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Rare Earth Metals Reports More Encouraging Assay Results from Its Letitia Lake/Red Wine Property in Labrador and the Optioning of Additional Claims in the Area
Rare Earth Metals Inc RA
8/31/2010 8:30:00 AM
THUNDER BAY, ONTARIO, Aug 31, 2010 (Marketwire via COMTEX News Network) --
Rare Earth Metals Inc ("Rare Earth Metals", "RA" or the "Company") (TSX VENTURE:RA) is pleased to report additional trench and prospect sampling results from its Letitia Lake/Red Wine property in west central Labrador. Significant Rare Earth Element, Niobium and Beryllium mineralization has now been identified over a 52 km strike length of the belt. The Company has been carrying out an extensive exploration program including, airborne surveying, prospecting, geological mapping and trenching/channel sampling to prioritize the numerous target areas (see previous press release dated July 20, 2010). In addition, a 2000 meter diamond drill program was started on August 15, 2010. The Company would also like to announce the acquisition of additional claims in the area through the completion of two new option agreements.
The latest results include 1.75% TREO (Total Rare Earth Oxides), 0.41% Nb2O5, and 0.33% BeO over 11.8 meters at the Two Tom claim group and 1.14% TREO, 0.48% Nb2O5, and 0.17% BeO over 18.5 meters at the Mann #1 Showing. Both of these trenches remain open as overburden depths did not allow for additional bedrock sampling. Highlights from the prospecting include values up to 8.00% TREO, 8.71% Nb2O5, and 2.00% BeO from the Two Tom claim block, and values up to 4.13% TREO, 0.78% Nb2O5 and 0.34% BeO from the Mann #2 showing area. A brief description of the latest prospect and trench results are as follows:
The Two Tom showing is located 18 km east of the main showing at the Mann #1 Zone. Results from 136 prospect samples collected from 2 radiometric anomaly clusters on the Quinlan Option ground (see previous press release dated November 6, 2009) ranged from 0.05% to 6.31% TREO, 0.02% to 8.71% Nb2O5, and 0.002% up to 2.00% BeO. Sixty-five percent of the prospect samples collected returned values greater than 1% TREO. The amount of HREO (Heavy Rare Earth Oxides) within the TREO ranged from 3% to 37% Heavy Rare Earth Oxides with the average being 7% HREO. Five trenches were cut over the various showings identified on one of the radiometric anomaly clusters and the results have been received for two of the trenches as follows:
Trench #1- channel samples taken over 14.4 meters averaged 1.55% TREO, 0.69% Nb2O5, and 0.16% BeO. The HREO/TREO was 7%. Trench #2 - located approximately 200 meters along strike from Trench #1, results averaged 1.75% TREO, 0.41% Nb2O5, and 0.33% BeO over 11.8 meters. The HREO/TREO was 4%.
An additional 33 samples were collected on the Cornerstone Option claims (see previous press release dated Feb 16, 2010) in the Two Tom Block. Results ranged from 0.21% to 8.00% TREO, 0.05% to 1.66% Nb2O5, and 0.006% up to 0.55% BeO. Of particular note is that 82% of the prospect samples collected from four of six radiometric anomaly clusters identified on the Cornerstone option claims in the Two Tom area have returned values greater than 1% TREO. The amount of HREO (Heavy Rare Earth Oxides) within the TREO ranged from 1% to 42% Heavy Rare Earth Oxides with the average being 9% HREO. A map of the sample locations can be found on the company's website at www.RareEarthMetals.ca.
The Mann #2 Block is located 5 kilometers southwest of the Mann #1 showing and encompasses eight airborne anomaly clusters that have strike extents ranging from 500 meters to 1700 meters. Results from 61 prospect samples from the Mann #2 Block ranged from 0.06% up to 4.13% TREO, 0.01% up to 0.78% Nb2O5, and 0.003% up to 0.34% BeO. The TREO values contained from 1 to 40% Heavy Rare Earth Oxides with an average of 10% HREO. The Mann #2 Block also contains the SW Ten Mile Lake Yttrium showing.
