Quantum Announces Results of Sampling Program at Elk Creek Niobium / Rare Earth Project
February 22 2011 - 10:17AM
Marketwired
Quantum Rare Earth Developments Corp. (TSX VENTURE: QRE)(OTCQX:
QREDF)(FRANKFURT: BR3) ("Quantum", the "Company") is pleased to
announce results of its 2010 re-sampling program of historic core
from the Elk Creek Project, located in southeastern Nebraska, USA.
As previously announced (December 17, 2010), the company performed
an extensive (re)sampling program of existing sample pulps and
rejects associated with the historic drill programs, which were
completed during the 1970's and 1980's by Molycorp Inc. A majority
of drill pulps, rejects and core from these programs, are preserved
at the University of Nebraska, and are available to the company.
The company is in receipt of all niobium results; while results
for rare earth elements (REE's) are expected in the next 2-3 weeks.
A summary of the niobium mineralization within several of the
historic drill holes from the area of the historic resource area
are as follows:
------------------------------------------------------------------------
Drillhole From (m) To (m) Interval (m) Nb2O5(%)(1) (2)(m)
------------------------------------------------------------------------
EC-11 243.8 384.0 140.2 0.64
including 300.2 324.6 24.4 1.19
And
EC-11 501.4 768.1 266.7 0.71 41.1
including 696.5 768.1 71.6 1.19
------------------------------------------------------------------------
EC-14 378.0 707.1 329.2 0.57 57.9
including 378.0 445.0 67.1 0.71
621.8 676.7 54.9 0.73
------------------------------------------------------------------------
EC-16 362.7 774.2 411.5 0.64 15.2
including 551.7 682.8 131.1 0.74
707.1 774.2 67.1 0.91
------------------------------------------------------------------------
EC-26 429.8 688.8 259.1 0.77 3.0
including 554.7 597.4 42.7 1.10
615.7 688.8 73.2 0.95
------------------------------------------------------------------------
EC-27 362.7 411.5 48.8 0.57 3.0
------------------------------------------------------------------------
EC-28 198.1 769.6 571.5 0.68
including 262.1 317.0 54.9 0.72
442.0 612.6 170.7 0.86
------------------------------------------------------------------------
EC-29 298.7 499.9 201.2 0.99 3.0
including 396.2 472.4 76.2 1.27
------------------------------------------------------------------------
EC-30 213.4 362.7 149.4 0.65 17.4
including 317.0 353.6 36.6 1.12
And
EC-30 509.0 688.8 179.8 0.60
including 661.4 685.8 24.4 0.95
------------------------------------------------------------------------
EC-31 216.4 268.2 51.8 0.79
------------------------------------------------------------------------
EC-32 198.7 222.5 23.8 0.67
And
EC-32 576.1 603.5 27.4 0.70
------------------------------------------------------------------------
(1) - Nb2O5 by ALS Chemex of North Vancouver using the ME-XRF10 method
whereby samples are prepared by pulverizing to 90% and passing 75
microns; then decomposed utilizing a lithium borate flux and
analyzed by X-Ray Flourescence Spectrometry (XRF). Except where
historic values are used as indicated in (2).
------------------------------------------------------------------------
(2) - Contains intervals that were not re-sampled in 2010, therefore
historic values were used. The width of the interval used
(in metres) is included.
------------------------------------------------------------------------
The 2010 sampling program utilized pulverized material that was
prepared by the analytical division of Molycorp Inc. which were
derived from 5 or 10 foot intervals of split NQ or HQ sized drill
core. A rigorous quality assurance and quality control protocol was
established for the 2010 sampling program; and included the routine
insertion of field duplicates, laboratory pulp duplicates, blanks
and niobium certified reference standards. Samples were shipped to
the ALS Chemex facility in Reno, NV and prepared for analysis at
the ALS Chemex testing facility in North Vancouver. A portion of
the niobium results were checked with an external laboratory, Hazen
Research Inc. of Golden, CO.
Preliminary investigations indicate that the recent niobium
values correlate well with the historic niobium values obtained by
Molycorp Inc.
These results will support a NI43-101 compliant resource
estimate and Technical Report by Wardrop Engineering; which will be
an independent review of niobium mineralization within the historic
resource area located within the Elk Creek Carbonatite, in addition
to the known Niobium and REE mineralization outside of the historic
resource area.
The Elk Creek Carbonatite is an intrusive complex of carbonatite
and related rocks, and is host to significant niobium and rare
earth element (REE) mineralization. The property was held under an
option agreement during the 1970s and 1980s by Molycorp Inc., at
which time considerable exploration of the project took place. At
least 113 core holes were completed within the outline of the
seven-kilometre-diameter geophysical anomaly, with 25 holes
completed within a core zone, where high-grade niobium
mineralization was identified. Based upon the exploration, a
historic resource estimate of "39.4 million tons of 0.82 per cent
Nb2O5, and is open to the north, west and at depth," was prepared
by Molycorp Inc. for this core zone (Molycorp internal memorandum,
Feb. 5, 1986).
The estimates of historic resources predate, and are therefore
non-compliant with, National Instrument 43-101 reporting standards.
The company is not treating the historical estimates as current
mineral resources or reserves, and the company has not finalized an
independent investigation of the resource estimates, and they
should not be relied upon. The company believes that these
historical drill results and estimates provide a conceptual
indication of the potential of mineral occurrences within the
project, and are relevant to the continuing exploration.
Qualified Person: Mr. Neil McCallum, P.Geol. is the qualified
person responsible for the Elk Creek Carbonatite Project and has
read and approved the technical disclosure contained in this news
release.
On Behalf of the Board,
Peter Dickie, President, CEO
Cautionary note: This report contains forward looking
statements, particularly those regarding cash flow, capital
expenditures and investment plans. Resource estimates, unless
specifically noted, are considered speculative. The company has
filed a National Instrument 43-101 report on the Archie Lake
property, and intends to file additional NI 43-101 reports on
additional properties as soon as the information is available. Any
and all other resource or reserve estimates are historical in
nature, and should not be relied upon. By their nature, forward
looking statements involve risk and uncertainties because they
relate to events and depend on factors that will or may occur in
the future. Actual results may vary depending upon exploration
activities, industry production, commodity demand and pricing,
currency exchange rates, and, but not limited to, general economic
factors. Cautionary Note to US investors: The U.S. Securities and
Exchange Commission specifically prohibits the use of certain
terms, such as "reserves" unless such figures are based upon actual
production or formation tests and can be shown to be economically
and legally producible under existing economic and operating
conditions.
"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: Quantum Rare Earth Developments Corp. Peter Dickie
President and CEO (604) 669-9330 (604) 669-9335 (FAX)
www.QuantumRareEarth.com
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