Quantum Rare Earth Developments Corp. (TSX VENTURE: QRE) (OTCQX:
QREDF) (FRANKFURT: BR3) ("Quantum", the "Company") is pleased to
announce additional 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.
The company is in receipt of results for the first 2 of 9 drill
holes known to contain significant Rare Earth Element (REE)
mineralization at the Elk Creek Project. Additional results will be
released when they are available to the Company.
The results of the recent (re)sampling program to date are as
follows:
-- Drill hole EC-93: 155.5 metres of 2.70% Total Rare Earth Oxides
("TREO"),
-- Including 54.9 m of 3.30% TREO
-- Drill hole EC-55: 211.8 metres of 1.12% TREO,Including 36.6 m of 1.76%
TREO
Drill holes EC-93 and EC-55 were part of the wide-spaced (600
metre) regional drilling campaign conducted by Molycorp Inc
designed to explore the seven-kilometre-diameter geophysical
anomaly. These drill holes are relatively isolated and located
almost 4 km apart. Available records indicate that analysis of the
historic drill core was sporadic, and included only three of the
rare earths(ii).
EC-93 was an isolated, vertical hole and is located
approximately 2,600 metres southeast of the niobium resource area
(see news release February 22, 2010), with the nearest drill hole
located approximately 300 metres to the north. Historic results for
Hole EC-53, the next nearest hole to the south and located about
750-m distant, showed 192 m of 1.31% REO(ii), with 33.5 m of
2.09%
EC-55 was drilled at a -60 inclination at a direction of N65 W
to a depth of 434 metres and is located approximately 670 metres to
the west of the niobium resource area, with the nearest drill hole
located approximately 300 metres to the northeast.
(i)A rigorous quality assurance and quality control protocol was
established for the sampling program; and included the routine
insertion of field duplicates, laboratory pulp duplicates, blanks
and 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. The Rare Earth Elements
were analyzed by the lithium borate fusion and ICP-MS package.
(i)Total Rare Earth Oxides (TREO) include: La2O3, Ce2O3, Pr2O3,
Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3,
Yb2O3, Lu2O3 and Y2O3. The result of the sampling to date has
identified mostly Light Rare Earth Oxides (LREO) mineralization, in
order of abundance La2O3, Ce2O3, Nd2O3, Pr2O3, and Sm2O3.
(ii) Historic drill holes were analyzed for only three of the
rare earth elements: La2O3, C32O3 and Nd2O3.
Peter Dickie, President of Quantrum said "these results validate
our belief that the Elk Creek Carbonatite is host to an extensively
mineralized rare earth bearing system, in addition to the historic
Niobium Deposit, which has been the focus of our exploration
efforts. The rare earth mineralization within the vicinity of Hole
EC-93 and EC-53 warrants an aggressive exploration program to
follow-up these exceptional results."
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 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 Persons: Mr. Neil McCallum, P.Geol. is the qualified
persons 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 www.QuantumRareEarth.com
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