Trenching/channel sampling was continued at the Mann #1 showing. Results were as follows:
Trench #3 - channel samples were taken over a 40.5 meter width. An 18.5
meter composite from the north end of Trench #3 averaged 1.14% TREO (5%
HREO), 0.48% Nb2O5, and 0.17% BeO. The higher valued REE, Neodymium
(Nd2O3) averaged 0.18% over the 18.5 meters mineralized zone. Ground
conditions prevented further sampling on the northern end of this 50
meter wide radiometric anomaly. Trench #3 is located approximately 100
meters east of Trench #1, which was previously reported as averaged
1.35% TREO (10% HREO/TREO), 0.52% Nb2O5, and 0.31% BeO over 30.0 meters.
Trench #4 - analytical results for channel samples taken over 25 meters
averaged 0.86% TREO (Total Rare Earth Oxides) with 6% HREO (Heavy Rare
Earth Oxides), 0.36% Nb2O5, and 0.26% BeO. The higher valued REO,
Neodymium (Nd2O3) averaged 0.20% over the 25 meter mineralized zone.
Again the north and south extents of the mineralized could not be
sampled due to ground conditions. Trench #4 is located approximately 100
meters west of Trench #1.
Trench #5 - chip samples were taken over a 19.5 meter width and
analytical results averaged 1.4% TREO (Total Rare Earth Oxides) with 5 %
HREO (Heavy Rare Earth Oxides), 0.21% Nb2O5, and 0.14% BeO. The higher
valued REO, Neodymium (Nd2O3) averaged 0.18% over the 19.5 meters
mineralized zone. Trench #5 is located approximately 500 meters east of
Diamond drill testing of the Mann #1 has begun and 2 holes have been completed. Results from split core samples of the mineralized zones intersected are pending.
The Company is also pleased to announce it has added to its land holdings in the area through the completion of two option agreements covering additional mining claims. The Company now controls a total of 851 claim units totaling 212 square kilometers in the emerging Red Wine Rare Metal Belt. The new agreements are subject to acceptance by the TSX Venture Exchange. There can be no assurance that the Acquisition will be completed as proposed or at all. A summary of the agreements follow:
Partridge River Option (23 claim units) - Rare Earth Metals Inc. can earn a 75% interest in the Belmont Resources Inc. (TSX VENTURE:BEA) and International Montoro Resources Inc. (TSX VENTURE:IMT) Partridge River property for payments of $50,000 and the issuance of 250,000 common shares of RA to BEA/IMT and incurring $250,000 in exploration expenditures over three years (including payments of $10,000 and 50,000 shares on acceptance of the agreement by the TSX Venture Exchange and expenditures of $50,000 in the first year). Once vested after three years, the property would then be operated as a joint venture. If either party opts to reduce to a 10% interest, its interest would revert to a 2% NSR. Half the NSR (1%) can be purchased by the remaining party for $1,000,000.
Hick's Partridge River Option (12 claim units) - Rare Earth Metals can earn a 100% interest for payments of $38,000 and the issuance of 55,500 shares over three years (including $2,000 and 7,500 shares on signing). Once vested, the vendor will be entitled to a 2% NSR. Half the NSR (1%) can be purchased by the Company for $750,000.
Field work, including prospecting, channel sampling, geological mapping, and diamond drill testing is continuing on the various known mineralized zones and new prospects. Results from this will be released as they become available.
All prospect, channel, and chip samples were delivered by Company personnel to Activation Laboratories Ltd.'s sample preparation facility in Happy Valley-Goose Bay. The samples were processed and representative pulps sent to Activation Laboratories Ltd.'s analytical facility in Ancaster, Ontario for analysis. The digestion technique was total digestion that employs a lithium metaborate/tetraborate fusion and the analysis is completed using ICP/MS.
Paul Nielsen, PGeo, is a qualified person as defined in National Instrument 43-101, and has reviewed and approved the technical information forming the basis for release.
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