which assayed 1.45% TREO, 0.14% Nb2O5 and 0.14% BeO over 83.25 meters within a larger zone of mineralization which assayed 1.03% TREO, 0.10% Nb2O5 and 0.11% BeO over 168.5 meters.
Mann #1 This prospect is located 18 kilometers west of the Two Tom. It was drill tested over a strike length of 600 meters and trenching has expanded the zone to over 1000 meters. All six holes hit the REE/Niobium/Beryllium Zone with a best result of 1.71% TREO, 0.24% Nb2O5, and 0.20% BeO over 27 meters within a wider zone of 1.04% TREO over 70.5 meters. The zone is open in all directions and additional drilling is anticipated to better define the geometry, tonnage and grade of this near surface zone.
Heavy REE Prospects Numerous other prospects were located this summer through prospecting airborne anomalies and include the South Playfair prospects and the Dory Pond prospect. These occurrences are notable because of the percentages of heavy rare earth elements that were obtained from the sampling. The South Playfair anomalies are located on ground optioned from Playfair Resources which allows for RA to earn a 50% interest in the property. The claims host a cluster of radiometric anomalies over several kilometers from which analysis of 54 prospect samples have returned values ranging up to 5.37% total rare earth oxides (TREO) and 4.77% zirconium oxide (ZrO2). The HREO/TREO ratio for these samples ranged from 5% to 85% with an average of 22% for values greater than 0.5% TREO. The Dory Pond prospect is 100% owned and consists of a cluster of REE rich boulders associated with an airborne radiometric anomaly. The boulders have been traced over a distance of 2 kilometers and results include values up to 6.72% total rare earth oxides (TREO) and 1.23% zirconium oxide (ZrO2) from 53 prospect samples. The HREO/TREO ratio for these samples ranged from 3% to 64% with an average of 18% for values greater than 0.5% TREO.
Follow-up drilling and additional target definition work is planned for the summer, 2011. This work will be focused on delineating a resource on the Two Tom and Mann #1 prospect once the mineralogy and metallurgical test work has been completed. Additional prospecting and soil sampling on the Dory Pond, South Playfair and a number of other prospective areas will also be done in order to prioritize these targets for drill testing.
At the Clay-Howells Project in Ontario, the Company is planning a winter geophysical and drill program on its 100% owned property. The property covers the known extent of a large Alkalic -Carbonatite Complex, which hosts the Clay-Howells magnetite/REE/Nb Prospect and a number of untested magnetic targets. These Alkalic – Carbonatite Complexes are very unique and are the host rocks to most of the more significant REE deposits including the Bayon-Obo Mine in China, the largest rare earth producer in the world, and Molycorp’s Mountain Pass Mine. This style of mineralization is generally defined by their magnetic signature as is the prospect at Clay-Howells, where the host is a 50 to 100 meter thick massive to banded magnetite unit with significant REE and Niobium mineralization. Intersections from recent drilling in March, 2010 included values up to 0.69% TREO, 0.14% Nb205, 57.8% Fe203/105.3 meters including: 1.088% TREO, 0.14% Nb205 and 65.95% Fe203/ 16.9 meters. The Company plans to complete approximately 30 kilometers of gravity surveying and drill a total of 10 diamond drill holes for a total of 2000 meters to test a number of these prioritized geophysical targets.
Assay results are pending from a trenching/sampling program that was recently completed on the Northcott Option Property which is located on the west coast of Newfoundland. The Northcott property is a 50/50 joint venture with Ucore Uranium. Initial grab sample results ranged from 0.83% to 1.77% Total Rare Earth Oxides (TREO) with an average of 1.22% TREO. The ratio of Heavy Rare Earth Oxides (HREO including Y2O3) to TREO ranged from 63% to 71% with an average of 68% (see press release dated Dec 3, 2010 for a description of the property and the joint venture). A total of 53 channel and chip samples have been sent for assays.
The Company is also pleased to report that it has completed the staking of 750 claim units over the Coldwell Alkaline Complex in Northern Ontario. The Coldwell Alkaline Complex is the largest alkali complex in North America encompassing an area of 580 square kilometers. The largest REE deposits in Canada such as Avalon’s Nalencho deposit and Quest Uranium’s Strange Lake deposit are hosted in alkali complexes. The Coldwell property has great infrastructure with a major highway, port, and the Town of Marathon within kilometers of the property. There are 12 historic occurrences of niobium, zirconium, yttrium, and REE’s documented on the property to date.
Wayne Reid, PGeo, is aqualified person as defined in National Instrument 43-101, and has reviewed and approved the technical information forming the basis for release.
About Rare Earth Metals Inc.
Rare Earth Metals is a well-funded company with a focus on exploring for Rare Earth Element deposits. The Company’s shares are listed on the TSX-V exchange under the symbol RA and the OTCQX exchange under the symbol RAREF. The Company presently has two advanced projects in Ontario and Newfoundland and Labrador, both exhibiting multi element potential (REEs, Niobium, Beryllium, Zirconium and Iron Ore) and proximity to available infrastructure. Its flagship properties are the Clay-Howells Prospect and the Red Wine Project. The Company has recently acquired additional properties in the Coldwell Complex near Marathon, Ontario and the Lavergne-Springer REE Prospect near Sturgeon Falls, Ontario. Additional information concerning the Company is contained in documents filed by the Company with securities regulators, available under the Company’s profile at www.sedar.com. For more information please visit the Rare Earth Metals website at www.rareearthmetals.ca.
ON BEHALF OF THE BOARD OF DIRECTORS OF RARE EARTH METALS INC.:
President and CEO
“Neither the 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.”
This release includes certain statements that may be deemed forward-looking statements. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company’s filings that are available at www.sedar.com.
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Rare Earth Metals Inc.
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Phone: (807) 623-6840
Fax: (807) 623-9526
Phone: (807) 623-6840
Cell: (604) 741-4150
Fax: (807) 623-9526
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