Rare Element Resources Ltd.

100% interest - Bear Lodge property, Wyoming - One of the largest disseminated Rare Earth deposits in North America

Rare Element Resources Profile

Rare Element Resources Ltd, Vancouver, BC., TSX.V ; RES, is a publicly traded company having 100% interest in the Bear Lodge property, Wyoming.

Bear Lodge contains extensive gold occurrences as well as one of the largest disseminated Rare Earth deposits in North America (US Geological Survey Professional Paper 1049D).

Newmont Mining is Rare Element Resources partner on the gold exploration at Bear Lodge.

Recent drilling results from Bear Lodge indicate thick intercepts of near-surface gold mineralization with some of the better results including:

  • 6.1 m of 1.10 g/t Au; 9.1 m of 1.18 g/t Au
  • 12.2 m of 1.09 g/t Au; 9.1 m of 1.17 g/t Au;
  • 62.5 m of 0.66 g/t Au (includes 36.6 m of 1.35 g/t);
  • 45.7 m of 0.66 g/t Au (includes 13.7 m of 1.33 g/t);

Newmont has the right to earn a 65% working interest in Rare Element Resources’ Bear Lodge property, excluding any rights to the rare-earth elements and uranium but including rights to gold and other metals, by performing $5 million in mineral exploration expenditures over five years.

Newmont also has the right to earn an additional 15% participating interest by completing a positive feasibility study.

Newmont's permitting efforts are progressing smoothly, and include a Plan of Operation that will allow a greatly expanded drill program of up to 200 acres of disturbance which should be approved in early 2009.

Initial drilling conducted over the past two years has been very encouraging and with the new permit the Venture will be able to greatly expand drill locations to some of the more prospective areas that were previously not able to be drill tested.

The previous plan was for only 5 acres of disturbance and did not include many of the priority targets that the joint venture wished to drill. The new plan will be 40 times larger.

The Bear Lodge property exposes the upper levels of a mineralized alkaline igneous complex, which is very similar to the more deeply eroded Cripple Creek, Colorado complex, which is being mined by open pit.

Rare Element Resources' Bear Lodge, Wyoming property contains the "light" REEs (lanthanum, cerium, praseodymium, neodymium, samarium, europium, and gadolinium).

Four of these, cerium, lanthanum, neodymium, and praseodymium, listed in decreasing abundance, make up the majority of the Bear Lodge distribution, and neodymium and praseodymium are especially valuable.

The Bear Lodge rare-earths are concentrated in carbonatite dikes, primarily at an area named Bull Hill, near the center of the large alkaline intrusive complex. Carbonatite bodies range in size from veinlets to dikes and approach 15 meters in width.

A swarm of wide carbonatite dikes, striking northwesterly and dipping steeply to the southwest, are located beneath the southwest slope of Bull Hill.

The minerals containing rare-earths within the carbonatites are mainly ancylite and bastnaesite. Drill holes penetrating Bull Hill have encountered a swarm of several closely spaced dikes and one main thick dike ranging up to 15 meters in true thickness.

The dike swarm has been traced up to 300 meters along strike, and the dikes are open along strike and down dip.

The Cripple Creek igneous complex of alkaline intrusions hosts a deposit that has produced more than 23 million ounces of gold.

The Company's 2008 REE-exploration program includes continuing drilling and metallurgical studies with the goal of establishing an NI 43-101-compliant resource of the rare-earth elements.

Rare Element Resources Ltd. has approximately 27.7 million shares, fully diluted, outstanding, a market cap of approximately $14 million, and the treasury can carry the Company through 2010 without raising additional money.

The Companys web site is www.rareelementresources.com

Last changed at 21-Jul-2010 01:26PM by duncanmcl