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 remainder of 9
drill holes known to contain significant Rare Earth Element (REE)
mineralization at the Elk Creek Project. These results are in
addition to the results of the March 07, 2010 news release which
reported:
Drill hole EC-93: 155.5 metres of 2.70% Total Rare Earth Oxides ("TREO"),
Including 54.9 m of 3.30% TREO; and
Drill hole EC-55: 211.8 metres of 1.12% TREO,
Including 36.6 m of 1.76% TREO.
The additional results of the recent (re)sampling program to
date are as follows:
Western REE Anomaly
-- Drill hole EC-4: 15.2 metres of 1.14% TREO,
-- Drill hole EC-41: 112.8 metres of 1.13% TREO,
-- Including 18.3 m of 2.61% TREO
The "Western Anomaly" is located approximately 1,000 metres
northwest of the central niobium deposit. EC-55, along with EC-4
and EC-41 encountered significant REE mineralization during the
wide-spaced regional drilling campaign conducted by Molycorp Inc.
Drill hole EC-41 was collared approximately 400 metres to the
northeast of EC-4, and EC-55 was collared approximately 470 metres
to the southeast of EC-4.
EC-4 is a vertical drill hole that was drilled to a depth of 809
metres. EC-41 was drilled at a -70 degrees inclination at a
direction of S58 degrees W to a depth of 614 metres.
Central REE Anomaly
-- Drill hole EC-17: 64.0 metres of 1.19% TREO,
-- Including 24.4 m of 1.97% TREO
-- Drill hole EC-19: 50.3 metres of 1.09% TREO,
-- Drill hole EC-21: 21.0 metres of 1.60% TREO,
-- Drill hole EC-48: 67.1 metres of 1.26% TREO,
-- Including 15.2 m of 2.18% TREO
The "Central REE Anomaly" is located directly adjacent, and up
to 1,600 metres northeast of the central niobium deposit. Drill
holes EC-19 and EC-21 are directly adjacent to the recently
announced niobium resource. The nearest drill hole to the east is
EC-48, collared approximately 660 m away. The next nearest drill
hole to the east-northeast is EC-17 which was collared
approximately 1,600 m away.
EC-17 is a vertical drill hole that was drilled to a depth of
613 metres. EC-19 is a vertical drill hole that was drilled to a
depth of 664 metres. EC-21 was drilled at a -60 degrees inclination
at a direction of N50 degrees W to a depth of 644 metres. EC-48 was
drilled at a -60 degrees inclination at a direction of N60 degrees
W to a depth of 744 metres.
Eastern REE Anomaly
-- Drill hole EC-43: 134.1 metres of 1.22% TREO,
-- Including 22.9 m of 2.35% TREO,
-- Including 6.1 m of 5.07% TREO
The "Eastern REE Anomaly" is located approximately 2,800 metres
to the southeast of the central niobium deposit. EC-43 is located
approximately 800 metres to the southeast of drill hole EC-93
(155.5 m of 2.70% TREO, including 54.9 m of 3.30% TREO).
EC-43 is a vertical drill hole that was drilled to a depth of
458 metres
- 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.
- 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.
-- Historic drill holes were analyzed for only three of the rare
earth elements: La2O3, C32O3 and Nd2O3.
Peter Dickie, President and CEO of Quantum Rare Earths
Developments Corp., comments, "These additional Rare Earth Element
results are an example of the wide-spread nature of the
mineralization within the carbonatite complex. It also
substantiates the need to follow up these anomalous zones with
additional drilling with the intent of defining a resource of Rare
Earth Elements."
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 company has recently
announced the estimate of an Inferred Resource of 83.4 Mt at 0.62
Nb2O5%, at a 0.4% Nb2O5 cut-off grade for the central niobium
deposit based on historic drilling and the recent re-sampling of
pulverized material (see news release March 15, 2011).
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 (604) 669-9335 (FAX)
www.QuantumRareEarth.com
Niocorp Developments Ltd. (TSXV:QRE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Niocorp Developments Ltd. (TSXV:QRE)
Historical Stock Chart
From Jul 2023 to Jul 2024