Elissa Receives Permits to Drill Its Thor Rare Earth Project, Nevada
November 17 2011 - 9:00AM
Marketwired
Elissa Resources ("Elissa" or the "Company")
(TSX:VENTURE:ELI)(OTCQX:ELSRF)(PINK SHEETS:ELSRF)(FRANKFURT:E30)
has received the required permits to drill its 100%-owned Thor
heavy and light rare earth project in Nevada. The program is
scheduled to begin in December and preparations to commence
drilling are currently being finalized. Thor contains substantial
rare earth element (REE) mineralization discoveries in at least
nine widely separate prospect localities within three distinct and
sizeable discovery zones. The property is located in southern
Nevada, about 47 miles (76 km) south of Las Vegan, and is 16 miles
(28km) east of Molycorp Minerals' (NYSE: MCP) Mountain Pass REE
mine and processing facilities in the neighbouring state of
California.
"Drilling locations at Thor were selected following multiple
successful ground exploration programs. We have also had favourable
feedback to our project from several prominent and regional rare
earth experts," said Paul McKenzie, President and CEO of Elissa
Resources. "Additional drilling is planned immediately following
our initial program if results warrant and we eagerly anticipate
the drill results."
Elissa's Thor Project is represented at surface in nine heavy
rare earth elements and five light rare earth elements including
dysprosium, neodymium, yttrium and terbium in addition to
lanthanum, cerium, praseodymium, samarium, gadolinium, holmium,
erbium, thulium, ytterbium, and lutetium. These strong surface
representations of both heavy and light rare earths correspond with
prominent magnetic anomalies defined by both a district-scale
airborne magnetic geophysical survey and a detailed followup ground
magnetic geophysical survey.
Substantial REE mineralization has been discovered at Thor in at
least nine widely separate prospect localities in three distinct
discovery zones grading from anomalous to 10.6% (12.75% rare earth
oxide). The largest zone defined to date is the Lopez Trend, a 1.5
mile (2.6 km) long REE-bearing monazite structure that is
coincident with a prominent magnetic anomaly as defined by the
aforementioned geophysical surveys. The ratio of heavy to light
rare earths in assays of surface samples from the entire Thor
Project is significant, averaging approximately one part heavy REE
per 9 parts light REE.
In July, Elissa Resources increased its holdings in the Thor
Project area by approximately 12% to a total of 2,366 hectares.
The Company also reports that it will also apply for additional
drill permits to test a structure on the northeastern section of
the project referred to as the NED Area. REE mineralization in the
NED area occurs in a mostly concealed, small outcrop located
approximately one mile (1.6 km) east of the northern end of the
Lopez Trend. The outcrop consists of a dark-coloured (biotite-rich)
igneous rock containing REE mineralization of probable magmatic
origin. Elissa believes the outcrop could be merely the small part
of a much larger, but concealed igneous body, as suggested
byresults of the two geophysical surveys. The REE mineralization at
NED, like that in the Lopez Trend, is enriched in HREE. Elissa is
currently scheduling to drill a minimum of 5,000 feet (1,500m)
along the Lopez Trend.
Elissa also reports that it completed four holes in the Sage
Creek project to evaluate a stratiform gold target in a bedded rock
sequence of Precambrian age. Drilling confirmed the presence of
anomalous gold values associated with a stratiform horizon in this
sequence, but the values were much lower than hoped and of
sub-economic grade. These results combined with additional surface
work suggests that the higher-grade mineralization found in surface
rock float throughout the area is likely derived from local veins
that cut the rock sequence or from small sulfide-bearing pods
associated with ancient seafloor hot spring vents. Elissa will
continue studying geological data from the project throughout the
winter months to determine whether or not the project merits
further work.
The technical information outlined in this news release, has
been reviewed and approved by Mel Klohn, PGeo, Director of Elissa
Resources, and a Qualified Person as defined in the current
National Instrument 43-101.
About Elissa Resources Ltd.
Elissa Resources is advancing its 100%-owned Thor heavy and
light rare earth element project in Nevada, 16 miles (28 km) east
of Molycorp Minerals' Mountain Pass deposit and processing facility
in California. Strongly represented at the Thor project are four
rare earth elements that have been deemed as being in critical
short supply by the U.S. Department of Energy: neodymium (Nd),
terbium (Tb), dysprosium (Dy), and yttrium (Y). Additionally,
Elissa has an option to earn a 100% interest on both the Sage Creek
(Idaho) and St. Elmo (Nevada) gold projects.
On behalf of Elissa Resources Ltd.
Paul McKenzie, President & CEO
Disclaimer: Certain information regarding the Company including
management's assessment of future plans and operations, may
constitute forward-looking statements under applicable securities
laws and necessarily involve risks associated with mining
exploration and development, volatility of prices, currency
fluctuations, imprecision of resource estimates, environmental and
permitting risks, access to labour and services, competition from
other companies and ability to access sufficient capital. As a
consequence, actual results may differ materially from those
anticipated in the forward-looking statements. A feasibility study
has not been completed and there is no certainty the disclosed
targets will be reached nor that the proposed operations will be
economically viable. We seek safe harbour.
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.
Contacts: Elissa Resources Ltd. +1 604 662 7330 or Toll Free: 1
888 662 3692 +1 604 662 3691
(FAX)info@elissaresources.comwww.elissaresources.com